NEW YORK, Feb. 6, 2012 - NYSE Liffe U.S., the innovative U.S. futures exchange of NYSE Euronext (NYX) today announced that Harvey Flax has been appointed to the newly created position of Business Manager, GCF Repo IndexTM futures. Mr. Flax will be responsible for leading the launch and development of the DTCC GCF Repo IndexTM futures products trading exclusively on NYSE Liffe U.S. and cleared on NYPC. Based in New York, he will report to Lynn Martin, Chief Operating Officer, NYSE Liffe U.S.
"I am pleased to welcome Harvey to the NYSE Liffe U.S. team to lead our exciting new GCF Repo futures launch," said Thomas F. Callahan, CEO, NYSE Liffe U.S. "Harvey brings a wealth of industry experience in the financing markets and has the ideal background to lead this important initiative. Market feedback since our announcement of GCF Repo futures has been overwhelmingly positive. We believe it will provide a liquid, transparent and efficient risk management tool to allow our customers to better manage their term exposure. I am confident that with Harvey joining our strong team we can quickly build this complex to its full potential."
In his 25 year career at Morgan Stanley, Mr. Flax held a number of senior roles in their Fixed Income and Equity Financing groups that includes, trading, risk management, infrastructure and capital deployment/optimization. Most recently, he was Executive Director of the Equity and Fixed Income Repo Financing unit where he supervised the term stable liquidity financing program and managed significant Equity and Fixed Income Repo Counterparty relationships.
About DTCC GCF Repo IndexTM Futures
The DTCC GCF Repo IndexTM is the financial services industry's first index to list average daily interest rates for General Collateral Finance repurchase agreements or the multi-billion-dollar GCF Repo® market, which clears at DTCC's Fixed Income Clearing Corporation (FICC). Futures on the DTCC GCF Repo IndexTM will enable traders to more effectively manage interest rate exposure via a new short term benchmark tied to actual, collateralized repo transactions. These products will clear at NYPC, and therefore benefit from the features offered by this innovative clearing mechanism that combines the capital efficiencies achieved by calculating margin requirements based on the total risk within a portfolio of both FICC-cleared repos and futures. Trading on the LIFFE CONNECT® platform, these futures will be listed alongside the highly liquid NYSE Liffe U.S. Eurodollar and US Treasury Futures.
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About NYSE Euronext
NYSE Euronext (NYX) is a leading global operator of financial markets and provider of innovative trading technologies. The company's exchanges in Europe and the United States trade equities, futures, options, fixed-income and exchange-traded products. With approximately 8,000 listed issues (excluding European Structured Products), NYSE Euronext's equities markets - the New York Stock Exchange, NYSE Euronext, NYSE Amex, NYSE Alternext and NYSE Arca - represent one-third of the world's equities trading, the most liquidity of any global exchange group. NYSE Euronext also operates NYSE Liffe, one of the leading European derivatives businesses and the world's second-largest derivatives business by value of trading. The company offers comprehensive commercial technology, connectivity and market data products and services through NYSE Technologies. NYSE Euronext is in the S&P 500 index, and is the only exchange operator in the Fortune 500. For more information, please visit: http://www.nyx.com.
Disclaimer and 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 2010 ("document de référence") filed with the French Autorité des Marchés Financiers (Filed on April 19, 2011 under No. D.11-0333), 2010 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.