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Moody’s affirms CME Group
Moody’s Investors Service said it affirmed CME Group Inc.'s Aa3 long-term ratings and Prime-1 short-term rating, with a stable outlook, following the company’s announcement that it intends to acquire NEX Group plc (Baa3 stable) for $5.4 billion.
The agency withdrew the outlooks on CME's instrument ratings.
"NEX is a good strategic fit for CME, because combining CME's extensive derivatives exchange and clearing activities with NEX's electronic trading platforms in the spot fixed income and foreign exchange markets would diversify CME's income into adjacent markets and would provide clear opportunities for realizing extensive cost synergies," Donald Robertson, senior vice president at Moody's, said in a news release.
"NEX's expertise in portfolio compression, that allows derivatives market participants to reduce notional amounts outstanding, operational risks and regulatory capital costs, would closely align with CME's extensive activities in the derivatives markets."
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