Nasdaq OMX's interest rates platform NLX launched on May 31 promising a new age of competition in Europe. Early volumes in some contracts have been encouraging but the platform faces a battle to establish itself, says William Mitting.
Within 48 hours of receiving regulatory approval, NLX opened
its doors for trading on Friday May 31. At the launch,
Charlotte Crosswell, chief executive of the multi-lateral
trading facility, heralded a new age of competition in European
NLX went to market with six interest rate contracts covering
the short end to the long end of the yield curve and
replicating those contracts trading on Liffe (Euribor, Short
Sterling and Gilts) and Eurex (Bund, Bobl and Schatz).
"It's gone well to date. The launch went smoothly, the
technology has been good and we have posted some early
volumes," said Crosswell. "A lot of people waited for us
to launch before they started on boarding. Now we have had a
successful launch, we have a good pipeline of customers looking
to come on board in Q3 and Q4. That is what you want at the
start of a new market: a successful launch, early volumes, more
interest. Then the hard work begins building it up over
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