“We want to thank the CFTC for approving our DCM application less than four months from our initial approach to the Commission,” said Duncan L. Niederauer, Chief Executive Officer, NYSE Euronext. “We are committed to growing our presence in derivatives markets globally. The U.S. futures market holds great promise for NYSE Euronext, and we hope our entry will foster greater competition, innovation, and efficiency for the benefit of all market participants.”
“We are grateful to the CFTC for their support and we look forward to fulfilling the obligations that accompany the CFTC’s designation of NYSE Liffe as a contract market,” said Thomas F. Callahan, NYSE Euronext Executive Vice President, Head of U.S. Futures. “We are working hard to ensure a seamless transition for our clients. We look forward to the launch of NYSE Liffe, and expect that it will quickly become an efficient source of liquidity and price discovery for our 170 NYSE Liffe members and our broad network of global customers.”
NYSE Liffe is implementing a transition plan for precious metals that is designed to minimize the level of change required of market participants. NYSE Liffe will continue to deploy the LIFFE CONNECT(R) trading platform previously used by CBOT. CME will provide clearing services for precious metals through the first quarter of 2009. In addition, certain operational functions and market surveillance activities will be outsourced to Liffe and the National Futures Association (NFA).
