The Chicago Mercantile Exchange Group ("CME") announced that it intends to close its London-based derivatives exchange and clearing house by year-end 2017.
CME Senior Managing Director (International) William Knottenbelt said that CME's customers have demonstrated their preference for accessing "global products, deep liquidity and greater capital efficiencies" through its U.S. infrastructure. However, Mr. Knottenbelt added, Europe remains a "critically important" market for CME Group, and CME will maintain a significant operation in London.
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