Nasdaq OMX Launches Derivatives Venue NLX

A view of the City of London
Nasdaq OMX launches NLX today after it received regulatory approvals.

Nasdaq OMX is today launching NLX, its new London-based derivatives market after it received regulatory approvals and announced its initial participating institutions.

NLX is to offer market participants the ability to trade on a range of both short-term interest rates and long-term interest rates euro- and sterling-denominated listed derivative products. Trades will be cleared through LCH.Clearnet.

"We have put in place a strong group of participants for the launch of NLX from leading organisations in the market," says Charlotte Crosswell, CEO at NLX, in a press statement. "As we see regulation in EMIR, Mifid II, Dodd-Frank and Basel III become a reality; we are keen to support our clients and their customers with solutions that create greater efficiency and opportunities in their trading and clearing activities."

Nasdaq OMX Group also announced yesterday it has lined up a wide range of banks and trading firms to contribute to open interest on the market.

Key participants will include BNP Paribas, Citi, GH Financials Ltd, Nomura, RBS, DRW Trading Group, Financial Market Engineering Ltd, Getco Europe Ltd, The Kyte Group Ltd, Marex Financial Ltd, MET Traders Ltd, Newedge, OSTC Ltd and Tower Trading Group Ltd.

Representatives from Nasdaq OMX did not respond to repeated requests for comment.

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