The Commodity Futures Trading Commission (CFTC) has approved the rules relating to the clearing link between the Chicago Board of Trade (CBOT) and the Chicago Mercantile Exchange (CME), paving the way for the CME to provide clearing services for all CBOT products.

Under the terms of the link, clearing services are scheduled to begin in November. It is a comprehensive outsourcing agreement, under which CBOT will establish itself as a derivatives clearing organisation under CFTC regulations. It will then outsource clearing services to CME, including both clearing processing and clearing guarantee for CBOT futures and futures options contracts.