ELX Futures has pleaded with the Commodity Futures Trading Commission to conduct a six month review into New York Portfolio Clearing, saying it has concerns that NYSE Euronext’s planned clearing house contravenes US competition law in several ways.
In a letter to
the CFTC, Richard Marshall, counsel to ELX Futures at Ropes
& Gray, asked the Commission to delay its decision on the
NYPC’s application to go live.
For the past year ELX has been battling
CME, claiming that the structure and practices of the dominant
market for US Treasury and Eurodollar futures are
anticompetitive. Now ELX fears that a third player, NYSE Liffe
US, could have an unfair advantage when it enters the
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