CHICAGO, March 15, 2017 /PRNewswire/ -- CME Group, the
world's leading and most diverse derivatives marketplace, today
announced that it will serve as the administrator for SIFMA Asset
Management Group's (AMG) Market Agreed Coupon (MAC) swap contract,
which was previously administered by SIFMA. MAC swaps are interest
rate swap (IRS) contracts with pre-defined, market-agreed terms
developed by SIFMA AMG and ISDA in 2013.
CME Group will serve as the administrator, calculation agent and
publication agent for MAC swaps, and as a supplemental outlet for
promoting and disseminating information about the contracts. SIFMA
AMG will continue to be a resource for MAC swaps, and the
standardized MAC swap coupon rates will continue to be available to
industry participants free of charge.
"MAC contracts provide the marketplace with an important choice
for transacting interest rate swaps using pre-agreed terms," said
Laura Martin, Managing Director and
Associate General Counsel, SIFMA AMG. "CME Group brings a
systematic capability and proven infrastructure to calculate MAC
swap coupons, monitor rates and further develop this product. We
look forward to this collaboration and the benefits it will bring
to end-users."
"As part of CME Group's benchmark administration services, we
are pleased to serve as the administrator for MAC swaps, which
promote transparency and liquidity in the IRS market," said
Agha Mirza, CME Group's Global Head
of Interest Rate Products. "CME Group continues to support efforts
to bring capital and operational efficiencies to the industry and
to our customers."
Each quarter, CME Group will calculate MAC rates and communicate
via the CME Group website and an email distribution. For additional
information, please visit www.cmegroup.com/mac-standard.
SIFMA's Asset Management Group (SIFMA AMG) members represent
U.S. asset management firms whose combined global assets under
management exceed $34 trillion. The
clients of SIFMA AMG member firms include, among others, tens of
millions of individual investors, registered investment companies,
endowments, public and private pension funds, UCITS and private
funds such as hedge funds and private equity funds. For more
information, visit http://www.sifma.org/amg.
About CME Group
As the world's leading and most diverse derivatives marketplace,
CME Group (www.cmegroup.com) is where the world comes to manage
risk. Through its exchanges, CME Group offers the widest
range of global benchmark products across all major asset classes,
including futures and options based on interest rates, equity
indexes, foreign exchange, energy, agricultural products and
metals. CME Group provides electronic trading globally on its
CME Globex platform. The company also offers clearing
and settlement services across asset classes for exchange-traded
and over-the-counter derivatives through its clearinghouses CME
Clearing and CME Clearing Europe. CME Group's products and
services ensure that businesses around the world can effectively
manage risk and achieve growth.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange,
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Inc. CBOT, Chicago Board of
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other trademarks are the property of their respective
owners.
About SIFMA
SIFMA is the voice of the U.S. securities industry. We represent
the broker-dealers, banks and asset managers whose nearly 1 million
employees provide access to the capital markets, raising over
$2.5 trillion for businesses and
municipalities in the U.S., serving clients with over $20 trillion in assets and managing more than
$67 trillion in assets for individual
and institutional clients including mutual funds and retirement
plans. SIFMA, with offices in New
York and Washington, D.C.,
is the U.S. regional member of the Global Financial Markets
Association (GFMA). For more information, visit
http://www.sifma.org.
CME-G
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SOURCE CME Group