CME Group says: "The purpose of this program is to incentivize Central Banks located outside of the United States to trade the products listed below on the CME Globex Platform. The resulting increase in liquidity in the products listed below benefits all participant segments in the market."
So are central bank balance sheets the reason why the S&P 500 is up over 200% from the March 2009 low?
|Source: CFTC.gov (PDF below)|
"Modifications to Central Bank Incentive Program CME/CBOT/NYMEX/COMEX Submission No. 14-038"
Source: Modifications to Central Bank Incentive Program. CME/CBOT/NYMEX/COMEX #14-038" (cftc.gov, PDF)
"Central Bank Incentive Program, Questions & Answers, January 2014"
Source: Central Bank Incentive Program Questions & Answers January 2014 (cmegroup.com PDF)