CME reportedly contemplating cocoa contract

CME Group has canvassed traders about challenging IntercontinentalExchange's (ICE) grip on the niche $15B cocoa market by opening its own contract on the commodity, reports Reuters.

Talks are still at an early stage, but CME has invited about 20 companies to a soft commodity briefing in London later this month where the exchange is expected to present an overview of the proposed contract, according to a source.

The actions are the latest sign of CME's ambitions get more of the action in Europe's agricultural markets. The company last year hired two soft commodity experts away from the London futures exchange (later purchased by ICE through its NYSE acquisition).

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