Marex Group has cleared the first-ever US Treasury (UST) delivery on FMX Futures Exchange, which follows the platform’s Launch of 2-year and 5 year UST futures contracts in May of this year. Marex has supported the growth of FMX as one of its largest clearing members since the platform launched with SOFR futures contracts, clearing on the exchange in September 2024.
Access to the FMX Futures Exchange provides Marex clients with significant capital saving opportunities via its clearing partnership with LCH Limited, one of the world’s largest clearinghouses for interest rate swaps (IRS). In July 2024, Marex became non-bank clearer of interest rate swaps on LCH. As clearing member of both FMX and LCH, Marex provides clients with access to competitive offsetting between their UST Futures positions on FMX and LCH IRS portfolios.
Steve Hood, Marex head of Clearing in the US, said in a statement: “Initiatives like this reinforce Marex’s position as a leading non-bank alternative to traditional investment banks. As one of the few non-bank FCMs with an investment grade credit rating, we’re able to be a first mover in the market, responding to our client’s unique needs with innovative products and services.”
“The first U.S. Treasury delivery on FMX is a significant moment for our exchange and for the market,” said Robert Allen, president of FMX Futures Exchange, in a statement “Since launching in September 2024 with SOFR futures, our goal has been to build a diverse, resilient platform that delivers real value to market participants. Today’s milestone underscores the momentum behind FMX and our commitment to offering innovative, client-driven solutions.”
FMX’s repo division is described on the company’s site as “an advanced, ultra-low latency electronic trading platform for US repo marketplaces” that is available to FICC members.