CME Group dips after JPM downgrades to 'underweight'
** Shares of derivatives exchange CME GroupCME.O fall as much as 2.2%, last down 1.4% at $195.80
** J.P.Morgan Securities downgrades CME to "underweight" rating from "neutral"; cuts PT to $187 from $206, a 5.8% downside to stock's last close
** Brokerage says FMX Exchange, backed by some of Wall Street's biggest banks and traders, presents the most credible challenger to CME to date
** Billionaire Howard Lutnick's brokerage BGC Group BGC.O is entering the U.S. interest rate futures market in late summer
** JPM says market participants are frustrated at CME's behavior as a monopoly, including regular price increases and lack of product innovation
** Adds that FMX's success will ultimately depend on whether it can win over asset manager participants, which are likely CME's most sticky customers
** Eight of 17 brokerages rate the stock "buy" or higher, six "hold" and three "sell"; their median PT is $228 - LSEG
** As of last close, CME shares down 5.8% YTD
Reporting by Arasu Kannagi Basil in Bengaluru
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