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New Futures Exchange To Open In June
IndexUniverse Staff (March 12th, 2009) Writes:
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
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