ELX Futures has pleaded with the Commodity Futures Trading Commission to conduct a six month review into New York Portfolio Clearing, saying it has concerns that NYSE Euronext’s planned clearing house contravenes US competition law in several ways.
In a letter to the CFTC yesterday (November 15), Richard Marshall, counsel to ELX Futures at Ropes & Gray, asked the Commission to delay its decision on the NYPC’s application to go live.
ELX is the new US exchange offering interest rate futures in competition with CME Group. It is now fighting on two fronts.
For the past year it has been...