Marex Spectron Group, Getco Europe Ltd., Nomura Holdings Inc., Newedge Group SA and Royal Bank of Scotland Group Plc will also be involved, Nasdaq OMX said in a statement today. The London-based market, known as NLX, will offer six products initially, including futures on the German bund, Euribor contracts and short sterling.
NYSE Euronext (NYX)’s London-based Liffe currently dominates the market for short-term interest-rate derivatives. Frankfurt-based Eurex, Europe’s largest futures exchange and a unit of Deutsche Boerse AG (DB1), is the main venue for trading long-term products. CME Group Inc. (CME) also plans to open a market in London this year, starting with currency futures.
“NLX brings competition to interest rate derivatives in Europe,” Mike du Plessis, global co-head of ETD agency execution at UBS, said in the statement. “With new regulations coming into force globally, we are keen that market infrastructure evolves.”
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