NYSE Liffe, the European based derivatives business of NYSE Euronext (NYX), announced the launch today of twenty four new futures contracts on MSCI indices on its pioneering wholesale service, Bclear.
The twenty four MSCI indices are widely used by asset managers as benchmarks of market performance in Europe.
David Brierwood, Chief Operating Officer of MSCI Barra, said: “We are delighted to license additional MSCI indices to NYSE Liffe for the creation of futures contracts on Bclear, and believe these industry group indices complement the existing 13 futures contracts linked to MSCI regional and country indices.”
Chris Turner director at Credit Suisse, said: “NYSE Liffe’s launch of futures contracts on the MSCI Europe Industry Groups facilitates those clients who require or prefer listed derivatives to OTC contracts or ETFs. The exchange’s suite of Industry Group futures products offers clients the opportunity to hedge and manage sector risk. Credit Suisse will provide liquidity in line with our existing commitment to other Bclear products, thereby further enhancing our clients’ investment processes.”
Ade Cordell, director of Equity Derivatives and OTC Services at NYSE Liffe said: “These contracts will enable the asset management community to utilise listed futures contracts to hedge and gain exposure to a MSCI Europe Industry Group cost-effectively. By listing the MSCI Europe Industry Group futures we are delivering a uniquely granular product that offers additional choice to the investment community.”
Bclear has processed over 650 million equity derivative contracts since its launch in October 2005. Volumes processed through the service in 2009 were 37% higher than the previous year and this strong momentum has continued through to 2010. Bclear is the on-exchange administration and clearing service that provides a simple and cost-effective way to register and process wholesale derivatives trades clearing via NYSE Liffe Clearing. This reduces the counter-party credit, legal and operational risks associated with OTC deals.
