Minneapolis Grain Exchange to provide clearing services to Intelligent Medicine Exchange
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Minneapolis Grain Exchange to provide clearing services to Intelligent Medicine Exchange 23 June 2022US Reporter: Jenna Lomax
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The Minneapolis Grain Exchange (MGEX) is to provide clearing services to the Intelligent Medicine Exchange (IMX) for certain cash-settled futures and options on futures contracts.
IMX is the developer of the first dedicated futures marketplace aimed at the US healthcare economy.
MGEX’s services will include managing exposures, clearing trades, and the collecting and maintaining of bonds and security deposits for IMX and its clients.
Earlier this month, IMX announced its plans to launch the first financial exchange focused on the healthcare economy.
The exchange has also submitted an application to become a designated contract market with the Commodity Futures Trading Commission, and expects to list a number of contracts that will enable individual and institutional market participants to manage risk and invest in multiple components of the healthcare ecosystem.
Mark Bagan, president and CEO of MGEX, says: “We are pleased to be providing clearing services to IMX as MGEX continues to execute on its strategy of providing clearing-as-a-service solutions in futures markets. We believe this agreement with IMX furthers our strategy to provide innovative products and services to the futures industry.”
James Plante, CEO and co-founder of IMX, comments: “Healthcare is the number one economic problem facing the country, and we believe our forthcoming suite of health care futures will offer participants a powerful tool to more effectively manage risk and participate in this vital component of the economy.”
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