BOTCC to provide payments processing for Nasdaq Liffe Markets

BOTCC to provide payments processing for Nasdaq Liffe Markets

The Board of Trade Clearing Corporation and Nasdaq Liffe Markets (NQLX) have signed an agreement for the processing of 'give-up'-related brokerage payments for NQLX member firms.

A give-up transaction occurs when a member firm (the carrying member) contracts with another firm (the executing member) to execute a trade. The executing member then 'gives up' the transaction to the carrying member.

Under terms of the deal, the Clearing Corporation will provide brokerage fee collection and payment services for member firms executing give-up transactions using Gains (Give-up Automated Invoicing System). In addition, the Clearing Corporation will develop the interface with NQLX necessary to provide the payment service.

Dennis Dutterer, president and CEO of the Clearing Corporation, says: “Our agreement illustrates the Clearing Corporation’s strategic decision to offer value-added clearing, processing and problem-solving services in new and emerging marketplaces."

NQLX, a joint venture of the Nasdaq Stock Market and the London International Financial Futures and Options Exchange, is scheduled to begin trading in Q2 2002.

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