Several million contracts have been traded in the mandatory testing. Members report that LIFFE CONNECT™ continues to provide accurate, immediate response in the testing environment. NQLX is confident that its thorough, months-long testing effort that included a variety of corporate events (cash dividends; stock dividends; stock splits; mergers, etc.), has effectively prepared the marketplace for this exciting new product.
Tom Ascher, NQLX CEO, said, "With our November 8th launch approaching, the success of the mandatory testing is proof to the financial industry that we are operationally sound and our members are comfortable and confident with NQLX."
NQLX is the only exchange to have tested its trading system - LIFFE CONNECT™, post-trade administration, clearing operation, regulatory operations and the handling of corporate events with member firms on a weekly basis since March 2002. NQLX provided an open, easy to access testing facility throughout the single stock future development process. During the entire seven-month period, LIFFE CONNECT™ upheld its time-tested, trusted reputation as the world's leading derivatives platform.
NQLX is a fully electronic, federally regulated exchange formed as a joint venture between The Nasdaq Stock Market Inc.® and LIFFE (London International Financial Futures and Options Exchange). It will initially list securities futures on both exchange traded funds and the largest U.S. companies through LIFFE's electronic trading platform, LIFFE CONNECT™. For more information on NQLX, visit: www.nqlx.com
