Newedge UK to Partner with GMEX MTF
Newedge UK Financial plans to become a trading and clearing member of GMEX Group's forthcoming multilateral trading facility (MTF), which is expected to go live during the first half of 2014, subject to regulatory approval.
The initial launch is focused on GMEX's constant maturity futures contract, which addresses the complications of hedging interest rates that are associated with the standard quarterly expiring futures contracts. Newedge aims to offer execution and clearing services for this and future GMEX products to its client base.
"Our market research indicates significant levels of interest in the GMEX exchange platform, not least because it is a timely and relevant response to help meet the G20-led market reforms to reduce systemic risk by moving bi-laterally managed OTC derivatives to transparent electronic trading venues supported by central counterparty clearing houses," says Chris Topple, global head of prime clearing services at Newedge.
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