CME falls as BofA downgrades to 'underperform' on competition concerns
** Shares of derivatives exchange operator CME Group CME.O fall ~2.2% to $211.08 in morning trading
** Bank of America Global Research downgrades CME to 'underperform' from 'neutral' on worries of market share losses and pricing headwinds; cuts price objective to $177 from $212
** Brokerage says CME now faces a 3-front battle with BGC Partners BGC.O, Cboe Global Markets1 CBOE.Z and Intercontinental Exchange ICE.N for market share
** "BGC's FMX Futures Exchange is scheduled to launch within weeks, and we expect CME to cut its pricing in interest rate futures by 10%+ as a defensive maneuver" - BofA
** Brokerage adds it expects CBOE's options will increasingly be used as a substitute for CME's equity futures, while ICE will continue to take share in energy futures
** Including session's loss, CME stock flat YTD
Reporting by Manya Saini in Bengaluru
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