NYSE Liffe U.S. to Launch Futures on DTCC GCF Repo IndexTM Products July 16
10 Aprile 2012 - 3:49PM
Business Wire
NYSE Liffe U.S., the innovative U.S. futures exchange of NYSE
Euronext (NYX) today announced that it will begin trading futures
based on the Depository Trust and Clearing Corporation’s
proprietary DTCC GCF Repo IndexTM on July 16, 2012, subject to
regulatory approval. Designed to track the $400 billion GCF Repo®
market, futures on DTCC GCF Repo IndexTM products are licensed to
trade exclusively on NYSE Liffe U.S. and will clear at NYPC.
Calculated using actual, fully-collateralized transactions in the
underlying cash Treasury, Agency and Agency Mortgage-Backed
markets, the DTCC GCF Repo Index™ follows the average interest rate
paid each day for the most actively traded U.S. repo market.
“In our ongoing effort to deliver efficiency to the U.S. futures
market, NYSE Liffe U.S. is proud to launch futures on the DTCC GCF
Repo Index™,” said Tom Callahan, CEO, NYSE Liffe U.S. “GCF Repo
Futures offer the industry a new and more reliable short-term
interest rate benchmark for market participants to precisely hedge
critical business risks. Based on an index of actual, fully
collateralized and centrally cleared financing transactions, we
expect these products to quickly become a fundamental tool for the
management of short term interest rate risk.”
About DTCC GCF Repo IndexTM Futures
The DTCC GCF Repo IndexTM is the financial services industry’s
first index to list average daily interest rates for General
Collateral Finance repurchase agreements or the
multi-billion-dollar GCF Repo® market, which clears at DTCC’s Fixed
Income Clearing Corporation (FICC). Futures on the DTCC GCF Repo
IndexTM will enable traders to more effectively manage interest
rate exposure via a new short-term benchmark tied to actual,
collateralized repo transactions. Traded on NYSE Liffe U.S., these
products will clear at NYPC, and therefore benefit from the
features offered by this innovative ‘one pot‘ clearing mechanism
that combines the capital efficiencies achieved by calculating
margin requirements based on the total risk within a portfolio of
both FICC-cleared repos and futures. Trading on the LIFFE CONNECT®
platform, these futures will be listed alongside the highly liquid
NYSE Liffe U.S. Eurodollar and US Treasury Futures.
For more information and market data, please visit:
http://www.nyseliffeus.com and http://youtu.be/YW--G2FBlD0.
About NYSE Liffe U.S.
A unit of NYSE Euronext, NYSE Liffe U.S. is a partnership with
eight leading market participants, Citadel Securities, DRW Ventures
LLC (an affiliate of DRW Trading Group), GETCO, Goldman Sachs,
Morgan Stanley and UBS. It is a global, multi-asset class futures
exchange trading a diverse range of products, including the
successful Eurodollar and U.S. Treasury interest rate products, a
suite of MSCI-based futures and liquid precious metals
contracts. NYSE Liffe U.S. utilizes the proven LIFFE CONNECT®
trading platform designed and maintained by NYSE Technologies that
matched approximately 4.5 million contracts per day on the NYSE
Liffe markets in Europe in 2011. The exchange offers a wide range
of global connectivity options allowing members to efficiently
transact on the platform in a highly cost efficient manner. For
more information, please visit www.nyseliffeus.com.
Disclaimer and Cautionary Note Regarding Forward-Looking
Statements
This press release may contain forward-looking statements,
including forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include, but are not limited to,
statements concerning NYSE Euronext's plans, objectives,
expectations and intentions and other statements that are not
historical or current facts. Forward-looking statements are based
on NYSE Euronext's current expectations and involve risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in such forward-looking statements.
Factors that could cause NYSE Euronext's results to differ
materially from current expectations include, but are not limited
to: NYSE Euronext's ability to implement its strategic initiatives,
economic, political and market conditions and fluctuations,
government and industry regulation, interest rate risk and U.S. and
global competition, and other factors detailed in NYSE Euronext's
2011 Annual Report on Form 10-K and other periodic reports filed
with the U.S. Securities and Exchange Commission or the French
Autorité des Marchés Financiers. In addition, these statements are
based on a number of assumptions that are subject to change.
Accordingly, actual results may be materially higher or lower than
those projected. The inclusion of such projections herein should
not be regarded as a representation by NYSE Euronext that the
projections will prove to be correct. This press release speaks
only as of this date. NYSE Euronext disclaims any duty to update
the information herein.
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