HedgeStreet was given regulatory approval last Thursday as a
contract market and registered as a derivatives clearing
organisation by Commodity Futures Trading Commission
A privately held company based in California, HedgeStreet
plans to launch during Q2. HedgeStreet officials declined to
discuss products or any further plans but the exchange is
believed to be developing new types of products beyond the
scope traditional financial derivatives. Contracts could be
offered on anything from individual's employee salaries to
insurance or even real estate. Trading and clearing will be
done on an electronic platform developed by OnExchange, called
ONXBOT. The exchange has contracted with Union Bank of
California to provide settlement services.
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