A new futures exchange formed by 12 financial institutions announced on Tuesday that its name will be ELX Electronic Liquidity Exchange. ELX made the announcement from Boca Raton, where hundreds of market participants attended the Futures Industry Association's annual conference.
ELX was formed by Bank of America, Barclays Capital, Citadel, Citigroup, Credit Suisse, Deutsche Bank Securities, eSpeed, GETCO, JPMorgan, Merrill Lynch, PEAK6, and The Royal Bank of Scotland.
"The ELX brand represents a fully electronic futures exchange that is committed to delivering deep liquidity, fast and reliable execution at a cost-effective price point for all participants," comments Catherine Bartzos, JPMorgan Securities and board member, ELX.
"The futures market continues to expand at a rapid pace. The technological capability ELX is offering from the outset, together with the participation of the world's banks and liquidity providers, creates an opportunity for global futures traders," adds Howard W. Lutnick, eSpeed, and ELX board member.
US Treasury futures are expected to be the first product launched by ELX in 2008, with additional products anticipated later in the year.