CME Plans European Exchange: Reports

NEW YORK ( TheStreet) -- CME Group ( CME) plans to set up a European derivatives exchange, according to published media reports.

The company, which owns the Chicago Mercantile Exchange, the world's largest futures bourse, plans to present its license application to the U.K.'s Financial Services Authority in coming days, The Wall Street Journal reported Sunday, citing two anonymous sources familiar with the matter.

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The London-based exchange will start out with currency futures, according to a report by Bloomberg that cited three anonymous sources.

The plans will put CME Group in direct competition with Eurex and Liffe (now owned by NYSE Euronext ( NYX)), Bloomberg noted.

Shares of CME Group closed Friday up 63 cents at $54.11.
This article was written by a staff member of TheStreet.