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Deutsche Boerse buys minority stake in London's GMEX

Reuters - UK Focus

* Deutsche Boerse (LSE: 0H3T.L - news) buys stake in upstart exchange operator

* GMEX helps established exchanges tweak strategies

* GMEX seen shaking up interest rate swaps market

FRANKFURT, Oct (KOSDAQ: 039200.KQ - news) 24 (Reuters) - Deutsche Boerse has bought a minority stake in London-based Global Markets Exchange (GMEX), an upstart financial group seeking to launch new exchanges with a focus on derivatives.

Deutsche Boerse said it made a single digit million pound investment in GMEX, a start-up business which plans to launch low cost electronic exchanges in equities, debt, foreign exchange, derivatives and commodities.

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GMEX is run by Hirander Misra, the co-founder of equities trading venue Chi-X Europe which successfully took market share from established exchanges before it was sold to BATS Global in 2011.

"Regulatory change has created huge opportunities for exchanges which can innovate with products," Misra told Reuters.

In March GMEX applied for a licence to create the London Derivatives Exchange, a potential partner for Frankfurt-based Eurex, a derivatives platform run by Deutsche Boerse.

"Eurex creates synergies between our interest rate swap futures contract, their exchange traded fixed income products and the clearing capabilities around related over-the-counter products."

Andreas Preuss, Deputy CEO of Deutsche Boerse Group and CEO of Eurex said, "This extends our positioning in new products, including unique Interest Rate Swap futures contracts and the development of new market exchange segments."

GMEX is focused on shaking up the $600 trillion interest rate swap market with its "Constant Maturity Future", a product designed to hedge interest rates using less margin and less balance sheet than other swaps contracts.

The contract allows investors to hedge interest rate exposure across the entire curve without a constant need to re-adjust the hedge or being locked into the hedge for the life of a swap, Misra said.

In June Deutsche Boerse said it was on the lookout for potential acquisition targets.