U.S. Treasury Futures Begin Trading on NYSE Liffe U.S.

Press Release

New York, March 28, 2011 – NYSE Liffe U.S., the U.S. futures exchange of NYSE Euronext (NYX), today announced the immediate availability of 2-year, 5-year and 10-year U.S. Treasury futures along with U.S. Bond and Ultra Bond futures contracts.  These products complement the successful Eurodollar contract that debuted on March 21 with 189,484 contracts traded on NYSE Liffe U.S. in the first week.  By utilizing the revolutionary new clearing house, New York Portfolio Clearing (NYPC), customers trading any of these interest rate futures products will benefit from the combined value of trading on NYSE Liffe U.S. coupled with the “one-pot” margining power of NYPC.

“Today, we are extremely pleased to offer Treasury interest rate futures to customers of NYSE Liffe U.S.  Through the capital efficiency of the NYPC’s ‘one pot’ margin methodology and it’s unique automated delivery protocol, these Treasury futures represent a clear advancement in our customer’s ability to manage risk and optimize their use of capital,” said Thomas F. Callahan, CEO, NYSE Liffe U.S.  “We are grateful for the strong level of support we have received from our customers to date and we sincerely thank them for their partnership in building a competitive new choice in the U.S. futures market.”

Interest-rate futures traded on NYSE Liffe U.S. will benefit from the unique capital efficiencies of NYPC’s ‘one-pot’ margining which, for the first time ever, assesses margin across fixed income asset classes based on the actual risk of a clearing member’s portfolio.  Additionally, all U.S. Treasury futures traded on NYSE Liffe U.S. will benefit from an innovative, streamlined delivery process allowing for the seamless netting of futures and cash securities.  These innovations provide unique benefits to global futures market participants by reducing the cost, complexity and risk inherent in the traditional trading and clearing model.

NYSE Liffe U.S. is a global, multi-asset class futures exchange.  In addition to liquid mini-sized gold and silver futures, NYSE Liffe U.S. will become the sole U.S. exchange for MSCI-based index futures products on June 17, 2011.  On or before this date, futures on two of MSCI's most widely tracked global benchmarks, MSCI Emerging Markets and MSCI EAFE, will cease trading on CME and migrate to NYSE Liffe U.S. 



About NYPC
NYPC is a joint venture of The Depository Trust and Clearing Corporation (DTCC) and NYSE

Euronext created to deliver unique capital efficiencies to the market by netting and reducing risks between a clearing member’s portfolio of cash bonds and derivatives.  It will also provide important operational efficiencies to its clearing members, including the “locked-in” trade delivery process that allows expiring futures to be seamlessly submitted to the Fixed Income Clearing Corporation (FICC) subsidiary of DTCC for physical delivery.  In 2010, FICC cleared and settled transactions valued at average of about $4.6 trillion daily.

About NYSE Liffe U.S.
In March 2010, the exchange sold a substantial minority ownership stake to six leading market participants, Citadel Securities, DRW Ventures LLC (an affiliate of DRW Trading Group), GETCO, Goldman Sachs, Morgan Stanley and UBS.  NYSE Liffe U.S. utilizes the proven LIFFE CONNECT® trading platform designed and maintained by NYSE Technologies that matched nearly 4.7 million contracts per day in 2010 on the NYSE Liffe European markets.  Offering a range of global connectivity options, NYSE Liffe U.S. enables its members to efficiently transact on the platform in a highly cost-effective manner while also utilizing other NYSE Euronext exchanges with unique pricing incentives and simplified access.

For more information on NYSE Liffe U.S., please visit: www.nyse.com/nyseliffeus