Nasdaq NLX was tellingly the first exchange to welcome LCH.Clearnet's pledge it will finally support portfolio margining
The pledge by LCH.Clearnet’s
swaps clearing unit that it will offer an esoteric service
called portfolio margining may have been a long-time coming but
it couldn’t have come soon enough for one European
Nasdaq NLX emerged out of a period
(2012-13) of relative uncertainty, with the Intercontinental
Exchange circling NYSE’s London-based Liffe
platform and regulators warming to the idea of smashing
Europe’s exchange monopolies.
Nasdaq, which has tried and failed to
break into Europe many times over the last decade, saw another
opportunity but this time came up with a smart idea - to
partner with the world’s top swaps clearing and
attract clients to NLX with clearing savings.
NLX launched in 2013 with the backing of
LCH.Clearnet, the operator of Swapclear, and a compelling
message for the world’s top derivatives trading
banks: move your futures to NLX/LCH and get massive savings on
clearing through portfolio margining.
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