CME Group to Launch Deliverable Interest Rate Swap Futures

          CME Group to Launch Deliverable Interest Rate Swap Futures

New swap futures will provide tremendous opportunities for margin efficiencies
in a capital-constrained world

PR Newswire

CHICAGO, Sept. 18, 2012

CHICAGO, Sept. 18, 2012 /PRNewswire/ --CME Group, the world's leading and
most diverse derivatives marketplace, announced it will launch deliverable
Interest Rate Swap Futures contracts November 13, 2012. This innovative new
product complements CME Group's leading interest rate futures and options
business, and its cleared over-the-counter interest rate swap solution. The
contracts will be listed on, and subject to, the rules and regulations of CBOT
and will be submitted to and reviewed by the CFTC.

Interest Rate Swap Futures were created to meet strong demand from financial
market participants including banks, hedge funds, asset managers and
insurers.Citi, Credit Suisse, Goldman Sachs, and Morgan Stanley are among the
firms who are planning to serve as market makers for the product, enabling
market participants to access deep and liquid markets.

"Deliverable Swap Futures benefit clients by providing a unique new way to
access interest rate swap exposure, further strengthening our position as the
leading OTC clearing solution for U.S. customers," said Sean Tully, Managing
Director of Interest Rate Products at CME Group. "Our customers will now have
a complementary standardized product that provides the advantages offered by
futures contracts including pricing transparency, the automatic netting of
positions, and margin savings achieved through cross margining versus all
other futures and options cleared through CME Clearing."

"We are pleased to be able to work with CME Group as a market maker for
Deliverable Swap Futures," said Nick Brophy, Head of North American Rates
Trading at Citi. "This innovative product allows Citi and our clients to
capture the benefits of futures trading while maintaining the flexibility to
take physical delivery of a CME cleared interest rate swap."

"Credit Suisse is committed to staying on the leading edge of financial
innovation and providing our clients with new ways to transfer risk," said
Peter Antico, Head of Rates Americas at Credit Suisse. "We are pleased to
partner with CME as the Interest Rate Swaps market goes through this period of

"Swap Futures fill an important gap in the rates market, as they'll allow
clients to access swap exposure while providing cross-margining with the
efficiencies of Futures products" said Glenn Hadden, Head of Global Interest
Rate Products at Morgan Stanley."We are excited by the prospect of providing
liquidity in this unique new product, and to continue to serve our clients as
a leading clearing member for CME futures and cleared swaps."

This product has the same economic exposure as an interest rate swap, the
margin and liquidity benefits of a futures contract, and at expiration all
open positions will deliver into a CME Cleared Interest Rate Swap.The product
will be a standardized future, trading both electronically on CME Globex and
via open outcry, and will be eligible for privately negotiated transactions.

Futures contracts will be listed for quarterly expiration on IMM dates, for
physical delivery of OTC US dollar interest rate swaps at key terms to
maturity (2, 5, 10, 30 years).Contracts will be quoted on a price basis, with
a fixed coupon for each contract that is set by the Exchange when the contract
is listed for trading.At expiration the holder of a long futures position
will become the fixed rate receiver and floating rate payer in an OTC interest
rate swap cleared by CME Clearing. For more information, please visit:

As the world's leading and most diverse derivatives marketplace, CME Group
( is where the world comes to manage risk. CME Group
exchanges offer the widest range of global benchmark products across all major
asset classes, including futures and options based on interest rates, equity
indexes, foreign exchange, energy, agricultural commodities, metals, weather
and real estate.CME Group brings buyers and sellers together through its CME
Globex^® electronic trading platform and its trading facilities in New York
and Chicago. CME Group also operates CME Clearing, one of the world's leading
central counterparty clearing providers, which offers clearing and settlement
services across asset classes for exchange-traded contracts and
over-the-counter derivatives transactions. These products and services ensure
that businesses everywhere can substantially mitigate counterparty credit

CME Group is a trademark of CME Group Inc. The Globe Logo, CME, Globex and
Chicago Mercantile Exchange are trademarks of Chicago Mercantile Exchange
Inc.CBOT and the Chicago Board of Trade are trademarks of the Board of Trade
of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort
are registered trademarks of New York Mercantile Exchange, Inc.COMEX is a
trademark of Commodity Exchange, Inc.All other trademarks are the property of
their respective owners. Further information about CME Group (NASDAQ: CME) and
its products can be found at



Contact: Media; Michael Shore, +1-312-930-2363, or Alex Gorbokon
+1-312-930-3193,,, or Investors;
John Peschier, +1-312-930-8491, CME-G
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