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A new futures exchange formed by 12 leading financial institutions today announced that its name will be ELX Electronic Liquidity Exchange. ELX made the announcement from Boca Raton, where hundreds of market participants are gathering for the Futures Industry Association's annual conference.
"The ELX brand represents a fully electronic futures exchange that is committed to delivering deep liquidity, fast and reliable execution at a cost-effective price point for all participants," said Catherine Bartzos of JPMorgan Securities Inc. and Board member of ELX. "The futures market continues to expand at a rapid pace. The technological capability ELX is offering from the outset, together with the participation of the world's leading banks and liquidity providers, creates an enormous opportunity for global futures traders," added Howard W. Lutnick of eSpeed, Inc. and ELX Board member.
The ELX name and logo communicate the vision of an exchange for a new era in the futures markets -- one shaped by vastly expanded electronic connectivity and increasing adoption of technology-driven strategies.
To launch its new brand identity, ELX will sponsor the "Boca Sizzles" outdoor dinner event on Thursday night at the Futures Industry Association's 33rd Annual International Conference, held at the Boca Raton Resort & Club. The annual meeting is the leading U.S. futures industry event and typically draws a wide cross-section of industry representatives and market participants from the U.S. and abroad.
ELX was formed in December by a group of 12 leading financial institutions including Bank of America, Barclays Capital, Citadel, Citigroup, Credit Suisse, Deutsche Bank Securities, eSpeed, GETCO, JPMorgan, Merrill Lynch, PEAK6, and The Royal Bank of Scotland. US Treasury futures are expected to be the first product launched by ELX in 2008, with additional products anticipated later in the year.
