NYSE Euronext Completes Liffe US Stake Sale To Six Partners
10 Marzo 2010 - 2:08PM
Dow Jones News
NYSE Euronext (NYX) said Wednesday it had completed an agreement
for the sale of a minority stake in its U.S. futures platform to a
group of six banks and trading firms.
The move comes as the nascent NYSE Liffe venture prepares for
the expected July launch of a new clearinghouse and Treasury-linked
futures contracts that will ramp up competition with sector leader
CME Group Inc. (CME).
NYSE Euronext, which will retain majority ownership of the
exchange, brought onboard as partners Goldman Sachs Group Inc.
(GS), Morgan Stanley (MS), UBS AG (UBS), Getco and Citadel
Securities, as part of a plan announced last fall. The so-called
"remutualization" also saw DRW Ventures LLC, a unit of
Chicago-based proprietary trading firm DRW Trading Group, join up
as a partner.
NYSE Euronext will retain control and day-to-day management of
NYSE Liffe; financial terms of the deal were not disclosed.
"With the completion of this transaction, NYSE Liffe U.S. is
well positioned to deliver innovation, competition and value to the
U.S. derivatives marketplace," said NYSE Euronext Chief Executive
Duncan Niederauer in a statement Wednesday.
NYSE Euronext introduced NYSE Liffe in 2008 with a set of
precious metals contracts acquired from CME, and later launched
futures tied to MSCI Inc. (MXB) equity indexes, but trading
activity at the exchange remains low.
The exchange operator is developing a new clearinghouse in
conjunction with the Depository Trust and Clearing Corp. that seeks
to clear interest-rate futures alongside cash Treasurys
transactions, taking aim at a key market of CME. Startup ELX
Futures LP also is pursuing the Treasury futures market, taking
about 2.8% of the business since launching last summer.
NYSE Euronext's decision to bring in banks and trading firms as
equity partners in NYSE Liffe was preceded by a similar move with
its NYSE Amex options platform. That initiative, alongside the
migration to new trading technology, has helped boost NYSE Amex's
share of the U.S. options market to about 10.1% for the month of
March, according to data from the Options Clearing Corp.
-By Jacob Bunge, Dow Jones Newswires; 312-750-4117;
jacob.bunge@dowjones.com
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