Howard Lutnick, CEO of BGC Group, has launched the FMX Futures Exchange on Tuesday, aiming to challenge the CME Group's dominance in the U.S. interest rate futures market and US Treasuries. Billionaire Lutnick's initiative is supported by major financial institutions including Bank of America, Barclays, Citi, Goldman Sachs, JPMorgan, Morgan Stanley, and Wells Fargo. This move marks a significant attempt to break CME's longstanding monopoly in this sector.