CME Group receives approval from Dutch minister 18 March 2019Amsterdam Reporter: Maddie Saghir
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CME Group鈥檚 new legal entity CME Amsterdam B.V has received approval from the Dutch Minister of France.
According to CME Group, the establishment of the new Amsterdam-based entity will ensure that CME Group鈥檚 BrokerTec and electronic banking services (EBS) venues and CME Regulatory Reporting services can continue to service their EU27 clients, regardless of the outcome of the UK鈥檚 withdrawal from the EU.
CME Group will transition BrokerTec鈥檚 European Government Bond and European Repo business (under a new regulated market license) to CME Amsterdam B.V..
Additionally, on a multilateral trading facility foreign exchange (on-MTF FX) forwards and swaps (under a new multilateral trading facility licence) will also be transitioned.
This will be done in order to maintain a single pool of liquidity. BrokerTec鈥檚 UK Gilts and Gilt repo businesses and other EBS businesses, will continue to operate with no change.
Meanwhile, CME Group will transition to CME Regulatory Reporting Approved Publication Agreement and Approved Reporting Mechanism (ARM) trade and transaction reporting services for EU27 clients to CME Amsterdam B.V..
CME Group said that they will do this in order to minimise disruption and assist clients in meeting their second Markets in Financial Instruments Directive obligations.
CME Amsterdam B.V. will operate alongside Abide Financial DRSP Limited (AFDL), which is authorised as an ARM by the UK Financial Conduct Authority and will continue to provide these services to UK clients.
CME Amsterdam B.V. will be operational from 18 March this year.
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