NYSE Liffe, the European derivatives business of NYSE Euronext, has expanded Bclear, the exchange’s trade confirmation, administration and clearing service, to include fixed income products.
The new contracts available through Bclear will be Three Month Euro (Euribor) Futures, Three Month Sterling (Short Sterling) Futures and Long Gilt Futures.
The new Bclear contracts will be available to NYSE Liffe members from 10 December 2012.
NYSE Liffe will be extending its Bclear service to accommodate market participants seeking to execute large size interest rate products. The exchange is focused on facilitating efficient markets and its Bclear solution reconciles the processing and regulatory implications posed by large off-exchange transactions.
“With the regulatory environment moving towards greater use of central counterparty clearing services, NYSE Liffe is leading the way in supporting the fixed income trading community with a new service through its Bclear franchise, which is an innovative alternative for processing products currently traded off-exchange,” says Finbarr Hutcheson, chief executive of NYSE Liffe.
The Bclear fixed income contracts are available via the exchange’s existing central order book and wholesale services. Business submitted to NYSE Liffe via Bclear must meet a minimum volume threshold and be priced at fair value, in accordance with the Bclear rules. Bclear contracts will be fully fungible with the existing fixed income contracts and will contribute to a single pool of open interest for the relevant contract.