Listed derivatives technology specialist Orc has enhanced its electronic trading platform to provide connectivity to NASDAQ OMX NLX.
NLX is a new London-based derivatives market, offering both short-term interest rate and long-term interest rate euro- and sterling-based listed derivative products. It has brought together the short and long ends of the interest rate curve onto a single market for both trading and clearing.
The establishment of Orc’s NLX gateway will facilitate such trading in a number of European listed interest rate derivatives products across the yield curve, as NLX pursues its stated goal of expanding its product offering to include interest rate options contracts.
“We are very pleased to welcome both Orc as a partner and their clients to enter the NLX market place,” said Carl Slesser, Chief Technology Officer, NASDAQ OMX NLX. “This is a significant event as Orc’s experience and top-tier client base in derivatives trading and market making will bring additional participants to further enhance our marketplace.”
Martin Nilsson, head of product management, Orc Group, commented, “Extending Orc’s market reach to NLX is the result of immediate client demand, and also reflects our belief that NLX helps meet a significant demand for a robust market model in European interest rate derivatives.
“The NLX offering of futures and options on the full European interest rate curve makes for a very attractive proposition to several Orc clients, as well as a great match with our derivatives trading, market making and institutional order flow offering.”
The connectivity is expected to be available in Q3, 2014.