FMX Futures Exchange

FMX Futures Exchange ("FMX") is a New York-based futures exchange, or designated contract market, owned and operated by BGC Group, Inc. ("BGC"). Its amended designation as a contract market was approved by the U.S. Commodity Futures Trading Commission on January 22, 2024 and the FMX Divison launched the evening of September 23, 2024.
The exchange was originally registered as the Cantor Futures Exchange, L.P. and later renamed named CX Futures Exchange, L.P. CX Futures Exchange L.P. was renamed FMX Futures Exchange and split into two divisions operating different trading models. The CX Division will operate in a non-intermediated model, as the CX Futures Exchange had. The FMX Division will operate in a intermediated trading model, that provides for trade intermediation by futures commission merchants and introducing brokers.
 
FMX Futures Exchange is a part of FMX Holdings LLC. BGC owns 65 percent of FMX Holdings LLC and its launch partners owned the other 35 percent and has an estimated value of $667 million based on the minority partners investments. Bank of America, Barclays, Citadel Securities, Citi, Goldman Sachs, J.P. Morgan, Jump Trading Group, Morgan Stanley, Tower Research Capital, and Wells Fargo were equity owners of FMX Holdings LLC. at its launch. 
FMX Futures Exchange is a member of the FIA.
== History ==
The FMX Futures Exchange was conceived as part of a broader initiative by BGC to create a comprehensive trading platform for U.S. Treasury and interest rate futures markets, in direct competition with contracts at CME Group. The exchange's development was driven by the desire to challenge the status quo and provide market participants with a competitive alternative for their trading activity.
In January 2024, the Commodity Futures Trading Commission (CFTC) granted approval for FMX to begin operations. Following this regulatory milestone, BGC announced in April 2024 that ten global investment banks and market-making firms had become minority equity owners of FMX, with a post-money equity valuation of $667 million.
The exchange officially launched with SOFR futures trading on September 23, 2024, at 9:00 p.m. ET, marking the beginning of the trade date September 24, 2024.. FMX initially launched with Secured Overnight Financing Rate (SOFR) futures, with plans to add U.S. treasury futures in the first quarter of 2025.
The exchange's creation was part of a larger strategy to combine BGC's U.S. Treasury and FX businesses with the U.S. interest rates futures platform, aiming to provide fully electronic trading in cash Treasuries, foreign exchange, and interest rate futures..
==Clearing==
FMX has a clearing agreement with London-based LCH to clear the products, which has stirred some debate over whether the US should allow Treasury futures to be cleared abroad.
== Products ==
===FMX Division===
FMX offers SOFR futures and will add US Treasury futures. 
*US Treasury Futures: 2YR, 3YR, 5YR, 10YR, Ultra 10YR, 20YR, 30YR, Ultra 30YR
*3M SOFR Futures
===CX Division===
*Weather binary options
** Landfall
** Rainfall
** Snowfall
** Temperatures
== Key People ==
File:HowardLudnick.png|Howard W. Lutnick, Chairman
File:LouisScotto.png|Louis Scotto - Chief Executive Officer
File:RobertAllen.png|Robert Allen, President of FMX Futures Exchange
File:StevenSadoff.png|Steven Sadoff - Chief Information Officer
== References ==
Category:Derivatives
Category:MarketsWiki Page of the Day
Category:Futures Exchanges
Category:BGC Partners, Inc.
Category:Fenics UST
Catgory:FMX Futures Holdings, Inc.
Category:Bank of America
Category:Barclays 
Category:Citadel Securities 
Category:Citi
Category:Goldman Sachs Category:J.P. Morgan
Category:Jump Trading Group
Category:Morgan Stanley
Category:Tower Research Capital
Category:Wells Fargo
Category:SOFR Futures
Category:Treasury Futures