New York Mercantile Exchange (Nymex) and LCH Clearnet have joined forces in an attempt to wrestle volume away from ICE Futures Europe. Nymex will launch a suite of European contracts to rival those offered by ICE Futures in Europe that will be cleared through LCH Clearnet.
The contracts will be offered as an alternative to ICE’s products. ICE’s contracts will start being cleared through ICE Clear as of July 18, if it receives the required regulatory approval. Nymex will look to capture customers that are disgruntled with ICE’s clearing strategy. The Atlanta-based exchange has drawn some criticism from certain quarters over its plans to shift clearing away...