LONDON (Reuters) - CME Group (O:CME) plans to launch a London-based cocoa contract late this year or early next year, the company's head of agricultural products, Tim Andriesen, said on Monday.
"Our expectation at this point...is that it would be based on CME Europe," Andriesen told reporters in London.
CME Europe is the Chicago-based company's London-based exchange, its first exchange abroad.
Andriesen also told reporters in London that CME is considering a partnership with pan-European exchange group Euronext or its own contract to enter the European wheat futures market.
Andriesen said CME would not likely acquire the Euronext wheat contract.
"We would never rule anything out but I wouldn't see that as our first choice," he said.
He added that the company had no plans for a cotton contract in view of industry backing for a planned contract by Intercontinental Exchange
(Reporting by Guz Trompiz, writing by Susan Thomas, editing by David Evans and Erica Billingham)