ELX Electronic Liquidity Exchange, a fully electronic futures exchange formed by 12 leading financial institutions, today announced an agreement with the National Futures Association (NFA), the self-regulatory organization for the U.S. futures industry, to provide market surveillance and oversight for ELX.
"ELX is committed to maintaining the highest standards in market integrity," said Tom Rubio, Chairman of the Operating Committee of the Board of ELX. "Under this agreement, The NFA will play an important role in ELX's regulatory program, providing world class market surveillance and regulatory functions for the exchange."
"We are pleased that the Board of ELX has chosen NFA to provide market surveillance and oversight services for its new exchange," said NFA President Dan Roth. "We look forward to working with ELX as it prepares to launch this exciting new venture."
"ELX is making solid progress toward delivering enhanced global liquidity and lower trading costs for futures market participants," added Rubio, Managing Partner of Chicago-based Breakwater Capital and partner with PEAK6 Investments, a leading trading firm. "In preparation for our launch, we expect to be hosting connectivity tests and mock trading sessions in the fall in support of ELX's initial product suite of futures on U.S. Treasury notes and bonds."