The Chicago Mercantile Exchange (CME) has received Commodity Futures Trading Commission approval to trade its new currency forward contracts (FX Week, April 11). The exchange has also announced a September 12 launch date. Initially, the futures contracts will be in dollar/Deutsche mark, in lots of $250,000, and are envisioned to be traded primarily as currency swaps against the 'rolling spot' contracts. The CME will launch similar contracts in its other currencies, depending on the success of

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