On Wednesday,?Trading Technologies International, Inc. (TT) announced it will connect its X_TRADER? platform and related products to NASDAQ OMX NLX (NLX), the new London-based derivatives trading market.
Initially, NLX will list products including European short-term interest rate (STIR) and long-term interest rate (LTIR) euro- and sterling-based futures. They will clear through LCH.Clearnet, which will provide optimal initial margin efficiencies for market participants. They will also have the unique ability to portfolio margin STIRs and LTIRs in a single clearing house.
Charlotte Crosswell, CEO, NLX, said in a press release,?”We are delighted that Trading Technologies will join the growing number of partners supporting our market. We look forward to giving TT customers access to highly competitive fees, the unique ability to trade both ends of the European interest rate curve on a single market, and the potential for significant initial margin savings through portfolio margining both ends of the curve in a single clearing house.”
Harris Brumfield, CEO of TT, added,?”We look forward to offering our clients the ability to access the new NLX market through our software. With the product?enhancements?we announced last week, all of our users will have the option to trade contracts listed on NLX with no incremental charge from TT, regardless of which version of X_TRADER they?re using.”?
Customers will now be able to enter and manage trades on NLX by utilizing TT?s full suite of products including ADL?, the visual programming platform?for automated trading. They will also be able to use the Autospreader? tool to spread NLX instruments against contracts listed on other TT-supported exchanges across North and South America, Europe, the Middle East, Asia and Australia.
As for firms, they will have now the option to host gateways either internally or outsource connectivity to TTNET?, TT?s fully managed hosting solution. NLX also will be accessible through TT’s new MultiBroker ASP solution; this is currently in beta.