Firms using Object Trading’s FrontRunner direct market access suite can now receive market data and execute trades on the newly launched London derivatives market
Object Trading, an independent provider of global direct market access (DMA), announced today that its clients have begun live trading on NASDAQ OMX NLX, the newly launched London derivatives market.
NLX, which launched on May 31, enables the trading of short-term interest rate (STIRs) and long-term interest rate (LTIRs) euro- and sterling-based listed derivative products on a single exchange. NLX was launched to enhance the listed derivatives competitive landscape by providing highly competitive execution and clearing fees and significant margin efficiencies as ongoing European regulatory changes impact global trading and market structure. The new market also provides market participants with unique cross-margining capabilities that can reduce the total cost of trading.
The FrontRunner DMA suite provides sell-side and buy-side firms with a single gateway to more than 55 equity, derivatives and FX markets globally. With one integration, the platform offers a quick time to market and low technical overhead to add additional markets. The FrontRunner suite provides normalized exchange connectivity, real-time market data, and order execution with in-line pre-trade risk constraints across all connected markets, greatly reducing the complexities of exchange connectivity. More than half of the global Tier 1 banks use FrontRunner, which supports more than USD$100 billion in notional value traded on a daily basis.
“The regulatory changes in the derivatives space bring new demands and possibilities to the market, and NLX is in a prime position to help the clients achieve execution and collateral efficiency gains,” said Charlotte Crosswell, CEO of NASDAQ OMX NLX. “We are delighted to work with Object Trading, a firm that will enable us to rapidly expand the reach of our new offering across the firms using the FrontRunner direct market access platform.”
Added Steve Woodyatt, CEO of Object Trading: “The NLX platform model, with its uniquely structured cross-margining capabilities, makes it a compelling listed derivatives marketplace for our clients, who are actively pursuing more efficient ways to manage their capital costs. We are happy to announce that our first client is live and trading on the market, and we are delighted to continue working with the NLX to connect additional clients to this market.”