Lutnick’s Plan to Rival CME With Futures Exchange Sees Delay (1)

A futures exchange that Howard Lutnick helped found, back when he was the chief executive officer of Cantor Fitzgerald LP, is struggling to launch its flagship product due to problems at its clearing house LCH Group, according to people familiar with the matter.

The FMX Futures Exchange, which was created by Lutnick’s brokerage, BGC Group Inc., is attempting to debut US Treasury futures — its most high profile offering to date.

Just days before Lutnick resigned to become US Commerce Secretary on Feb. 18, BGC Group said that it would be introducing futures contracts tied to US ...