CME Clearing Europe adds biodiesel, diesel contracts

LONDON, June 8, 2011 /PRNewswire/ -- CME Clearing, a wholly-owned London-based subsidiary of CME Group, today announced that it has added two new over-the-counter diesel and two biodiesel contracts for clearing as the company expands its European product offerings. In addition, the company will be adding Credit Suisse as a clearing member firm bringing the total number of clearing members to 16.

"We continue to develop opportunities for helping our customers in Europe who need to manage their risk in the energy market, and in the coming weeks we will be adding more agricultural and energy specific contracts as we now start to increasingly expand our service offerings for the region," said Andrew Lamb, Chief Executive Officer of CME Clearing Europe. "As the industry looks for ways to manage the risk associated with customer portfolios and to meet new regulatory requirements, we are encouraged by the growing interest from market participants to connect to CME Clearing Europe."

"We are very pleased to support CME Group's latest European initiative as we continue to pursue new ways to help our clients manage their risk needs," said Steve Mahoney, Head of OTC Clearing, Credit Suisse. "We look forward to working with CME Clearing Europe more closely as they expand their suite of products."

The new contracts will further provide customers with local products that have regional and operational attributes and include the following:

  • European RME Biodiesel fob Rotterdam (Argus) vs. European Gasoil (ICE) Spread Calendar Swap
  • European FAME 0 Biodiesel fob Rotterdam (Argus) vs. European Gasoil (ICE) Spread Calendar Swap
  • European Diesel 10ppm Cargoes cif NWE (Platts) Calendar Swap
  • European ULSD 10ppm Cargoes cif NWE (Platts) Calendar Swap
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