LONDON and CHICAGO, October 25, 2022 /PRNewswire/ — CME Group, the world’s leading derivatives marketplace, and Marex, one of the largest global metals brokers, announced today that Marex will expand customer access to CME Group’s base metals markets, beginning with the global aluminum Futures of the CME Group contract.
“We continue to make tremendous strides in expanding our physically delivered aluminum futures and offering market participants an alternative way to manage their aluminum price risk,” he said Jin Chang, Managing Director and Global Head of Metals at CME Group. “Our 24/7 access, global footprint and industry-leading technology are strong competitive advantages, and we are pleased that as part of its global expansion plans, Marex will offer our aluminum markets on its Neon Metals platform with the transparency and reliability that transactions with the bring CME Group with them.”
“CME Group’s expansion into the aluminum markets is a direct response to our customers’ demand for access to alternative markets, but also aligns with our strategy to build a more global, technology-centric footprint that better serves our customers’ needs now and in the future. ” said Simon van den Born, President at Marex. “To complement market access, we will also expand our research and market coverage to include CME Group’s aluminum and other base metals markets. This supports CME Group’s efforts to create a more robust market that will benefit the entire industry.”
CME Group’s aluminum markets have already seen an influx of new entrants this year, setting a record volume in a single day 5th October of 7,929 contracts and an average daily volume of around 3,000 contracts in October so far. Open interest hit a record 1,411 contracts October 19, 2022. The third quarter also saw record volume of over 2,300 contracts per day, beating the previous quarterly record by about 1,000 contracts. July and September were…
