BOCA RATON, Florida - ELX Electronic Liquidity Exchange (ELX) today announced plans to conduct comprehensive testing of its high-speed electronic system in May, with live futures trading in Treasury securities scheduled to begin in June, subject to approval by the Commodity Futures Trading Commission (CFTC).
“ELX is poised in the next few months to deliver a high-velocity, cost-effective electronic platform with a modern rule set that will benefit all market participants,” said Neal Wolkoff, Chief Executive Officer of ELX. “This combination offers a highly competitive alternative for today’s technology-empowered market participants seeking to access a broad range of exchanges and pools of liquidity.”
Mr. Wolkoff made his remarks at the opening of the 34th Annual International Futures Industry Conference here, which attracts several hundred futures industry executives and professionals. He and other ELX executives will provide further details on the exchange’s plans at the Conference’s InformationXchange session today at noon in the Royal Palm Ballroom VII/VIII of the Boca Raton Resort & Club.
The CFTC appears likely to complete its review of ELX’s Designated Contract Market application in early spring, Mr. Wolkoff said. Comprehensive system testing and mock trading sessions are scheduled for May, opening the way for live trading in quarterly Treasury futures contracts to begin in June, he said.
ELX has been built on BGC Partners’ eSpeed electronic trading platform, long in use by leading financial institutions for trading multiple assets, including U.S. Treasury cash markets and European government bonds. Current users of the eSpeed application will have direct access to futures trading on ELX.
“We are very pleased with the strong interest in connecting to ELX and are working with a broad range of institutions and technology providers to prepare for live trading,” Mr. Wolkoff reported.
Clearing and delivery services for ELX will be provided by The Options Clearing Corporation, which is rated ‘AAA’ by Standard & Poor’s. The National Futures Association, the self-regulatory organization for the U.S. futures industry, will provide market surveillance and oversight for the new exchange.
ELX Electronic Liquidity Exchange (ELX) is a fully electronic alternative exchange founded by leading global financial institutions with the goal of bringing the benefits of enhanced speed, liquidity and cost-efficiency to all market participants. For information and news about ELX, visit www.elxfutures.com or email us to firstname.lastname@example.org. For information on connectivity options, please visit our Web site or email ISV@elxfutures.com.