NEW YORK--()--NYSE Liffe U.S., the innovative U.S. futures exchange of NYSE Euronext (NYX) today announced the successful completion of the first week of trading in futures based on the DTCC GCF Repo IndexTM. In the first full week of trading, NYSE Liffe U.S. executed 19,959 contracts, valued at approximately $100 billion with 10,980 lots of open interest by week end. The new market featured participation from a diverse customer base from go-live with all transactions processed and cleared seamlessly throughout the first week of trading.
“We are extremely encouraged by the industry’s positive reception to the launch of our futures on the DTCC GCF Repo Index. The strong initial volume, widespread client participation, rapid growth of open interest and mature market quality across these products in only their first week of trading shows their promise as a new, reliable short-term interest rate benchmark,” said Tom Callahan, CEO, NYSE Liffe U.S. “With this successful launch, NYSE Liffe U.S. and DTCC have again partnered to bring the marketplace an innovative risk-management tool based on real transactions in a highly transparent market. We are grateful to our clients for their enthusiastic support and we look forward to continuing to demonstrate the benefits of GCF futures on NYSE Liffe U.S.”
Futures on the DTCC’s GCF Repo Index are designed to help traders better manage their interest-rate exposure by tracking the multi-billion dollar General Collateral Finance (GCF) Repo® market. Futures on the DTCC GCF Repo IndexTM are licensed to NYSE Liffe U.S. and clear at NYPC. Daily volume in the GCF product family can be found here on http://www.nyx.com/GCF and index information here on http://www.dtcc.com.
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 for the $300 billion GCF Repo® market, which clears at DTCC’s Fixed Income Clearing Corporation (FICC). Calculated using actual, fully-collateralized transactions in the underlying cash Treasury, Agency and Agency Mortgage-Backed markets, the DTCC GCF Repo Index™ enables traders to more effectively manage interest rate exposure via this new, highly transparent short-term benchmark. Traded exclusively on NYSE Liffe U.S., these products clear at NYPC, and therefore benefit from some of 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 are listed alongside the highly liquid NYSE Liffe U.S. Eurodollar and US Treasury futures. For more information and market data, please visit: http://www.nyseliffeus.com.
About NYSE Liffe U.S.
A unit of NYSE Euronext, NYSE Liffe U.S. is a partnership with six leading market participants, Citadel Securities, DRW Ventures LLC (an affiliate of DRW Trading Group), GETCO, Goldman Sachs, Morgan Stanley and UBS. It is a global, multi-asset class futures exchange trading a diverse range of products, including the successful Eurodollar and U.S. Treasury interest rate products, a suite of MSCI-based futures, liquid precious metals contracts and contracts based on the DTCC GCF Repo IndexTM. NYSE Liffe U.S. utilizes the proven LIFFE CONNECT® trading platform designed and maintained by NYSE Technologies that matched nearly 4.5 million contracts per day on the NYSE Liffe markets in Europe in 2011. The exchange offers a wide range of global connectivity options allowing members to efficiently transact on the platform in a highly cost efficient manner. For more information, please visit www.nyseliffeus.com