Nasdaq OMX NLX, the new London market offering short-term interest rate (STIRs) and long-term interest rate (LTIRs) euro- and sterling-denominated listed derivative products on a single market, and LCH.Clearnet have received the necessary regulatory approvals to launch the NLX market on May 31.
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.
Alberto Pravettoni, CEO, LCH.Clearnet’s Repo and Exchanges business said: “This milestone … further demonstrates the regulatory drive for an open, transparent and competitive marketplace. We look forward to working with NLX to bring innovative risk management solutions to the European interest rate derivatives market.”
Nasdaq OMX has secured the support of founding participants including banks, clearing, brokerage and trading firms who will contribute to the provision of liquidity and open interest at NLX.
Key participant banks and clearing firms include: BNP Paribas, Citi, GH Financials, Nomura, The Royal Bank of Scotland Plc and UBS. Key participant brokerage and trading firms include: DRW Trading Group, Financial Market Engineering, Getco Europe, The Kyte Group, Marex Financial, MET Traders, Newedge, O.S.T.C. and Tower Trading Group.