[CME Plans to Launch Futures Linked to Sports Events as a New Hedging Tool] According to a report by Zhitong Finance, a statement reveals that the Chicago Mercantile Exchange (CME) is planning to launch futures and options contracts linked to professional and collegiate sports events. The company is collaborating with emerging index provider FutureSports, whose products will provide the underlying support for these new tools from CME. The statement noted that the first batch of sports futures contracts will be cash-settled and will have monthly and quarterly expirations. Pending regulatory approval, trading could begin as early as this summer. CME CEO Terry Duffy stated in the announcement: 'This is not just a new product; it’s about introducing a true price discovery mechanism and risk management framework to an industry in dire need of transformation.' Futures contracts are very common in global financial markets, with underlying assets including stock indices and commodities. If approved, this would be the first of its kind in the sports industry.