In the news release, CME Group Expands OTC Agricultural Offering with New USD-Denominated Palm Oil Swap, issued today by CME Group over PR Newswire, we are advised by the company that the quote in the fourth paragraph should be attributed to Chong Kim Seng, Chief Executive Officer of BMD, rather than Jeffrey Tan, Product and Market Development General Manager, BMD, as originally issued inadvertently. The complete, corrected release follows:
CME Group Expands OTC Agricultural Offering with New USD-Denominated Palm Oil Swap
SINGAPORE and CHICAGO, May 19, 2013 /PRNewswire/ -- CME Group, the world's leading and most diverse derivatives marketplace, today announced it has expanded its centrally cleared, over-the-counter (OTC) agricultural swap offering through the introduction of a new U.S. dollar (USD)-denominated palm oil swap. Pending CFTC review, the new USD Malaysian Crude Palm Oil Calendar Swap will be available for clearing on CME ClearPort on June 3, and will be listed with and subject to the rules and regulations of the CBOT.
"Unlike other agricultural commodities that are harvested once a year, palm oil and its associated refined products are produced continuously here in Asia, ensuring the need for ongoing risk management against price swings associated with demand and supply fundamentals," said Nelson Low, Executive Director, Commodity Products, CME Group. "We're introducing these calendar swaps in response to customers in Singapore, Malaysia and around the world, who are looking for additional tools to manage counterparty risk in their underlying cash positions in crude palm oil."
The USD Malaysian Crude Palm Oil Calendar Swap is based on prices from Bursa Malaysia Derivatives' ("BMD") Crude Palm Oil futures contract ("FCPO")."BMD's FCPO is the global price benchmark for palm oil, and together with crude palm oil options contract listed last year, BMD has provided a comprehensive suite of exchange-traded crude palm oil products. The OTC clearing for the new USD Malaysian Crude Palm Oil Calendar Swap contract complements the palm products offered by BMD and we expect greater palm liquidity for both exchanges arising from this CME Group initiative," said Chong Kim Seng, Chief Executive Officer of BMD. As the world's leading and most diverse derivatives marketplace, CME Group ( www.cmegroup.com) is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through its CME Globex ® electronic trading platform and its trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the world's leading central counterparty clearing providers, which offers clearing and settlement services across asset classes for exchange-traded contracts and over-the-counter derivatives transactions. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk. CME Group is a trademark of CME Group Inc. The Globe Logo, CME, Globex and Chicago Mercantile Exchange are trademarks of Chicago Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are registered trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. KCBOT, KCBT and Kansas City Board of Trade are trademarks of The Board of Trade of Kansas City, Missouri, Inc. All other trademarks are the property of their respective owners. Further information about CME Group (NASDAQ: CME) and its products can be found at www.cmegroup.com. CME-G
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