CME Group Inc. (CME) announced Monday a new service for fixed-income traders, responding to an anticipated competitive threat from NYSE Euronext (NYX).

CME's new service will let investors pool collateral posted against futures trading with collateral set aside for transactions in cash Treasury instruments, mirroring a separate offering developed by the parent of the Big Board.

That venture, called New York Portfolio Clearing and backed by the Depository Trust & Clearing Corp., has been seen as the most significant attack yet on CME's core business of trading futures tied to Treasurys and key inter-bank lending rates.

NYSE Euronext anticipates its own service, and related interest-rate futures contracts, launching in the coming month.

CME officials estimated that its new function, called the Financial Instruments Clearing Membership, will carry collateral offsets of up to 65% for qualifying firms. Several firms, including Breakwater Trading and Endeavor Trading, are in the process of signing on to the new service, according to CME.

-By Jacob Bunge, Dow Jones Newswires; 312 750 4117; jacob.bunge@dowjones.com
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