NLX reveals significant share of Euribor and Sterling market

Nasdaq OMX-owned London derivatives trading venue NLX has seen a significant uptick in trading activity in November, with its market share of Euribor contracts climbing to 17.6%.

Nasdaq OMX-owned London derivatives trading venue NLX has seen a significant uptick in trading activity in November, with its market share of Euribor contracts climbing to 17.6% in the week 25-29 November.

The exchange, which launched in May this year, has seen its total trading exceed three million lots, with 730,661 lots traded last week, which it hailed as an indicator of growing momentum. It also saw its biggest trading day last Wednesday with 185,252 lots traded.

A 5pm snapshot for the 25-29 November gave NLX a market share of 6.49% across all products for the week, with Sterling products accounting for approximately 11.97% of European volume and Schatz contracts at 1.87%.

It has also added nine new members since launch, bringing its total to 24. It is currently set to be made available via Trading Technologies’ X_Trader platform in the near future, with connectivity currently in beta testing, a move that will open access to a significant number of market participants.

Charlotte Crosswell, CEO of NLX, said: “We are delighted to offer the market choice over where they want to execute and clear European interest rate derivatives. As more participants are entering and we are seen as a credible alternative, our market volumes are growing and we are seeing a rise in market share.”

As the number of participants increases, NLX is hopeful it will reach the necessary liquidity criteria for many more buy-side institutions to being trading on the venue.

NLX currently offers both short- and long-term interest rate derivatives based on Sterling, Euribor, Schatz, Bobl, Bund’s and long gilts. It is also planning to launch options contracts in the first half of 2014.

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