ELX Futures, L.P. (ELX Futures), a new fully electronic futures exchange, announced today that the U.S. Commodity Futures Trading Commission (CFTC) approved its Exchange of Futures for Futures "EFF" rule, allowing market participants to trade positions in two different Designated Contract Markets.
Neal Wolkoff, Chief Executive Officer of ELX Futures, said, "We are extremely pleased by the CFTC's approval of our EFF rule, which will give traders the ability to move positions between clearinghouses, enhancing competition and substantially improving liquidity on a centralized ELX market by providing clearing flexibility to market participants."
An EFF is an off-exchange rule that permits market participants to buy and sell two futures contracts from two different exchanges offering the same product. The application from ELX Futures was submitted on July 6, 2009 through September 17, 2009 and approved by the CFTC on October 6, 2009. ELX Futures launched trading on July 10, 2009 with an initial slate of four U.S. Treasury futures contracts.