The Chicago Mercantile Exchange (CME) has signed its first Gibraltar-based client, just months after beginning its attempt to target the proprietary groups and trading arcades that have sprung up in the former British colony.

The CME started focusing on Gibraltar in early October. Initially its assault was greeted with scepticism by local traders, but the exchange since launched an aggressive 18-month European pricing plan, in a bid to increase volumes. The CME also said it will set up new telecommunications hubs in six major European financial centres, to reduce connectivity costs.