An exchange founded by Commerce Secretary Howard Lutnick is set to start the long-awaited trading of US Treasury futures next week in a blow to CME Group Inc., which dominates that market.
FMX Futures Exchange will launch its US Treasury futures as soon as Monday, according to people familiar with the matter, who asked not to be named discussing private matters. Futures brokers spent Friday testing trades on the exchange, one of the people said. Trading in the contract was intended to start in late March, but there were delays because of operational issues with clearing and tariff-induced volatility. Lutnick spun FMX out of inter-dealer broking giant BGC Group Inc. in April last year.
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