New London derivatives exchange set to open this week
Nasdaq OMX NLX , the new London market offering a range of both short-term interest rate and long-term interest rate euro- and sterling-denominated listed derivative products, will launch this Friday following regulatory approval.
NLX will launch trading of futures products in 3-month EURIBOR, 3-month Sterling, Long Gilt, 2-year Schatz, 5-year Bobl and 10-year Bund. All products will be cleared through LCH.Clearnet.
“We have worked closely with the regulators in our application process and would like to thank them for their efforts and support to create this new market,” said Charlotte Crosswell, chief executive of NLX (right). “NLX has collaborated with the market to develop a unique proposition that brings much needed competition to European interest rate derivatives.We look forward to launching a market that provides ease of access, efficiency and the flexibility to respond to customer demand and list new products rapidly.”
Alberto Pravettoni, chief executive of LCH.Clearnet’s Repo and Exchanges business said: “We are delighted with this milestone, which further demonstrates the regulatory drive for an open, transparent and competitive market place. We look forward to working with NLX to bring innovative risk management solutions to the European interest rate derivatives market.”
NLX “aims to enhance the competitive landscape by providing highly competitive execution and clearing fees and significant margin efficiencies”, using Nasdaq OMX’s Genium Inet technology and its partnership with LCH.Clearnet.
