The parent company of the New York Stock Exchange plans to enter the livestock futures market, challenging CME Group. Intercontinental Exchange, known as ICE, is targeting a December 7 launch, pending regulatory approval. Bloomberg reports ICE plans to offer physically settled cattle futures and three cash-settled contracts tied to cattle and hog prices. The move comes as CME prepares to shift its trading technology to a cloud-based system. ICE says strong customer demand for alternatives to CME is driving the expansion.
