OneChicago and Nasdaq Liffe to use SunGard system for SSF clearing
OneChiacgo Futures Exchange and Nasdaq Liffe Markets (NQLX) have signed up SunGard’s GMI back-office clearing system for trading single-stock futures (SSFs).
“The fact that a large number of our member firms use GMI will help ensure thorough support for our firms, and position us well for a successful launch,” said Bill Boyk, executive vice-president of market operations at NQLX.
The American Stock Exchange also has regulatory approval to trade SSFs, but has yet to unveil its technology plans.
Last month the final barrier to trading SSFs in the US was removed when the Securities and Exchange Commission approved customer margin rules. Two years ago, the US Congress lifted a 20-year ban on SSF trading, authorising trading to commence from August 21, 2001. But work on implementing a regulatory framework, particularly on margining requirements, proved to be slower than expected.
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