New central clearing counterparty
LIFFE TO CREATE LiffeClear
Amsterdam, Brussels, Lisbon, London, Paris, New York, Tuesday 25 March 2008 – Liffe, the international derivatives market of NYSE Euronext (NYX), has announced that, following approval from the board of LCH.Clearnet Group Ltd, it is to negotiate a new contract with LCH.Clearnet that will enable it to manage its London clearing operations directly.
Liffe’s proposal will create a new central counterparty, LiffeClear, for the exchange, with LCH.Clearnet continuing to provide important risk management and guarantee functions for the market. As a result Liffe will be able to develop further its service to customers and compete on a level footing with other futures exchanges that own their own clearing houses.
Hugh Freedberg, Group Executive Vice President and Head of Global Derivatives at NYSE Euronext said: “I am very pleased that the board of LCH.Clearnet has agreed to this important change. The direct relationship that LiffeClear will give us with our clearing customers will enable us to invest in additional post-trade services. We are looking forward to concluding our negotiations of a new mutually beneficial relationship with LCH.Clearnet.”
For more information, please contact:
Amsterdam : +31 20 550 4488
Brussels : +32 2 509 1392
Lisbon : +351 217 900 000
London : +44 20 7379 2789
Paris : +33 1 49 27 11 33
New York : +1 212 656 4089
Notes to Editors
Liffe is the international derivatives business of Euronext, a subsidiary of NYSE Euronext. Liffe offers an unrivalled range of global futures and options products, which are made available to customers worldwide on its state-of-the-art trading platform, LIFFE CONNECT®. Business in derivatives on equities and interest rates, indices and commodities worth over €1,500 billion in total is traded through Liffe every day, making it the world’s second largest derivatives exchange, by value of transacted business.
About NYSE Euronext
NYSE Euronext (NYX) operates the world’s leading and most liquid exchange group, and seeks to provide the highest levels of quality, customer choice and innovation. Its family of exchanges, located in six countries, include the New York Stock Exchange, the world's largest cash equities market; Euronext, the Eurozone's largest cash equities market; Liffe, Europe's leading derivatives exchange by value of trading; and NYSE Arca Options, one of the fastest growing U.S. options trading platforms. NYSE Euronext offers a diverse array of financial products and services for issuers, investors and financial institutions in cash equities, options and derivatives, ETFs, bonds, market data, and commercial technology solutions. NYSE Euronext's nearly 4,000 listed companies represent a combined $30.5 trillion/€20.9 trillion in total global market capitalization (as of Dec. 31, 2007 ), more than four times that of any other exchange group. NYSE Euronext's equity exchanges transact an average daily trading value of approximately $141 billion/€103 billion (as of Dec. 31, 2007 ), which represents more than one-third of the world's cash equities trading. NYSE Euronext is part of the S&P 500 index and the only exchange operator in the S&P 100 index. For more information, please visit www.nyx.com.