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）周五早盘大跌，此前有内部人员抛售的指控。
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交易所进入美国利率期货市场，可能会与CME集团的旗舰期货合约竞争，摩根大通称。
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集团的分析师Kenneth Worthington将CME集团的评级从中立下调至轻仓，在将目标价从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集团的论点：FMX交易所有一批“对CME集团作为垄断行为感到失望的合作伙伴，其中一些是公司在汇率交易中最大的客户”，沃辛顿在下调评级时写道。
Check out other analyst stock ratings.
查看其他分析师的股票评级。
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.
分析师指出，FMX交易所拥有最具吸引力的产品，其技术先进，合作伙伴权势巨大，并提供更低的佣金和竞争性投资组合保证金等有力优势。
"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.
沃辛顿写道:“我们认为，最终的成功将由流动性在时间中如何发展和FMX能否赢得资产管理者的支持，而这些很可能是CME最有价值的客户来决定。”“基于一个可靠的新进入者冒险与CME在核心利率特许经营中竞争的潜在风险，我们将CME集团的评级下调至轻仓，”他补充道。
CME Price Action: Shares of CME Group had declined by 1.76% to $194.99 at the time of publication on Tuesday.
CME集团的股票在周二发布时已下跌1.76%，至194.99美元。
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