New Futures Exchange To Open In June
Source: http://www.indexuniverse.com/sections/newsinfocus/5543-new-futures-exchange-to-open-in-june.html?Itemid=3&utm_source=straightstocks.com&utm_medium=sidebar&utm_campaign=rssPosted on Thursday, March 12th, 2009 | In Exchange Traded Funds
CME to gain new rival as New York-based ELX sets plans to start operations in June.
A new futures exchange backed by some of the biggest banks and broker-dealer groups in the world is apparently ready to begin operations in June.
The Electronic Liquidity Exchange is aiming to break the “near-monopoly” grip the Chicago Mercantile Exchange has on futures markets in the U.S., according to the Financial Times.
The New York City-based exchange was established by a dozen financial firms: Bank of America, Barclays Capital, BGC Partners, Citadel, Citigroup, Credit Suisse, Deutsche Bank
Securities, GETCO, JPMorgan, Merrill Lynch, PEAK6 and The Royal Bank of
Scotland.
In October 2008, ELE named Neal Wolkoff as its chief executive. He was a former CEO of the American Stock Exchange. Before that he served as chief operating officer of the New York Mercantile
Exchange.
At that time, Wolkoff said: “Initially, ELX will focus on the significant opportunity to bring lower
transaction costs, successful innovation, and greater speed and
efficiency to the global market in U.S. Treasury futures contracts.”
The Financial Times notes this is a particularly challenging environment to launch a new exchange. Although through mergers and acquisitions the CME has captured nearly all of the market for financial and commodity futures, trading volume in those areas have fallen dramatically since the credit crisis started more than 18 months ago.
The ELX didn’t immediately return calls for clarification on its launch schedule early Thursday. The new group does have a Web site with more information. You can find it here.
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