CME Group, the world’s leading derivatives marketplace, and Marex, one of the largest global metals brokers, today announced that Marex will expand its clients’ access to CME Group’s base metals markets, starting first with CME Group’s global Aluminum futures contract.
“We continue to make tremendous progress in growing our physically-delivered Aluminum futures and offering market participants an alternative way to manage their Aluminum price risk,” said Jin Chang, Managing Director and Global Head of Metals at CME Group. “Our around the clock access, global footprint and industry-leading technology are strong competitive advantages and we are pleased that Marex will offer our Aluminum markets on its Neon Metals platform as part of its global expansion plans. We look forward to providing Marex customers with the transparency and reliability that comes with transacting with CME Group.”
Also Read: Leveraging In-Product Messaging to Reach and Retain Customers
“Expanding into CME Group’s Aluminum markets responds directly to demand from our clients for access to alternative markets, but also aligns with our strategy to build a more global, technology-focused presence, which will better serve our client needs now and into the future,” said Simon van den Born, President at Marex. “To complement the market access, we will also expand our research and markets coverage to include CME Group’s Aluminum and other base metals markets. This supports CME Group’s efforts to create a more robust marketplace that benefits the entire industry.”
CME Group Aluminum markets have already seen an influx of new participation this year, reaching a single day volume record on October 5 of 7,929 contracts and an average daily volume of approximately 3,000 contracts in October month-to-date. Open interest reached a record of 1,411 contracts on October 19, 2022. Q3 also saw record volume of over 2,300 contracts per day, surpassing the previous quarterly record by approximately 1,000 contracts. July and September were the top two trading months ever recorded at 2,659 and 2,642 contracts per day respectively.
For more such updates follow us on Google News TalkCMO News.
