CME Group Says it Will Lay off 150 Staff as Part of Restructuring Plan
Leading retail FX broker CME Group on Tuesday announced plans to lay off 150 staff, or about 5 percent of its global workforce. Most of the job cuts are in the technology division, with the rest spread across administrative and corporate functions.
“Our industry has transformed significantly over the past five years, with the advent of OTC Clearing and other changes. As difficult as this decision is, the efficiencies we have built are allowing us to make this change to our structure,” CME Group Executive Chairman and President Terry Duffy, said in a statement. “These staffing changes and other expense control measures we have taken internally will result in decreased costs and reduced management layers, and will help ensure the company’s long-term continued growth.”
CME will pay dismissed employees severance pay and provide them with outplacement services via BPI Group, reported Bloomberg News.
Meanwhile, forex settlement platform CLS reported on Tuesday that the average daily volumes in the international FX market rose to the highest level on record in September.
The CLS system, which is used by nearly all banks to settle or process trades, saw transaction volumes surge to $5.94 trillion per day in September. This is a trillion higher than August’s volumes and from September 2013.
The figure was the highest ever in the CLS system’s 12-year history. The company reported that the average daily volume, which combines both aggregation and settlement services, rose 37 percent to 1,419,102 from 1,035,978 the previous month.
Already, EBS and Thomson Reuters have reported strong performance as the dollar advances amidst increased geopolitical risks and monetary policy differences between Europe and the United States.