NYSE Liffe U.S.

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NYSE Liffe U.S.
Founded Sept. 8, 2008
Headquarters New York
Key People Lynn Martin, CEO; Thomas F. Callahan, Executive Vice President
Products Gold, Silver Futures, U.S. Treasury Futures, Eurodollar Futures, MCSI Index Futures
Website www.nyx.com/nyseliffe
Releases Company News

NYSE Liffe U.S. was a U.S.-based futures market that NYSE Euronext launched on Sept. 8, 2008 [1] after being approved by the U.S. Commodity Futures Trading Commission as a designated contract market (DCM) on Aug. 21, 2008.[2] The exchange directly competed with CME Group Inc., which owns the New York Mercantile Exchange.[3] Thomas F. Callahan, a former Merrill Lynch executive, led the exchange.[4]

As part of NYSE Euronext, NYSE Liffe U.S. was acquired by the IntercontinentalExchange in 2013. ICE began transferring the Liffe U.S. products over to its own platforms on June 9, 2014, starting with interest rate futures. The following contracts were transitioned to ICE Futures Europe and ICE Clear Europe:[5]

The Liffe U.S. MSCI equity index and precious metal futures contracts will transition to ICE Futures U.S. and ICE Clear U.S. on June 30, 2014, where they will trade alongside ICE’s Russell index futures and agricultural commodity contracts.

NYSE Liffe U.S.'s initial products were the CBOT's precious metals complex that NYSE Euronext acquired from CME Group. It offered full-size and mini Gold and Silver futures, and options on futures contracts.[6] The exchange launched Eurodollar futures on March 21, 2011 and listed 2-year, 5-year, 10-year and 30-year U.S. Treasury futures on March 28, 2011.[7] Options on these futures were launched in the fourth-quarter 2011.[8]

NYSE Liffe U.S. also offered trading in interest rate products, including Eurodollar Futures, 2 year Treasury Futures, 5 year Treasury Futures, 10 year Treasury Futures, U.S. Treasury Bond Futures and Ultra U.S. Treasury Bond Futures, Futures on DTCC U.S. Treasury GCF Repo Index, Futures on DTCC Mortgage-Backed Securities GCF Repo Index and Futures on DTCC Agency GCF Repo Index.[9]

On Oct. 30, 2009, NYSE Euronext announced it had signed up five banks and proprietary traders in the futures markets as shareholders in NYSE Liffe U.S. after a year-long search for co-investors.[10] The five are Citadel Securities, Getco, Goldman Sachs, Morgan Stanley, and UBS.

Background

NYSE Liffe offered trading in futures on gold and silver, a franchise bought from CME in March of 2008.[11] [12] CME is expected to continue to provide clearing services for the precious metals complex through the end of the first quarter of 2009. In October 2008, NYSE Liffe announced an agreement with the Options Clearing Corporation to begin clearing trades for them beginning the end of the first quarter of 2009.[13]

In July of 2008 the National Futures Association and NYSE Liffe announced that they had entered into an agreement for NFA to provide regulatory services for NYSE Liffe U.S.[14][15]

On Apr. 2, 2009, NYSE Liffe U.S. completed the transition to its new clearing house, The Options Clearing Corporation (OCC).[16]

On May 26, 2009, NYSE Liffe U.S. announced a license agreement with MSCI Inc. to introduce a suite of domestic and international index futures products built on a range of MSCI Equity Indices, including the MSCI Emerging Markets (EM), MSCI EAFE, and MSCI BRIC Indices.[17] The MSCI products would compete with CME's stock futures based on Standard & Poor's and Dow Jones & Co. indexes.[18]

On Sept. 8, 2009, the exchange completed its first day of trading in the first three equity index futures products: MSCI USA Mini Index Futures (ticker: MUN); MSCI Emerging Markets Mini Index Futures (ticker: MME); and MSCI EAFE Mini Index Futures (tickers: MFS).[19]

In February of 2010, NYSE LIFFE U.S. announced that its Futures Incentive Program (FIP) had been expanded would include includes MSCI Index-Linked Futures listed on the exchange and MSCI Index-Linked Exchange-Traded Funds ("ETFs") listed on NYSE Arca.

In the fourth quarter of 2010, NYSE Liffe U.S. launched a family of interest rate futures to coincide with the anticipated regulatory approval and launch of New York Portfolio Clearing (NYPC), its clearing joint venture with DTCC. The interest rate futures include Eurodollar futures and 2-year, 5-year, 10-year and 30-year US Treasury futures, as well as options on those futures. [20]

On June 14, 2011, NYSE Liffe U.S. published record volume and customer participation numbers with more than 500,000 in total exchange open interest contracts.[21] On June 17, 2011, futures contracts available for trading on the CME will expire, migrating open interest on the MSCI Indices to NYSE Liffe U.S.

Products

In March of 2011, NYSE Liffe U.S. began offering a full suite of interest rate futures to coincide with the anticipated regulatory approval and launch of New York Portfolio Clearing (NYPC), its clearing joint venture with DTCC. The exchange launched Eurodollar futures as well as 2-year, 5-year, 10-year and 30-year U.S. Treasury futures, cleared through NYPC.[22]The New York Portfolio Clearing facility is a joint venture between NYSE Euronext and the Depository Trust and Clearing Corp. to clear cash Treasurys alongside related derivatives products.[23] [24][25]

On February 27, 2012, NYSE Liffe U.S. announced the successful launch of options on its mini-sized gold and mini-sized silver futures contracts. These new options contracts were designed to meet growing customer demand to trade and invest in the precious metals market.[26]

The exchange announced in early 2012 that it was going to move into the overnight rates space with the launch of its DTCC GCF Repo Index futures, set to open on July 16, 2012.

On September 23, 2013, NYSE Liffe U.S. announced it would launch a new futures contract based on the NYSE Arca Gold Miners Index (“GDF futures”) on October 7th, 2013.[27]

On December 2, 2013, IntercontinentalExchange Group and The Depository Trust & Clearing Corporation (DTCC) announced plans to transition the clearing of interest rate futures listed on NYSE Liffe U.S. from New York Portfolio Clearing (NYPC) to ICE Clear Europe centralizing the trading and clearing of ICE’s global interest rate product portfolio. They also said that NYPC’s operations would be wound down and open interest transferred by the third quarter of 2014, subject to regulatory approval. The changes take place following the acquisition of NYSE Liffe U.S.'s parent company NYSE Euronext by the IntercontinentalExchange Group in 2013.[28]

GCF Repo Index Futures John Lothian Newsletter Report

NYSE Liffe U.S. Takes on Fed Funds & LIBOR
With interest rates hovering around zero, with no lift in sight, the overnight rates market has been looking for new instruments that better reflect the market. NYSE Liffe U.S. is trying to fill that demand with its new General Collateral Finance or GCF Repo Index futures contract. The new contract, which will compete with the Fed Funds futures and LIBOR, is designed by DTCC for NYSE Liffe U.S. and is set to launch on July 16th. JLN editor-in-chief Jim Kharouf reports on NYSE Liffe U.S.’s recent introduction of the new contract in Chicago. Published June 13, 2012. Watch at JohnLothianNews.com[29]

Key People


Board directors included:

Resources

References

  1. NYSE Liffe Begins Trading. NYSE Euronext.
  2. NYSE Futures Exchange Picks OCC As Clearing House. Reuters.
  3. Press Release. NYSE Euronext.
  4. NYSE Euronext Appoints Thomas F. Callahan Executive Vice President, Head of U.S. Futures Business. NYSE Euronext.
  5. Intercontinental Exchange Completes First Phase of Liffe Transition to ICE Platform; Liffe US Interest Rates Successfully Transitioned. ICE.
  6. NYSE Liffe US. NYSE Euronext.
  7. NYSE Euronext Puts First US Rate-Futures Trades On The Books. Nasdaq.
  8. NYSE To Launch Interest-Rate Futures in Third Quarter. WSJ.com.
  9. NYSE Liffe US Market Status. NYSE Euronext.
  10. NYSE Euronext signs up investors for US futures unit. The Financial Times.
  11. CME Agrees to Acquire NYMEX, Plans to Sell Metals Complex to NYSE. Securities Industry.com.
  12. NYSE Moving to Boost Competition with CME. Chicago Business.
  13. NYSE Liffe Announces Clearing Relationship with OCC. NYSE Liffe.
  14. NFA and NYSE Enter Into Agreement. Advanced Trading.
  15. Options Clearing Corp. to compete with CME. Crain's Chicago Business.
  16. NYSE Liffe Announces Clearing Relationship with OCC. NYSE Liffe.
  17. NYSE Plans To Launch Stock Index Contracts. NYSE.
  18. NYSE Plans to Launch Stock Index Contracts. The Wall Street Journal.
  19. Futures on MSCI USA, MSCI Emerging Markets and MSCI EAFE Indices Begin Trading on NYSE Liffe U.S.. NYSE Euronext.
  20. NYSE Liffe U.S. to offer full suite of interest rate futures. Automated Trader.
  21. NYSE Liffe U.S. Reaches New Records in Volume and Customer Participation. {{{org}}}.
  22. Press Release. NYSE Liffe.
  23. NYSE Liffe U.S. Achieves New Milestones in Interest Rate Futures Trading. NYSE Liffe U.S..
  24. Press Release. NYSE Liffe.
  25. Press Release. Business Wire.
  26. NYSE Liffe U.S. Launches Options on Mini Gold and Mini Silver Futures Contracts. NYSE.
  27. NYSE Liffe US to Launch Futures on the NYSE Arca Gold Miners Index (GDM). NYSE Liffe.
  28. IntercontinentalExchange Group and DTCC Announce Plans for Interest Rate Futures Listed on NYSE Liffe U.S.. ICE.
  29. NYSE Liffe U.S. Takes on Fed Funds & LIBOR. John Lothian News.
  30. NYSE Liffe U.S. To Launch Suite Of Interest Rate Products. Futures Magazine.
  31. Press Release. Exchange Handbook.