So, it is with great interest that we note that CME Group said its Chicago Mercantile Exchange subsidiary entered into an amended credit facility for a $7 billion revolving secured credit facility.
As Bloomberg reports, in a U.S. Securities and Exchange Commission filing, CME it entered into an amendment to its 364-day multi-currency credit facility with Bank of America N.A., as administrative agent, Citibank N.A., as collateral agent and collateral monitoring agent and some of the banks under its existing facility.
The amended facility is for a multi-currency revolving secured credit facility of $7 billion, which is eligible to be increased to $10 billion.
Specifically, the filing says, the new credit facility is "intended to provide temporary liquidity to CME in the event of a clearing member default, a liquidity constraint or depositary default, or in the event of a delay in the payment systems utilized by CME."
https://www.zerohedge.com/markets/after-gold-oil-contract-chaos-cme-group-secures-7-billion-credit-line-case-clearing-memberAll the reward...none of the risk...not wanting to stop the music and find out who is sans chair...
Another factoring house, yeah, that's the ticket!