-Tool for Institutions to Manage Large Trade Executions Relative to Benchmark-
First Block Trades at Index Close Executed in NYSE Liffe U.S. mini MSCI Index Futures
New York, Sept. 20, 2011 – NYSE Liffe U.S., the U.S. futures exchange of NYSE Euronext (NYX), today announced the completion of its first block trades priced by reference to the underlying closing index level. Block Trade at Index Close or “BIC” trading totaled 2,755 contracts in mini MSCI Emerging Markets Index futures. The exchange recently issued guidance with respect to block trades priced at a basis to a prospective closing index level, including how such trades are to be reported to the Exchange. BIC trades provide customers the ability to manage the tracking impact of executing large orders relative to the underlying index level by explicitly tying the transaction price to the closing level of the underlying index.
“We are very excited to accept the first BIC trades offering customers another important way to access the liquidity in our market and the highly efficient block trading community on NYSE Liffe U.S.,” said Tom Callahan, CEO, NYSE Liffe U.S. “Through programs like BIC, we continue to provide tools to help customers trade more effectively while creating stronger, more active markets for products like our family of mini MSCI index-based futures.”
NYSE Liffe U.S. does not impose a surcharge for block trades and offers clear and simple processing for wholesale transactions. For more information on BIC trades in the mini MSCI futures contracts, please visit: http://www.nyseliffeus.com/equity-indices-block-trade-information
About NYSE Liffe U.S.
Launched in September 2008, NYSE Liffe U.S. is the innovative U.S. futures exchange of NYSE Euronext. In March 2010, the exchange sold a substantial minority ownership stake to six leading market participants, Citadel Securities, DRW Ventures LLC (an affiliate of DRW Trading Group), GETCO, Goldman Sachs, Morgan Stanley and UBS. NYSE Liffe U.S. utilizes the proven LIFFE CONNECT® trading platform designed and maintained by NYSE Technologies that matched nearly 4.7 million contracts per day in 2010 on the NYSE Liffe European markets. Offering a range of global connectivity options, NYSE Liffe U.S. enables its members to efficiently transact on the platform in a highly cost-effective manner while also utilizing other NYSE Euronext exchanges with unique pricing incentives and simplified access. For more information on NYSE Liffe U.S., please visit: www.nyseliffeus.com
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