PLUS Derivatives Exchange Signs Vantage Capital Markets LLP as First Trading Member

Vantage Capital Markets LLP (VCM) has signed as PLUS Derivatives Exchange first trading member.

VCM is an independent voice and electronic broker-dealer offering  coverage of European cash and derivatives markets. It will offer Swap Index Contracts ("SICs") within its fixed income derivatives coverage, across its spectrum of clients.

The SIC is an open-ended Index contract that provides exposure to full fixed-for-floating interest rate swaps via the FTSE Medium Term Interest Rate Swap ("MTIRS") Index Series, covering initially the USD curve

Trading in the SICs are spot trades on the FTSE MTIRS Index series and are centrally cleared through LCH.Clearnet.

The rules of the index series are fully transparent and each index represents a constant maturity swap. Each currency index series comprises 45 indices that contain 29 plain vanilla swaps and 16 investment strategies with 10 spreads and six butterfly trades.

Cyril Théret, CEO of PLUS Markets Group plc, says since receiving authorisation for PLUS-DX from the Financial Services Authority in July, their focus has been on signing new members to allow trading to commence as swiftly as possible.

They are now working closely with a number of other prospective members and expect to make further announcements as they secure new participants and trading starts, says Théret.