ELX Futures Drops Trading Minimum on Eurodollar Trading, Clearing Fees

ELX Futures LP, the derivatives exchange competing with CME Group Inc. for fixed-income futures business, will charge all its users 18 cents for Eurodollar trading and clearing fees beginning Aug. 1.

The New York-based exchange will eliminate minimum daily trading requirements to be eligible for the lower fee, the company said today in an e-mailed statement. ELX previously charged 35 cents per contract to traders who bought or sold less than 1,200 contracts a day.

Eurodollar futures, which track interest rates on U.S. dollars held overseas, are the most widely-used financial futures contract. ELX’s founding partners, including JPMorgan Chase & Co., Deutsche Bank AG, Goldman Sachs Group Inc. and Getco LLC, created the exchange as a price alternative to CME Group. ELX traded 3,176 three-month Eurodollar futures yesterday, according to Bloomberg data.

At Chicago-based CME Group, the world’s largest futures market, 1.9 million three-month Eurodollar contracts changed hands yesterday.

To contact the reporter on this story: Matthew Leising in New York at mleising@bloomberg.net

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