CME Group announces a new South American Incentive Program that will enable South American-based banks to receive discounted trading fees for propriety trading of CME Group products, scheduled to begin on 1 May.
Qualified banks will receive discounts on nearly every CME Group product. Banks located in Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, French Guiana, Guyana, Paraguay, Peru, Suriname, Uruguay and Venezuela are eligible to participate in the program.
South American banks participating in the fee program, which runs through December 31, 2010, will be able to trade futures on every major asset class including energy and agricultural commodities, interest rates, equity indexes and foreign currencies. The fee discount will not be immediately available for metals products.
“This incentive program, combined with our order routing agreement with BM&FBOVESPA, is part of our strategy to encourage South American customers to utilize CME Group products as solutions to their risk management needs,” says Rick Redding, managing director, Products and Services, CME Group.
“Customers and prospective customers alike have been telling us they want a variety of products that are accessible, transparent and carry virtually no counterparty risk. We are adding to that this program, which is similar to other incentive programs we have employed in other regions to further globalize our customer base.”
L.D.