ELX Futures, a new fully electronic futures exchange, announced today that the U.S. Commodity Futures Trading Commission (CFTC) has approved its application to become a Designated Contract Market (DCM).
The application was filed November 27, 2008, and was approved within the regular statutory timeframe.
Neal Wolkoff, Chief Executive Officer of ELX Futures, said, "Receiving CFTC approval marks a watershed moment for ELX Futures. The approval culminates a great deal of dedication from our founding firms, the ELX Futures Operating Committee, our staff, the BGC Partners' technology team and our legal advisers at Sullivan & Cromwell. We would like to thank the staff of the CFTC for their diligence and rigor in helping us make the ELX Futures product much improved from its original state. We are confident that ELX Futures will be a strong and needed competitive alternative in the mainstream futures exchange marketplace that will benefit all market participants."
ELX Futures is in the midst of intensive testing and plans to announce a launch date, fee schedule, and other important facts about its start of business in the coming days. ELX Futures is still on target for a June 2009 start of operations with an initial product slate in U.S. Treasury futures contracts.
ELX Futures was founded by leading financial institutions that include Bank of America, Barclays Capital, BGC Partners, Breakwater, Citi, Credit Suisse, Deutsche Bank Securities, GETCO, JPMorgan, Merrill Lynch, PEAK6, and The Royal Bank of Scotland.