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NASDAQ OMX NLX and SuperDerivatives partner to offer independent settlement pricing for interest rate derivatives

NASDAQ OMX NLX has partnered with SuperDerivatives to offer independent and transparent settlement pricing on its new London-based market for interest rate derivatives.

Daily settlement prices and some final settlement prices for NLX futures products are supported by SuperDerivatives.

SuperDerivatives will deliver unbiased and accurate settlement prices based both on actual traded prices and order books within the NLX market itself and in the very closely related OTC markets.

NLX offers a range of both short-term interest rate (STIRs) and long-term interest rate (LTIRs) euro and sterling denominated listed derivative products.

Robert Emerson, Head of Interest Rate Derivatives at SuperDerivatives comments: “Traditionally, exchange-traded derivatives have been settled based solely on trades within that exchange. Given that liquidity in some areas of various products can sometimes be low, these settlement prices may be inconsistent and bear little relationship to the underlying markets. With the ever-increasing focus on transparency in today’s derivatives markets, as well as greater focus on collateral management, unpredictable settlement processes can be problematic.

“This partnership will create a truly innovative interest rate derivatives settlement process, drawing data from both the OTC markets and the listed interest rate derivatives traded on the NLX market, and should offer NLX market participants a high level of confidence around settlement and margin.”

“We are delighted to be partnering with SuperDerivatives”, said Charlotte Crosswell, CEO of NLX. “By using prices from both the NLX listed and OTC derivatives markets, we believe we offer our customers authentic and consistent settlement prices. This will be particularly relevant in the less liquid areas of our products, thus enhancing confidence in our markets.”