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CME Gets $7 Billion Credit Line With Option to Raise $10 Billion

CME Group Inc., the owner of the world’s largest futures market, renewed a 364-day credit line and boosted it to $7 billion from $5 billion.

The financing pact can be expanded to as much as $10 billion, CME said in a regulatory filing yesterday. Funds borrowed under the arrangement can be used to provide temporary liquidity to satisfy obligations of any defaulted clearing members or back money transfers.

Bank of America Corp., Deutsche Bank AG, Bank of China, The Bank of Tokyo-Mitsubishi UFJ, Citigroup Inc., BMO Harris Bank NA, Barclays Plc, The Bank of Nova Scotia, Fifth Third Bank, Lloyds Bank Plc, and Wells Fargo & Co. are providing the financing. Chicago-based CME will pay interest at 1.5 percentage points more than lending benchmarks for borrowings under the credit line, according to the filing.

CME’s existing line of credit provided for loans as much as $5 billion at Sept. 30, the company disclosed in a Nov. 8 filing.

CME’s clearinghouse guarantees futures and swaps contracts based on interest rates, Treasuries, gold, oil, the creditworthiness of companies, and currencies. Clearinghouses require margin as protection against losses should traders default on their obligations.

Founded in the 19th century, CME’s business spans agricultural, energy, metal and financial futures. Interest-rate futures are CME’s biggest business.

In a revolving line of credit, money may be borrowed again once it’s repaid.

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