NYSE Liffe to List MSCI Europe Index on Central Order Book

NYSE Liffe, the European derivatives business of NYSE Euronext, announced the extension of its suite of derivatives based on MSCI indices to the London Central Order Book. Trading in NYSE Liffe’s MSCI Europe Net Total Return Index futures Contract will commence on 1 March 2013.

NYSE Liffe’s MSCI Europe Net Total Return Index futures Contract was introduced on the Bclear service in October 2011 to provide institutional investors with a means of optimising exposure to the MSCI Europe Index within an exchange cleared environment. This Contract is the first of a range of products linked to MSCI indices that will be made available on the Central Order Book.

Ade Cordell, Executive Director of Equity Derivatives, said: “We are delighted to be offering our customers the additional benefit and choice of a Central Order Book contract which should be a welcome addition to our current successful Bclear offering. Trades transacted on the Central Order Book are fungible with those transacted through Bclear, and by offering this extra dimension we give our customers the choice to execute business in a manner that best suits their needs and requirements.”

André Lamazouade, Director, Prime Financing at Credit Suisse, said: “Credit Suisse believes that the extension of the NYSE Liffe MSCI Europe Index futures product to an Open Order book will generate further growth in volumes and Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term – providing end user investors with an operationally straightforward mechanism for accessing diversified beta. Credit Suisse will be an extremely active participant in the market and provide Direct Market Access to its clients.”

Emmanuel Dray, Global Head of Flow Trading at BNP Paribas, said: “BNP Paribas is pleased to be among the first to work with NYSE Liffe to grow liquidity of the order book on MSCI futures – increased liquidity is something that our clients have expressed a desire to see to allow for intraday Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term. We believe this addition will lead to sustained growth in the volume of MSCI listed products. The MSCI Europe Index, a significant component of global benchmarks, is the ideal starting point for the offering.”

“With over forty MSCI index-linked contracts now on its Bclear platform, NYSE Liffe offers investors significant access to products based on MSCI indices,” said Baer Pettit, Managing Director and Global Head of the MSCI Index Business. “We are delighted to further expand our longstanding relationship with NYSE Liffe with this new offering in their Central Order Book. They continue to play a strong role in the substantial growth trends that we have seen in the derivatives markets globally.”