A new company backed by Nasdaq OMX, the International Derivatives Clearing Group, has applied to the Commodity Futures Trading Commission for a clearing licence. If it wins approval, it will begin by clearing a new suite of futures that are economically equivalent to interest rate swaps.
The futures will be listed on the Philadelphia Board of Trade, a dormant futures exchange owned by Philadelphia Stock Exchange, the equity and options exchange acquired by Nasdaq OMX. Only 57 contracts have traded this year on PBoT, according to FOi’s database.
Nasdaq OMX...