However, for a long time, its option contracts have languished badly behind. Frankly, the contracts were quite simply wrong, being American-style rather than European, and also they still have a weird expiry and settlement cycle which makes them more ‘exotic’ than their more popular vanilla OTC cousins.
Derek Samman, the CME’s managing director of FX products, will be fully aware of these issues. Prior to moving over to the exchange, Samman carved out a solid reputation in the OTC options market and he has made no secret that he sees the product as a great area of opportunity for the exchange.
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