Nasdaq Liffe Markets: Response To OneChicago Launch Announcement

"Nasdaq Liffe Markets, LLC(NQLX) plans to announce the date on which trading in single stock futures (SSFs) will begin when it receives greater certainty about the timing of the Securities and Exchange Commissions' (SEC) approval of NQLX's customer margin rules, and only after NQLX fully considers our members' input as to a reasonable launch date," said Tom Ascher, NQLX's CEO.

"All exchanges whose members intend to trade SSFs are required to file with the SEC customer margin rules relating to SSFs. NQLX has filed its final margin rules with the SEC. These rules will be published in the Federal Register and are expected to be effective 35 days after publication. It should be noted that this 35 day period includes a 21 day public comment period which could result in a lengthened approval process. While it may be possible to begin trading of SSFs after the 21 day comment period but in fewer than 35 days, this could only occur with expedited approval specifically granted by the SEC. This expedited approval by the SEC could not occur until after the 21 day public comment period. All exchanges must go.through the same procedure and are subject to the same time line.

"Additionally, our members are continuing to provide NQLX guidance as to a reasonable date to commence trading following our launch briefings and mandatory dress rehearsals. Without additional certainty as to the timing of an SEC approval, NQLX believes that it is inappropriate to announce a launch date."