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.
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.
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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.
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(END) Dow Jones Newswires
September 14, 2017 20:55 ET (00:55 GMT)