CME Group receives approval from Dutch minister
18 March 2019 Amsterdam
Image: Shutterstock
CME Group’s new legal entity CME Amsterdam B.V has received approval from the Dutch Minister of France.
According to CME Group, the establishment of the new Amsterdam-based entity will ensure that CME Group’s BrokerTec and electronic banking services (EBS) venues and CME Regulatory Reporting services can continue to service their EU27 clients, regardless of the outcome of the UK’s withdrawal from the EU.
CME Group will transition BrokerTec’s European Government Bond and European Repo business (under a new regulated market license) to CME Amsterdam B.V..
Additionally, on a multilateral trading facility foreign exchange (on-MTF FX) forwards and swaps (under a new multilateral trading facility licence) will also be transitioned.
This will be done in order to maintain a single pool of liquidity. BrokerTec’s UK Gilts and Gilt repo businesses and other EBS businesses, will continue to operate with no change.
Meanwhile, CME Group will transition to CME Regulatory Reporting Approved Publication Agreement and Approved Reporting Mechanism (ARM) trade and transaction reporting services for EU27 clients to CME Amsterdam B.V..
CME Group said that they will do this in order to minimise disruption and assist clients in meeting their second Markets in Financial Instruments Directive obligations.
CME Amsterdam B.V. will operate alongside Abide Financial DRSP Limited (AFDL), which is authorised as an ARM by the UK Financial Conduct Authority and will continue to provide these services to UK clients.
CME Amsterdam B.V. will be operational from 18 March this year.
According to CME Group, the establishment of the new Amsterdam-based entity will ensure that CME Group’s BrokerTec and electronic banking services (EBS) venues and CME Regulatory Reporting services can continue to service their EU27 clients, regardless of the outcome of the UK’s withdrawal from the EU.
CME Group will transition BrokerTec’s European Government Bond and European Repo business (under a new regulated market license) to CME Amsterdam B.V..
Additionally, on a multilateral trading facility foreign exchange (on-MTF FX) forwards and swaps (under a new multilateral trading facility licence) will also be transitioned.
This will be done in order to maintain a single pool of liquidity. BrokerTec’s UK Gilts and Gilt repo businesses and other EBS businesses, will continue to operate with no change.
Meanwhile, CME Group will transition to CME Regulatory Reporting Approved Publication Agreement and Approved Reporting Mechanism (ARM) trade and transaction reporting services for EU27 clients to CME Amsterdam B.V..
CME Group said that they will do this in order to minimise disruption and assist clients in meeting their second Markets in Financial Instruments Directive obligations.
CME Amsterdam B.V. will operate alongside Abide Financial DRSP Limited (AFDL), which is authorised as an ARM by the UK Financial Conduct Authority and will continue to provide these services to UK clients.
CME Amsterdam B.V. will be operational from 18 March this year.
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