ELX Futures Says It Has Proof CME Accepts Transitory Trades
04 Novembre 2009 - 10:33PM
Dow Jones News
Startup exchange ELX Futures on Wednesday sent a letter to U.S.
futures regulators, charging that CME Group Inc. (CME) accepts
trades that move positions out of its clearinghouse - something CME
has said it forbids.
ELX is pressing the issue after getting regulatory approval last
month for a rule that would let market participants arrange to move
Treasury futures positions from CME to ELX.
The consortium-backed ELX is challenging CME's dominance in U.S.
Treasury futures trade.
In a letter to the Commodity Futures Trading Commission, a copy
of which was seen by Dow Jones, ELX Chief Executive Neal Wolkoff
included a screen shot of what he said was an example of so-called
transitory trades in crude oil futures, moving positions between
CME's New York Mercantile Exchange unit and
IntercontinentalExchange Inc. (ICE).
CME's legal experts have said that the Chicago-based exchange
operator is not required by regulators to accept trades made for
the purpose of moving Treasury futures positions to another
clearinghouse, under its authority as a designated contract
market.
ELX's so-called Exchange of Futures for Futures rule, or EFF,
could let investors offset positions held at the two markets,
according to ELX, while helping traders avoid margin calls where
there is no market risk.
-By Jacob Bunge, Dow Jones Newswires; (312) 750 4117;
jacob.bunge@dowjones.com
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