NYSE Euronext subsidiary and global derivatives business NYSE Liffe is to extend the availability of its FTSE 100 Index Futures contract into Asian trading hours.
From 4 October, the firm plans to open trading FTSE 100 Index Futures at 01:00 London time – which is 08:00 in Hong Kong and Singapore – seven hours earlier than the current opening time. The move will enable trading desks based in Asia to trade index futures to offset their positions in London-listed stocks during the Asian day. Closing and daily settlement times will remain unchanged.
The expansion of opening hours into Asian hours is part of an effort by NYSE Liffe to build up its business presence in the region.
“Recently, we have seen an increasing demand for FTSE 100 Index Futures from both banks and the buy-side in Asia,” said Jonathan Seymour, director of equity derivatives and OTC services at NYSE Liffe. “We are delighted to be able to offer our customers greater access to this contract. These extended trading hours also benefit customers outside Asia, who are keen to access benchmark index futures wherever they are available.”
The company has already extended the closing time of FTSE 100 Index Futures, changing it from 17:30 to 21:00 London time two years ago. In addition, NYSE Liffe also extended the trading hours for its Euribor interest rate futures contract in 2007, to incorporate the Asian trading day.
NYSE Liffe currently offers direct access to customers in Japan, Hong Kong and Singapore, and access via order routing to customers in Taiwan, Korea and Australia, following the launch of its automated trading service in Hong Kong last month.