London derivatives exchange Nasdaq OMX NLX has reported it now has a consistent market share in Euribor contracts of more than 10%, a figure it said is a major milestone in its growth.
The exchange, which was launched in May last year, is competing on trading of several contracts offered on Liffe and Eurex and said it has successfully won significant market share from both.
On three-month Euribor contracts, NLX said its 30-day moving average for the past two months has been greater than 10%, with a single day market share record of 28.77%. Its short-term Sterling contracts have seen a single day high of 23.36%.
Commenting on the exchange’s achievements, Charlotte Crosswell, CEO of NLX, said: “We have now passed 10 million contracts traded in the 10th month since we have been live. This coincides with NLX reaching a consistent moving average market share in Euribor of approximately 10%. The market is progressing and we look forward to continuing to grow and develop further in the coming months.”
NLX also said it is seeing healthy interest in long-term Schatz contracts, also offered by Eurex, with a 10-day moving average of 2.5% and 30-day average of 2%. Its record one-day market share is 3.26%.
A source close to high-frequency trading (HFT) groups suggested some have begun trading in London on NLX as a result of the introduction of the HFT Act in Germany. NLX declined to comment on the situation in Germany but said it has increased member numbers by 11 since its launch, reaching a total of 27, and is pleased with its Schatz trading volumes.
Eurex said it has not had any firms cancel their membership since the introduction of the HFT Act.