New York, April 2, 2009 – NYSE Liffe US, the U.S. futures exchange of NYSE Euronext (NYX), announced that it successfully completed the transition to its new clearing house, The Options Clearing Corporation (OCC).
NYSE Liffe US Finalizes Transition to OCC as New Clearing House
“We would like to thank our valued members and customers for their tremendous support. Their efforts were essential in ensuring our clearing migration to OCC was a success,” said Thomas F. Callahan, NYSE Euronext Executive Vice President and Head of U.S. Futures. “This transition was an important milestone to ensure that NYSE Liffe US delivers operational excellence to our clients. In combination with our recent technology enhancements, we are now extremely well positioned to offer market leading products, services and capital efficiencies to the global trading community.”
“The transition of open interest was a success, the result of hard work and the cooperative efforts of the Clearing Members, NYSE Liffe US project team and OCC staff,” said Michael E. Cahill, OCC President and Chief Operating Officer. “OCC is very pleased to support NYSE Liffe US products.”
The Options Clearing Corporation manages risk on more open interest than any clearinghouse in the world. The OCC manages that risk through a three-tiered system of stringent membership standards, appropriate and adequate margin levels and a clearing fund of $4.4 billion. This arrangement gives NYSE Liffe US customers confidence in the security of their margin debts combined with industry-leading technology and an established, cost-effective global clearing solution.
NYSE Liffe US provides a fully electronic market for 100 oz. gold futures, 5,000 oz. silver futures, options on gold and silver futures, and mini-sized 33.2 oz. gold and 1,000 oz. silver futures. All contracts are traded in U.S. dollars and physically settled in New York . NYSE Liffe US began trading operations in September 2008.
About NYSE Euronext
NYSE Euronext (NYX) is the world’s most diverse exchange group, offering a broad and growing array of financial products and services in Europe and the United States that include cash equities, futures, options, exchange-traded products, bonds, market data, and commercial technology solutions. With over 8,000 listed issues globally, NYSE Euronext's equities markets -- the New York Stock Exchange, Euronext, NYSE Arca, and NYSE Amex -- represent nearly 40% of the world's cash equities trading volume, the most liquidity of any global exchange group. NYSE Euronext also operates NYSE Liffe, the leading European derivatives business and the world’s second largest derivatives business by value of trading. NYSE Euronext offers comprehensive global commercial technology, connectivity, and market data products and services through its innovative trading solutions unit, NYSE Technologies. 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.
OCC, founded in 1973, is the world’s largest derivatives clearing organization and was the first clearinghouse to receive a 'AAA' credit rating from Standard & Poor's Corporation. Operating under the jurisdiction of the Securities and Exchange Commission and the Commodity Futures Trading Commission, OCC provides clearing and settlement services for the American Stock Exchange, Boston Options Exchange, Chicago Board Options Exchange, CBOE Futures Exchange, International Securities Exchange, NASDAQ Options Market, NASDAQ OMX PHLX, NYSE Arca, OneChicago and Philadelphia Board of Trade. More information about OCC is available through its Web site at www.optionsclearing.com
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning NYSE Euronext’s plans, objectives, expectations and intentions and other statements that are not historical or current facts. Forward-looking statements are based on NYSE Euronext’s current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause NYSE Euronext’s results to differ materially from current expectations include, but are not limited to: NYSE Euronext’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk and U.S. and global competition, and other factors detailed in NYSE Euronext’s reference document for 2007 ("document de référence") filed with the French Autorité des Marchés Financiers (Registered on May 15, 2008 under No. R. 08-054), 2008 Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission or the French Autorité des Marchés Financiers. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NYSE Euronext that the projections will prove to be correct. This press release speaks only as of this date. NYSE Euronext disclaims any duty to update the information herein.