17 October 2017
visit www.response.ncr.com

ELX Futures offers free trades during July

09 July 2009  |  3791 views  |  0 chicago Skyline

ELX Futures, which is set to launch tomorrow, says it will not charge for trades in July as it looks to strike an early blow in the battle to take market share from the dominant CME Group.

The new electronic futures exchange, set up by a group of banks and trading firms, will initially offer US Treasury futures contracts, with the intention of moving into other major asset classes.

Billing will begin on 3 August with a fee of $0.09 a contract for clearing and exchange for users with average daily volume above 400 contract sides. For low volume users the bundled fee is $0.24 a contract.

Neal Wolkoff, CEO, ELX Futures, says: "We are confident that market participants will see a noticeable difference in our technology, fee structure and customer service, and will welcome ELX Futures as an innovative alternative in the futures market."

ELX is backed by Bank of America, Citi, Credit Suisse, Deutsche Bank, Barclays Capital, Merrill Lynch, JP Morgan, Goldman Sachs, RBS, Getco and Peak6.

The exchange has been built on coalition member BGC Partners' eSpeed electronic trading platform. Clearing will be provided by the Options Clearing Corporation.

The new venture is not the first to take on the Chicago exchanges in the futures market. Others have tried and failed to break CME's stronghold, including Cantor Fitzgerald which launched its electronic exchange for US treasury futures, called Cantor Exchange in 1999, BrokerTec which launched online futures trading outfit in 2001, and Swiss/German derivatives exchange Eurex.

The launch could be marred by the failure of Trading Technologies to connect to the new new exchange. Half of the volume at the world's five biggest exchanges is currently directed via TT's screens.

Last week the firm's chief, Harris Brumfield, denied speculation that TT's failure to connect was down to personal friction between himself and BGC Partners CEO Howard Lutnick following year's of legal wrangling over software patents.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

CME Group chooses StreamBase CEP platform

CME Group chooses StreamBase CEP platform

23 June 2009  |  5889 views  |  0 comments
CME delays CDS clearing launch as search continues for investors

CME delays CDS clearing launch as search continues for investors

20 March 2009  |  7115 views  |  0 comments
ELX preps for June launch

ELX preps for June launch

11 March 2009  |  4662 views  |  0 comments
CME and Thomson Reuters dump FXMarketSpace JV

CME and Thomson Reuters dump FXMarketSpace JV

10 October 2008  |  9119 views  |  0 comments
New futures exchange named ELX

New futures exchange named ELX

12 March 2008  |  8885 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.temenos.comvisit www.capgemini.comRegister now

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
14740 views comments | 12 tweets | 3 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8114 views comments | 15 tweets | 21 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
7371 views 0 | 7 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
6682 views comments | 13 tweets | 7 linkedin
Ex-PayPal boss Thompson backs Canadian fintech Payment RailsEx-PayPal boss Thompson backs Canadian fin...
6055 views comments | 10 tweets | 12 linkedin

Featured job

Competitive base + commission + benefits
Denmark, Finland, Iceland, Norway or Sweden

Find your next job