CME Group Analyst Turns Bearish On 'Credible' Competitor's Market Entry: FMX Exchange's Partners Are 'Frustrated'
CME Group Analyst Turns Bearish On 'Credible' Competitor's Market Entry: FMX Exchange's Partners Are 'Frustrated'
Shares of CME Group Inc (NASDAQ:CME) tanked in early trading on Friday, on the heels of alleged insider selling.
芝加哥商品交易所股票（NASDAQ:CME）週五早盤大跌，此前有內部人員拋售的指控。
FMX Exchange is entering the U.S. interest rate futures market. It will likely compete with CME Group in its flagship futures contract, according to JPMorgan.
FMX交易所進入美國利率期貨市場，可能會與CME集團的旗艦期貨合約競爭，摩根大通稱。
The CME Group Analyst: Kenneth Worthington downgraded the rating for CME Group from Neutral to Underweight, while reducing the price target from $206 to $187.
CME集團的分析師Kenneth Worthington將CME集團的評級從中立下調至輕倉，在將目標價從206美元降至187美元。
The CME Group Thesis: FMX Exchange has a set of partners who are "frustrated with CME's behavior as a monopoly, and some of them are the company's biggest customers in rates trading," Worthington said in the downgrade note.
CME集團的論點：FMX交易所有一批“對CME集團作爲壟斷行爲感到失望的合作伙伴，其中一些是公司在匯率交易中最大的客戶”，沃辛頓在下調評級時寫道。
Check out other analyst stock ratings.
查看其他分析師的股票評級。
FMX Exchange has "the most compelling offering to date," supported by its state-of-the-art technology, powerful partners, and a strong value proposition that includes lower commission and competitive portfolio margining, the analyst stated.
分析師指出，FMX交易所擁有最具吸引力的產品，其技術先進，合作伙伴權勢巨大，並提供更低的佣金和競爭性投資組合按金等有力優勢。
"We think success will ultimately be determined by how liquidity develops over time and if FMX can win over the asset manager participants, which are likely CME's most sticky customers," Worthington wrote. "Based on the potential risk of a credible new entrant competing with CME in its core Interest Rate franchise, we are downgrading CME to Underweight," he added.
沃辛頓寫道:“我們認爲，最終的成功將由流動性在時間中如何發展和FMX能否贏得資產管理者的支持，而這些很可能是CME最有價值的客戶來決定。”“基於一個可靠的新進入者冒險與CME在覈心利率特許經營中競爭的潛在風險，我們將CME集團的評級下調至輕倉，”他補充道。
CME Price Action: Shares of CME Group had declined by 1.76% to $194.99 at the time of publication on Tuesday.
CME集團的股票在週二發佈時已下跌1.76%，至194.99美元。
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譯文內容由第三人軟體翻譯。