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Comex operator prepares for clearing member default
CME Group Secures $7 Billion Credit Facility to Protect Against a Clearing Member Default
By Tomi Kilgore
MarketWatch.com, New York
Thursday, April 30, 2020
CME Group Inc. disclosed today that it agreed to an amendment that gives the commodity exchange company a $7 billion multi-currency credit facility.
The company said the 364-day amended facility is intended to provide liquidity "in the event of a clearing member default," a liquidity constraint or depository default, or in the event of a delay in the payment systems used by CME.
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The company's stock fell 2.8% in afternoon trading. It has dropped 19.4% over the past three months, while the S&P 500 has shed 11.6%.
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