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Minneapolis Grain Exchange (MGEXTM), a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), and Intelligent Medicine Exchange (IMX)TM, developer of the first dedicated futures marketplace based on multiple aspects of the health care economy, today announced that they have entered into an agreement for MGEX to provide clearing services to IMX for certain cash-settled futures and options on futures contracts. The services will include managing exposures, clearing trades, and collecting and maintaining performance bonds and security deposits for participants.
"We are pleased to be providing clearing services to IMX as MGEX continues to execute on its strategy of providing clearing-as-a-service solutions in futures markets," said Mark G. Bagan, President and CEO of MGEX. "As a DCO with an unrestricted license that allows us to offer margin on cleared positions, we believe this agreement with IMX furthers our strategy to provide innovative products and services to the futures industry."
Earlier this month, IMX announced its plans<https://www.imxhealth.com/_files/ugd/a4f1f7_18c85598b6d643fa9eee3d6568eb105c.pdf> to launch the first financial exchange focused on the health care economy. The exchange has submitted an application to become a DCM with the Commodity Futures Trading Commission (CFTC) and expects to list a number of contracts that will enable individual and institutional market participants the ability to manage risk and invest in multiple components of the health care ecosystem.
"MGEX is providing critical clearing services as we build out our portfolio of innovative products enabling institutional and individual market participants - and those whose businesses depend on health care - to manage risk and invest in various aspects of the health care ecosystem," said James Plante, IMX CEO and co-founder. "Health care is the number one economic problem facing the country, and we believe our forthcoming suite of health care futures will offer participants a powerful tool to more effectively manage risk and participate in this vital component of the economy."
