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MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), today extended congratulations to its business partner, The Trend Exchange (TrendEx) for obtaining approval from the Commodity Futures Trading Commission (CFTC) to operate as a DCM.
TrendEx intends to offer risk management products based on domestic box office receipts. MGEX will provide full clearing and settlement services to TrendEx including clearing all trades made on the TrendEx trading platform, counter party risk management of trades, and collection and maintenance of performance bonds for TrendEx contracts. Services provided will be in accordance with the rules and regulations of MGEX and the CFTC.
“This is certainly a day to celebrate the fortunes of our business partner, TrendEx,” Mark G. Bagan, President & CEO, MGEX said. “MGEX congratulates the entire TrendEx team and we look forward to our continued partnership,” Bagan said. “MGEX recognized TrendEx’s ground-breaking concept in the futures industry early on,” Georgette McDonald, MGEX Director of Business Services and Product Development and MGEX Project Manager for the TrendEx project said. “This has been a long time coming and countless hours of work were put into this project by teams at MGEX and TrendEx. MGEX looks forward to clearing these innovative TrendEx products,” McDonald said. TrendEx submitted its application for DCM status to the CFTC on September 25, 2009. The regulatory body gave its approval to TrendEx today, following an extensive review process.
