CME Group Submits FTX-Like Documents to Register as a Futures Commission Merchant to Provide Direct Derivatives Services

CME Group (CME) filed with regulators to register as a Futures Commission Merchant (FCM), offering derivatives trading to consumers, the Wall Street Journal reported. If the exchange’s plans are approved by regulators, traders will be able to trade derivatives directly through CME rather than through a broker. Typically, individual traders need to trade derivatives through a third-party brokerage firm such as TDAmeritrade. CME’s plan is similar to FTX.US’ application, allowing traders to post margin and trade crypto derivatives directly on its platform. Earlier in May, CME Group publicly opposed a similar proposal by FTX, and its executives attacked FTX's attempt to conduct futures trading on its platform as a cost-cutting system.