"We are extremely pleased to receive the support of the Korean Ministry of Finance and Economy for CME Won futures," said CME Chairman Terry Duffy. "The Republic of Korea represents one of the world's most important economies and CME Korean Won futures will provide global financial institutions, corporations and investors with a valuable tool to hedge fluctuations in the valuation of the Korean Won as they seek to manage the inherent risks in international currency markets."
"It is expected that listing of Korean Won futures contracts in CME will facilitate the Won's internationalization," said Tae-Kyun Kwon, Director- General of International Finance Bureau, MOFE. "We expect that boosted risk management on the Won through CME would encourage foreign investments in the Won-based financial products."
"The introduction of CME Korean Won futures and options contracts represents an important facet of our comprehensive and long-term Asian growth strategy," said Craig Donohue, CME Chief Executive Officer. "During the past two years, CME has launched a number of initiatives targeted to Asian-based investors, including our historic agreement with the China Foreign Exchange Trading System to provide Chinese banks with access to CME's foreign exchange and interest rate products, new products such as our CME E-mini(R) S&P Asia 50(R) and CME E-mini MSCI EAFE(R) futures contracts, the opening of our first Asian telecommunications hub in Singapore, the introduction of our Asia and Emerging Markets Incentive Plans, and the extension of the CME FX on Reuters service to Hong Kong."
CME offers the world's largest regulated FX trading complex, providing users with liquid, transparent markets, guaranteed execution and central counterparty clearing risk management on 37 individual FX futures and 24 options on futures products. CME received FX Week's 2005 eFX award for the best electronic futures platform. Last year, over 51 million FX contracts with a notional value of over $6.2 trillion traded at CME.
The Ministry of Finance and Economy (MOFE) of Republic of Korea is responsible for wide range of economic and financial policies towards the nation's medium and long term economic and social developments.
Chicago Mercantile Exchange Inc. ( http://www.cme.com ) is the world's largest and most diverse financial exchange. As an international marketplace, CME brings together buyers and sellers on CME Globex electronic trading platform and on its trading floors. CME offers futures and options on futures primarily in four product areas: interest rates, stock indexes, foreign exchange and commodities. The exchange managed $47.0 billion in collateral deposits at March 31, 2006, including $3.8 billion in deposits for non-CME products. CME is a wholly owned subsidiary of Chicago Mercantile Exchange Holdings Inc. (NYSE, Nasdaq: CME), which is part of the Russell 1000(R) Index.
