The NASDAQ OMX Group, Inc.
08.02.2012 14:00
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Exchange Simulates OTC Gold Market With Protections Compliant With Dodd Frank
NEW YORK, 2012-02-08 14:00 CET (GLOBE NEWSWIRE) —
The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ), the world–s largest exchange group,
in partnership with IKON GLOBAL MARKETS, Inc. (IKON), a futures commission
merchant registered with the U.S. Commodity Futures Trading Commission (CFTC)
offering foreign exchange, futures and options, today will launch NASDAQ OMX
XAU/USD Spot Gold Futures(TM) (patent pending) on the NASDAQ OMX Futures
Exchange, Inc. (NFX). The contract will trade under the symbol –NAU– and seeks
to simulate the over-the-counter (OTC) spot gold market trading experience.
Instead of physical delivery, the new futures contracts will be cash-settled
which gives retail investors an efficient and secure way to trade gold. A daily
cost of carry is imbedded in the product with an innovative pay/collect feature
called –swap points.– The swap point feature will be based on data calculated
by IKON. This product seeks to simulate the OTC spot market for gold and give
greater transparency to the cost of carry element present in OTC gold
transactions.
The contracts will be sized appropriately for portfolios of all types, and can
be cash-settled with as little as one 10 Troy oz. contract. Ultimately, all
investors will benefit from a product with unique features that allow for
flexibility and trading strategies without concerns over delivery and forward
rolling dates. The exchange-listed spot gold futures follow the construct of
recent Dodd Frank legislation by providing central counterparty clearing and
the client protections of The Options Clearing Corporation.
NASDAQ OMX will continue to partner with IKON on developing products that serve
investor demand.
Diwakar Jagannath, Chief Executive Officer of IKON, said, –Responding swiftly
to the needs of our clients is the cornerstone of our business and IKON is
pleased to announce the launch of a ground breaking product to continue that
tradition.–
He added, –With the significant reforms brought about by the Dodd Frank Act,
the structure of the OTC gold market has changed. By combining the components
of a futures contract with the integrity of the OTC spot gold market, this is a
natural progression of the customer protections and transparencies dictated by
that legislation.–
Eric Noll, Executive Vice President of Transaction Services U.S. and U.K. at
NASDAQ OMX, said, –NASDAQ OMX and IKON are great partners because both firms
develop unique products to add to investor portfolios and both firms see
regulatory initiatives as an opportunity to create solutions for the financial
services community.–
He added, –We are thrilled to add spot gold futures to our suite of innovative
products traded on NASDAQ OMX PHLX and the NASDAQ Future Exchange.–
For more information about NASDAQ OMX XAU/USD Spot Gold Futures, please visit
our website at: www.nasdaqtrader.com/NFX
About NASDAQ OMX:
The NASDAQ OMX Group, Inc. is the world–s largest exchange company. It delivers
trading, exchange technology and public company services across six continents,
with more than 3,500 listed companies. NASDAQ OMX offers multiple capital
raising solutions to companies around the globe, including its U.S. listings
market, NASDAQ OMX Nordic, NASDAQ OMX Baltic, NASDAQ OMX First North, and the
U.S. 144A sector. The company offers trading across multiple asset classes
including equities, derivatives, debt, commodities, structured products and
exchange-traded funds. NASDAQ OMX technology supports the operations of over 70
exchanges, clearing organizations and central securities depositories in more
than 50 countries. NASDAQ OMX Nordic and NASDAQ OMX Baltic are not legal
entities but describe the common offering from NASDAQ OMX exchanges in
Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more
information about NASDAQ OMX, visit www.NASDAQOMX.com. Please follow NASDAQ OMX
on Facebook and Twitter at www.facebook.com/NASDAQ.
About IKON GLOBAL MARKETS, Inc.:
IKON GLOBAL MARKETS, Inc. is a CFTC registered Futures Commission Merchant and
Member of the National Futures Association (www.nfa.futures.org) and The
Options Clearing Corporation (www.theocc.com). IKON is a global provider of
financial products servicing investors on six continents. IKON is an active
electronic market maker via its own platforms, as well as to exchanges and ECNs
worldwide. For further information, please visit our website (www.ikongm.com).
Cautionary Note Regarding Forward-Looking Statements
The matters described herein may contain forward-looking statements that are
made under the Safe Harbor provisions of the Private Securities Litigation
Reform Act of 1995. These statements include, but are not limited to,
statements about NASDAQ OMX–s products and offerings. We caution that these
statements are not guarantees of future performance. Actual results may differ
materially from those expressed or implied in the forward-looking statements.
Forward-looking statements involve a number of risks, uncertainties or other
factors beyond NASDAQ OMX–s control. These factors include, but are not limited
to, factors detailed in NASDAQ OMX–s annual report on Form 10-K, and periodic
reports filed with the U.S. Securities and Exchange Commission. We undertake no
obligation to release any revisions to any forward-looking statements.
Neither The NASDAQ OMX Group, Inc. nor any of its affiliates (collectively
–NASDAQ OMX–) makes any recommendation to buy or sell any security or any
representation about the financial condition of any company. Investors should
undertake their own due diligence and carefully evaluate companies before
investing.
NDAQG
CONTACT: NASDAQ OMX Media Contact:
Robert Madden
+1.646.441.5045
Robert.Madden@NASDAQOMX.com
IKON GLOBAL MARKETS, Inc. Media Contact:
Ken Jarrett
+ 1.212.482.8408
kjarrett@IKONGM.com
News Source: NASDAQ OMX
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Language: English
Company: The NASDAQ OMX Group, Inc.
United States
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ISIN: US6311031081
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