NYSE Liffe U.S. to Launch Futures on the NYSE Arca Gold Miners Index (GDM)
- Collaboration acrossNYX markets delivers unique value to
- A new hedging and investment tool offering efficient exposure to
the precious metals sector
- Complements the NYSE Arca market for the GDX® ETP and U.S. Options
markets for GDX® Options
NEW YORK--(BUSINESS WIRE)--
NYSE Liffe U.S., the innovative U.S. futures exchange of NYSE Euronext
(NYX), today announced that it will launch a new futures contract based
on the widely followed NYSE Arca Gold Miners Index ("GDF futures") on
October 7th, 2013. These innovative new futures will
complement the existing market for the Market Vectors® Gold
Miners ETP (GDX® ) listed on NYSE Arca as well as options on
GDX® traded on the NYSE Arca and NYSE Amex options platforms.
"We are pleased to introduce futures based on the benchmark NYSE Arca
Gold Miners Index," said Lynn Martin, CEO, NYSE Liffe U.S. "This product
introduction reflects demand from global investors for additional tools
to efficiently manage their exposure to the precious metals markets
through global mining companies. Many customers, including those already
trading mini gold and mini silver futures on NYSE Liffe U.S., have
expressed enthusiasm for the new opportunities created by trading the
Gold Miners Index-related ETP, ETP options and futures products across
NYSE Euronext exchanges."
At launch, GDF futures on NYSE Liffe U.S. will be supported by
Designated Market Makers and cleared by The Options Clearing Corporation
(OCC). These products will be listed alongside the mini gold and mini
silver futures already trading on NYSE Liffe U.S. GDF futures will have
a typical quarterly expiry cycle and will be cash settled on the final
trading day against the closing value of the underlying GDM index.
"This launch is another example of our innovative, collaborative work
across NYSE Euronext's diverse exchanges to develop new products and
solutions for our extensive customer community that includes ETP
Issuers, institutions, listed companies and many more," said Laura
Morrison, SVP Global Index and Exchange Traded Products, NYSE Arca.
"With this new futures contract, we are excited to build on the
continued success of GDX® as the 8th most active
exchange-traded product and a fast-growing option contract."
The NYSE Arca Gold Miners Index is a modified market capitalization
weighted index, which provides exposure to a diversified blend of
small-, mid- and large-capitalized, publicly traded companies worldwide
involved primarily in gold mining. A range of enhancements to the
Index's methodology takes effect on September 23, 2013 to better
represent the universe of gold mining companies while maintaining ease
of investment. Key improvements include raising the minimum market
capitalization requirement and permitting the inclusion of non-U.S.
primary listings of companies domiciled outside the U.S.
here for more information on the GDM index composition and
About NYSE Liffe U.S.
A unit of NYSE Euronext, NYSE Liffe U.S. is a partnership with six
leading market participants, Citadel Securities, DRW Ventures LLC (an
affiliate of DRW Trading Group), GETCO, Goldman Sachs, Morgan Stanley
and UBS. It is a global, multi-asset class futures exchange trading a
diverse range of products, including a suite of benchmark MSCI-based
futures, liquid precious metals contracts and contracts based on the
DTCC GCF Repo IndexTM. NYSE Liffe U.S. utilizes the proven
LIFFE CONNECT® trading platform designed and maintained by NYSE
Technologies that matched approximately 3.7 million contracts per day on
the NYSE Liffe markets in Europe in 2012. The exchange offers a wide
range of global connectivity options allowing members to efficiently
transact on the platform in a highly cost efficient manner. For more
information, please visit www.nyseliffeus.com
NYSE Liffe U.S. was named 2012 ‘Exchange of the Year' by Risk
Magazine and its innovative DTCC GCF Repo Index® futures were awarded
2012 ‘New Contract of the Year' for Interest Rates by Futures and
Options Week (FOW) Magazine.
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Source: NYSE Euronext