CME Group to Exit OTC Credit-Default-Swap Clearing Business

By Maria Armental Features Dow Jones Newswires

CME Group Inc. (CME) plans to exit the over-the-counter credit-default-swap clearing business next year, a move that would free $650 million to clearing members, the exchange operator said Thursday.

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Chicago-based CME, the world's most valuable exchange group with a market capitalization of nearly $45 billion, said it would shift focus to interest-rate swaps and foreign exchange.

The exchange giant intends to start offering OTC foreign-exchange options clearing by the end of the year and add several currencies, including the Chinese yuan, to its interest-rate swaps offerings.

Shares closed Thursday at $132.12, just shy of a 9-year set during regular trading.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

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September 14, 2017 20:55 ET (00:55 GMT)