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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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From: TFF5/6/2008 3:01:37 PM
   of 12617
 
NYSE Aims For US Futures License By 3Q -CEO

By Doug Cameron, Of DOW JONES NEWSWIRES

CHICAGO -(Dow Jones)- NYSE Euronext (NYX), the international exchange operator, said Tuesday that it hoped to secure a license to operate a U.S. futures platform by the third quarter of this year.

The company operates equities exchanges in Europe and the U.S. and is looking to leverage the position of its London-based Liffe derivatives business in North America.

In March, NYSE Euronext acquired the gold and silver futures complex from CME Group Inc. (CME), providing a launch pad for a U.S. futures operation.

"That gave us the opportunity to go and talk to the (Commodity Futures Trading Commission) about getting a license," NYSE Euronext Chief Executive Duncan Niederauer said on a call with analysts.

Prior to the call, some analysts believed NYSE Euronext would use a dormant license from a failed single-stock futures business known as NQLX to underpin the U.S. futures business.

Niederauer said regulatory approval is targeted for the third quarter, with a "clearing solution" - to guarantee and process trades - in place by the end of the year.

Niederauer said the precious metals contracts acquired from CME would be a starting point for the U.S. business, with contracts based on exchange-traded funds and other offerings from Liffe envisaged in the future.
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