Nyse Liffe Euronext eröffnet neue US Terminbörse gegen CME und Eurex
NYSE Euronext to challenge CME Group in the US
Von Tom Fairless
Financial News Online (16.05.08) - NYSE Euronext, the world’s largest stock exchange operator, plans to launch a US futures exchange that will offer cross-border investment in a bid to challenge derivatives giants CME Group and Eurex.
Duncan Niederauer, chief executive of the exchange group, said: “We have an opportunity to marry the Liffe business in Europe with the business we're developing in the US and then we can get into some very interesting transatlantic ideas.”
Niederauer plans to offer a technological link that will allow customers of London-based Liffe, the derivatives arm of NYSE Euronext, to trade on the exchange's new US-based futures market, which has yet to receive regulatory approval, according to sources close to the exchange.
Liffe is likely to form similar transatlantic links with NYSE Arca, the group’s options market, the source added.
The initiative is aimed at closing the gap on CME Group, the world's largest derivatives exchange, and Eurex, the Deutsche Börse-owned European leader. Niederauer said the pair “are both very impressive, but also very regional”, leaving open opportunities for a rival to institute a cross-border trading scheme.
The exchange may also boost transatlantic trading by allowing brokers to offset positions across its different markets, Niederauer said. Such a move, known as cross-margining, would allow some brokers to set aside less money to back trades.
CME Group is set to increase its dominance in the US derivatives market through the $9.3bn (€6bn) purchase of commodities market the New York Mercantile Exchange.
Eurex last year paid $2.8bn to acquire US options exchange International Securities Exchange, and is developing a transatlantic clearing link that will make it easier for European investors to access the US market.
NYSE Liffe Begins Trading - NYSE Euronext’s U.S. Futures Exchange Completed Its First Day Of Trading
09/09/08 - NYSE Liffe, LLC, the new U.S. futures exchange of NYSE Euronext (NYX) today announced that it successfully completed its first day of operation on Monday, September 8, with trading in 100 oz. gold futures, 5,000 oz. silver futures, options on gold and silver futures, and mini-sized 33.2 oz. gold and 1,000 oz. silver futures. These products were successfully transitioned from the Chicago Board of Trade (CBOT) to NYSE Liffe over the weekend.
"By adding NYSE Liffe to the already strong global derivatives operations of NYSE Euronext, we have further enhanced our position as the world’s foremost multi-asset global exchange group," said Hugh Freedberg, Group Executive Vice President and Head of Global Derivatives, NYSE Euronext. "Through our globally distributed, best-in-class technology, diverse product range, and innovative product development efforts, we will provide our global customers and investors with exceptional service and market quality."
"NYSE Liffe is open for business with over 180 member firms and a global network of active customers," said Thomas F. Callahan, NYSE Euronext Executive Vice President, Head of U.S. Futures. "This milestone is an important first step for our exchange as we partner with our clients to build a highly competitive and innovative U.S. Futures platform."
NYSE Liffe will continue to deploy the LIFFE CONNECT(R) trading platform previously used by CBOT. CME will provide clearing services for precious metals through the first quarter of 2009. In addition, certain operational functions and market surveillance activities will be outsourced to Liffe and the National Futures Association (NFA).
For more information on NYSE Liffe, trading its products and services, and becoming a member, please visit: http://www.nyx.com/nyseliffe