DGAP-News: NASDAQ OMX Plans to Launch NASDAQ OMX NLX, a New London Based Interest Rate Derivatives Platform
(firmenpresse) - The NASDAQ OMX Group, Inc.
21.06.2012 13:30
---------------------------------------------------------------------------
New Electronic Trading Platform Will Offer a Comprehensive Suite of European
Short-Term and Long-Term Listed Interest Rate Derivatives Products Platform
Aims to Bring Significant Benefits to the Market Through Improved
Technology, Competitive Fees and Exceptional Margin Efficiencies Through Trading
and Clearing the Full Interest Rate Curve on a Single Platform
LONDON, 2012-06-21 12:29 CEST (GLOBE NEWSWIRE) -- NASDAQ OMX (Nasdaq:NDAQ)
today announces its intention to launch a new London-based trading venue, NLX,
offering a range of both short-term interest rate (STIRs) and long-term
interest rate (LTIRs) euro- and sterling-based listed derivative products. NLX
aims to enhance the competitive landscape by providing highly competitive
execution and clearing fees and significant margin efficiencies. The platform
will be launched by Q1 2013, pending Financial Services Authority approval.
NLX is partnering with LCH.Clearnet, which will provide clearing and settlement
services. All instruments will be cleared through Synapse, LCH.Clearnet's
strategic derivatives clearing platform. Listed products across the yield curve
will be cross-margined within a single clearing risk pool using PAIRS,
LCH.Clearnet's proprietary VaR based margining methodology, subject to
regulatory approval. This will result in optimized margin calculations for
customers.
Charlotte Crosswell, Chief Executive Officer of NLX, said; 'The new market will
be a single platform for both short-term interest rate and long-term interest
rate euro- and sterling-based listed derivative products. This new trading
venue will be very exciting as it will have the potential to realise
significant cost savings for customers. The combination of strong technology,
risk management and the market presence of NASDAQ OMX and LCH.Clearnet has
allowed us to build a very competitive offering and we have a system ready for
customer testing.'
Crosswell added, 'This puts us in a prime position to capitalise on market
structure changes in this space, partly driven by Dodd-Frank, EMIR, MIFID II
and Basel III.'
NLX will enable simplified execution of a broad range of hedge, strategy and
contingent trades and will support registration of both central order book and
off order book trades on the same platform. An innovative approach to daily and
final settlement price determination, where necessary, will link settlement
prices to the wider OTC markets, thus providing more accurate and timely
settlement price publication.
NASDAQ OMX has a longstanding track record of enhancing efficiency in capital
markets, based on leading technology and an innovative culture. NLX has been
built on NASDAQ OMX's proven Genium INET platform, with ultra low latency
processing and rich trading functionality. NLX will offer flexible
connectivity, including FIX for ease of connectivity, as well as the ITCH
protocol for low latency market data. The integrated technology solution is
already in testing.
Eric Noll, Executive Vice President of Transaction Services U.S. and U.K. at
NASDAQ OMX, said; 'We have chosen to partner with LCH.Clearnet because they
have the risk management expertise, an existing strong presence in Europe and
proven clearing capabilities and technology in these products.'
Alberto Pravettoni, Managing Director, Repo and Exchanges at LCH.Clearnet said;
'This partnership with NASDAQ OMX is a further endorsement of the open and
horizontal model and a testament to LCH.Clearnet's strategic direction. We are
delighted to be working with NLX to provide world-class risk and collateral
management solutions that address the market demand.'
Will Rhode, a Principal and Director of Fixed Income Research at TABB Group,
said; 'The buy-side are looking for solutions that can help alleviate the
collateral burden resulting from financial market reform and they will welcome
this initiative by NASDAQ OMX. European regulators will likely be pleased to
see a horizontal clearing structure come to market where trade flow from NLX,
other exchanges and platforms and the OTC market will be able to co-mingle
within a single clearing house.'
Rhode added, 'This will be a significant trading and clearing alternative to the
incumbent solutions that currently dominate the marketplace.'
Charlotte Crosswell said, 'NLX has had very positive feedback from market
participants on the proposition and has formed customer steering groups. The
system is already in testing with LCH.Clearnet and we have already engaged with
ISVs, post trade vendors and market data vendors to support the NLX platform.
Agreements with UK-based data centers and network infrastructure providers are
in place.'
The launch of NLX is subject to regulatory approval by the UK Financial Services
Authority.
NASDAQ OMX NLX Limited is in the process of seeking permission to operate a
multilateral trading facility for this purpose.
For more information on NLX, please visit:
www.nasdaqomx.com/nlx
About NASDAQ OMX:
The inventor of the electronic exchange, The NASDAQ OMX Group, Inc., fuels
economies and provides transformative technologies for the entire lifecycle of
a trade - from risk management to trade to surveillance to clearing. In the
U.S. and Europe, we own and operate 24 markets, 3 clearinghouses and 5 central
securities depositories supporting equities, options, fixed income,
derivatives, commodities, futures and structured products. Able to process more
than 1 million messages per second at sub-40 microsecond speeds with 99.999%
uptime, our technology drives more than 70 marketplaces in 50 developed and
emerging countries into the future, powering 1 in 10 of the world's securities
transactions. Our award-winning data products and worldwide indexes are the
benchmarks in the financial industry. Home to approximately 3,400 listed
companies worth $6.2 trillion in market cap whose innovations shape our world,
we give the ideas of tomorrow access to capital today. Welcome to where the
world takes a big leap forward, daily. Welcome to the NASDAQ OMX Century. To
learn more, visit www.nasdaqomx.com. Follow us on Facebook
(http://www.facebook.com/NASDAQ) and Twitter
(http://www.twitter.com/nasdaqomx). (Symbol: NDAQ and member of S&P 500)
Cautionary Note Regarding Forward-Looking Statements
The matters described herein contain forward-looking statements that are made
under the Safe Harbor provisions of the Private Securities Litigation Reform
Act of 1995. These statements include, but are not limited to, statements about
NLX and NASDAQ OMX's other products and offerings. We caution that these
statements are not guarantees of future performance. Actual results may differ
materially from those expressed or implied in the forward-looking statements.
Forward-looking statements involve a number of risks, uncertainties or other
factors beyond NASDAQ OMX's control. These factors include, but are not limited
to factors detailed in NASDAQ OMX's annual report on Form 10-K, and periodic
reports filed with the U.S. Securities and Exchange Commission. We undertake no
obligation to release any revisions to any forward-looking statements.
NASDAQ OMX NLX Limited (NLX) has applied for approval from the Financial
Services Authority for authorisation as an operator of a Multilateral Trading
Facility but is not currently authorised. There can be no assurance that the
FSA will give NLX the authorisation and permissions which it seeks.
NDAQG
CONTACT: NASDAQ OMX Media contacts:
North America:
Robert Madden
+1 646 441 5045 (office)
+1 347 740 0191 (office)
Robert.Madden(at)NASDAQOMX.com
Joseph Christinat
+1 646 441 5121 (office)
+1 646 284 5920 (mobile)
Joseph.Christinat(at)NASDAQMX.com
Europe:
Carl Norell
+46 (8) 405 6639 (office)
+46 (734) 496 639 (mobile)
Carl.Norell(at)NASDAQOMX.com
Martin Hedensio
+46 (8) 405 62 54 (office)
+46 (73) 449 62 54 (mobile)
Martin.Hedensio(at)NASDAQOMX.com
News Source: NASDAQ OMX
21.06.2012 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: The NASDAQ OMX Group, Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US6311031081
WKN:
End of Announcement DGAP News-Service
---------------------------------------------------------------------------
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 21.06.2012 - 13:30 Uhr
Sprache: Deutsch
News-ID 158629
Anzahl Zeichen: 4233
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 390 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: NASDAQ OMX Plans to Launch NASDAQ OMX NLX, a New London Based Interest Rate Derivatives Platform"
steht unter der journalistisch-redaktionellen Verantwortung von
The NASDAQ OMX Group, Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
