IMX CEO Jim Plante Discusses the Path Forward After CFTC Approval

Jan 29, 2024

John Lothian

John Lothian

Executive Chairman and CEO

Jim Plante, the CEO of IMX, in a recent interview with John Lothian News, discussed the next steps for the healthcare-focused futures exchange after receiving approval from the CFTC. IMX’s target launch is in the second quarter of 2024, and Plante said the next challenge is the ongoing process of onboarding futures commission merchants to the exchange. IMX is also working on finalizing its initial product offerings, which will undergo regulatory approval. IMX plans to make significant announcements regarding index licensing partnerships related to healthcare futures contracts. Plante emphasized that the healthcare industry, which constitutes nearly 20% of the economy, involves natural market players on both sides, including healthcare service providers, pharmaceutical companies, and health insurance providers, necessary components for a healthy futures market.

Plante spoke about the correlation of the healthcare market to other parts of the market and mentioned that while changes in supply and demand may not directly affect costs, demand for procedures can vary. For instance, during the early days of COVID-19, patients avoided hospitals for procedures, resulting in decreased revenue for healthcare service providers. IMX aims to provide futures and derivatives tools for the healthcare sector, which has historically been considered a cost. Plante believes this will transform healthcare into an asset and improve transparency.

Plante expects broad interest from financial institutions to invest in investment pools and funds in healthcare futures, as they would with any other asset class, especially given the transformative nature of introducing futures and derivatives to the healthcare sector. IMX seeks to engage with proprietary trading groups and any firms specializing in healthcare trading. Plante noted that this is a relatively new asset class that was previously inaccessible, making it an exciting opportunity.

Reflecting on the CFTC approval process, Plante acknowledged its thoroughness, which required extensive documentation and interactions. IMX had to assemble a team capable of meeting the regulatory requirements, demonstrate financial resources, and provide operating budgets and regulatory capital in order to gain CFTC approval.

Plante said IMX has a group of investors from the industry and venture investors who supported the exchange’s endeavors. He stated that IMX is currently in a favorable financial condition.

Regarding hiring plans, IMX aims to expand its commercial and products teams to meet the demands of its growing business. He said he welcomed resumes from people interested in joining IMX.

Plante summed it up by emphasizing the transformative potential of futures and derivatives in healthcare, emphasizing that healthcare should be viewed as an asset rather than just a cost, and IMX aims to facilitate this transformation with the introduction of financial tools.

 

 

Wildfires rage in Canada’s oil hub

Wildfires rage in Canada’s oil hub

First Read Hits & Takes John Lothian & JLN Staff Trading Technologies (TT) celebrated its 30th anniversary yesterday, marking three decades of pioneering advancements in electronic futures trading. Founded in 1994, TT initially revolutionized the industry with its...

We visit more than 100 financial news websites daily (Would YOU do that?)

The Spread

Todays  Options Newsletter

Now Read This

Veteran Trader George Hanley Reflects on Trading Career and Family Legacy in Part Three of Open Outcry Traders History Project Interview

Veteran Trader George Hanley Reflects on Trading Career and Family Legacy in Part Three of Open Outcry Traders History Project Interview

In the third installment of the Open Outcry Traders History Project interview series, veteran trader George Hanley dives deeper into his trading career, family legacy, and the evolution of his business ventures. Conducted by John Lothian News for the MarketsWiki Education series, this segment offers a comprehensive look at Hanley’s experiences and insights from his time on the trading floors.

John Lothian: Week in Review (May 13-17, 2024)

John Lothian: Week in Review (May 13-17, 2024)

JLN PRESS ROOM PICK OF THE WEEK

MIT students stole $25M in seconds by exploiting ETH blockchain bug, DOJ says

Within approximately 12 seconds, two highly educated brothers allegedly stole $25 million by tampering with the ethereum blockchain in a never-before-seen cryptocurrency scheme, according to an indictment that the US Department of Justice unsealed Wednesday.

George Hanley Reflects on Trading Career in Second Interview Segment of Open Outcry Traders History Project Interview

George Hanley Reflects on Trading Career in Second Interview Segment of Open Outcry Traders History Project Interview

In the second part of the Open Outcry Traders History Project interview with veteran trader George Hanley for the MarketsWiki Education series, Hanley shares insights into his dynamic trading journey.

Hanley was trading every month of soybeans at the MidAm and he was one of the few people at the exchange who figured out how to trade the expiring contract and take delivery, if need be. He opened the necessary banking lines, and one time the last day before expiration, he bought the market limit down and sold it limit up because others were afraid to get caught and have to take delivery, he said.

Greenwood Project CEO Aims to Grow Minority Talent Pipeline for Finance

Greenwood Project CEO Aims to Grow Minority Talent Pipeline for Finance

May 17, 2024 — The Greenwood Project, a nonprofit that prepares minority college students for careers in financial services, is undergoing major changes under new CEO Kwesi Smith to significantly expand its reach and impact. 

Smith, who has two decades of experience as a research analyst and investor, took over leadership of the Chicago-based organization in 2023. He aims to transform Greenwood into the premier talent pipeline for Black and Latino students nationwide seeking high-trajectory finance careers, Smith told John Lothian News in a recent video interview.