CME Group Inc. criticized crypto exchange FTX’s plan to cut out the middlemen in the futures markets. Now, the Chicago exchange giant is taking a step in the same direction.
In August, CME submitted paperwork to register a futures commission merchant, or FCM—essentially, a brokerage that would allow investors to buy and sell futures on CME’s marketplace. If the application is approved and CME gets into the brokerage business, investors could bypass existing brokers and connect to the exchange operator directly for futures trades.
