By Greentech Lead Team; CME Group, a derivatives
marketplace, and RIM Intelligence, Japan’s provider of energy price and
information services, have inked an agreement to develop clearing services for
over-the-counter (OTC) risk management products used by the Japanese energy
industry.
“As we grow our energy business across the globe,
partnerships with market-leading pricing organizations like RIM Intelligence
are central to CME Group’s strategy of developing regional products and
services for customers,” said Gary Morsches, managing director energy
products at CME Group.
The group added that the products will be listed and
subject to the rules of NYMEX and cleared through CME ClearPort.
“Our energy prices are used as a benchmark both
within Japan and in international markets. We are delighted to be the first
Japanese company to work with CME Group in an energy price-related field,”
said Hisako Mori, President of RIM Intelligence.
Through this partnership, RIM Intelligence predicts to
see active participation by market players and to contribute to the overall
vibrancy and liquidity of over-the-counter trades in the energy market.
CME Group’s global energy risk management tools include
the crude oil benchmark WTI and Brent contracts, as well as futures and options
on asset classes including natural gas, electricity, heating oil and ethanol.
Serving the global OTC market, CME ClearPort is a
comprehensive set of flexible clearing services, offering a range of cleared
swaps for customers wishing to manage price risk in energy and other commodity
sectors.
Last year, CME Group leveraged Sidera’s high-capacity, high-availability network for
low-latency connectivity from its data center in Aurora to its downtown Chicago
facility to support its Bulk Transport service.