US Regulators Approve NYSE-DTCC Clearinghouse Venture
February 01 2011 - 11:26AM
Dow Jones News
U.S. futures regulators gave the go-ahead Tuesday to a new
clearinghouse venture that will underlie NYSE Euronext's (NYX)
planned drive into fixed-income derivatives.
The Commodity Futures Trading Commission approved the New York
Portfolio Clearing facility as a derivatives clearing organization,
opening the way for the parent of the Big Board to challenge a key
business of CME Group Inc. (CME).
New York Portfolio Clearing is a joint venture between NYSE
Euronext and the Depository Trust & Clearing Corp., the
dominant clearer of U.S. equity and Treasury trading. Planned since
mid-2009, the new facility aims to let traders put up collateral
against transactions in U.S. government issues alongside positions
in related futures contracts.
Walt Lukken, former acting chairman of the CFTC, is serving as
chief executive of the NYPC unit. NYSE Euronext aims to launch the
business late in the first quarter of 2010.
Shares in NYSE Euronext climbed in early trading Tuesday,
recently 2.3% higher at $32.54.
-By Jacob Bunge, Dow Jones Newswires; 312-750-4117;
jacob.bunge@dowjones.com
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