Orc Group, the global leader in derivatives trading technology, today announced it provides connectivity to NASDAQ OMX NLX (NLX), the London based derivatives market for trading a range of both short-term interest rate (STIRs) and long-term interest rate (LTIRs) euro- and sterling-denominated listed derivatives products.
The connectivity was developed in partnership with NASDAQ OMX NLX and existing clients and will be generally available in Q3, 2014. This extension of Orc’s electronic trading platform is further proof of Orc’s commitment to significant R&D investments.
“We are very pleased to welcome both Orc as a partner and their clients to enter the NLX market place,” said Carl Slesser, Chief Technology Officer, NASDAQ OMX NLX. “This is a significant event as Orc’s experience and top-tier client base in derivatives trading and market making will bring additional participants to further enhance our marketplace.”
Orc’s NLX gateway enables trading in a suite of European listed interest rate derivatives products across the yield curve. NLX brings together, for the first time, the short and long ends of the interest rate curve onto a single market for trading and clearing. This year, NLX plans to expand its product offering with interest rate options contracts.
“Extending Orc’s market reach to NLX is the result of immediate client demand, and also reflects our belief that NLX helps meet a significant demand for a robust market model in European interest rate derivatives,” said Martin Nilsson, Head of Product Management, Orc Group. “The NLX offering of futures and options on the full European interest rate curve makes for a very attractive proposition to several Orc clients, as well as a great match with our derivatives trading, market making and institutional order flow offering.”
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