NASDAQ OMX (NDAQ) to Launch New London-Based Derivatives Trading Venue
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NASDAQ OMX (Nasdaq: NDAQ) intends 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.
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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.
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