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Billionaire Howard Lutnick is taking on exchange giant CME

Cantor Fitzgerald’s CEO previously helped transform the bond market

Howard Lutnick's FMX Futures Exchange is set to launch around the middle of the year
Howard Lutnick's FMX Futures Exchange is set to launch around the middle of the year Photo: Hollie Adams/Getty Images

Howard Lutnick became a billionaire by shaking up the clubby world of Wall Street bond trading. Now the chai and chief executive of Cantor Fitzgerald is taking on one of the biggest powerhouses in finance.

Regulators said on 22 January that they signed off on Lutnick’s plan to introduce a new market for interest-rate futures, which is dominated by exchange giant  CME Group.

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