The newly established FMX futures exchange, noticed by the Zhitong Finance and Economics APP, was created by BGC (BGC.US) and received support from top investment banks and market makers. The exchange was launched later on Monday, aiming to challenge the Chicago Mercantile Exchange (CME.US) dominance in the interest rates futures trading field.

The platform initially launched Secured Overnight Financing Rate (SOFR) futures, with US Treasury futures joining in the first quarter of 2025.

The exchange is part of the FMX Holdings company, which also operates the FMX UST and Forex platforms. The company has support from Wall Street giants including Bank of America, Citadel Securities, and JPMorgan. FMX will clear its futures at the settlement center controlled by the London Stock Exchange, LCH.

Interest rates futures are the most widely traded contracts in the world, with a daily trading volume exceeding $4 trillion last year. The FMX Exchange is the third attempt by BGC and Cantor Fitzgerald CEO Howard Lutnick to challenge the Chicago Mercantile Exchange (CME) in the interest rates futures market.

Analysts from Bank of America recently warned: "We believe that this poses the most credible threat to the Chicago Mercantile Exchange’s decades-long monopoly in the interest rates futures field." The exchange may force the Chicago Mercantile Exchange to lower pricing of its interest rates futures by more than 10%, as a defensive strategy.

Terry Duffy, CEO of the Chicago Mercantile Exchange (CME), said in an interview in July: "I’m not sure what Lutnick's move will result in." He mentioned potential issues with the exchange relying on London’s LCH.

Lutnick responded, "I have great respect for CME Group and Terry Duffy." "I believe it's time for them to show us the respect we deserve at BGC. FMX and BGC will continue to stay here."