Apr 1 2011 | 11:44 AM

A quick note to our customers from Tom Callahan, CEO of NYSE Liffe US:

I’d like to thank our customers for allowing us to cross a significant milestone yesterday in our Eurodollar market: we traded over 111,000 in volume, our first day to crack the 100,000 barrier. This is great progress for only our 9th day of live operation in these contracts, and it is 100% thanks to the strong support that we receive every day from our customers, partners and market makers.

We are getting encouraging feedback from you every day. You are telling us that our market is active, liquid and healthy. While I am grateful we have made a positive first impression, let me assure you that we are only just getting started. Our platform is built upon the innovation and capital efficiency of NYPC, and the reality is that launching a new clearing house is a great operational challenge for both ourselves and our customers.

We have a fantastic pipeline of new customers that...

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Mar 24 2011 | 2:00 PM

From my colleague Eric Ryan:

So we’re now in our fourth day of trading Eurodollar futures on NYSE Liffe U.S. and I think I can speak for the team when I say, “WOW!!!”  Yesterday we traded just over 60,000 contracts up from 20,000 on Tuesday and today you ask???   We’re already at 24,000 at 11:30 EDT today!!!

The support we’ve received from our customers, market makers and partners has been overwhelming.  Each day we’ve grown substantially from the previous one, and we hope that everyone is really beginning to see the benefits and efficiencies of trading on NYSE Liffe U.S. and clearing on New York Portfolio Clearing (NYPC).

We have always felt strongly about the value we were going to offer the market but it’s really up to the users to give it the liquidity and the activity that it needs to take off.  So far, we have been astonished by what we’ve seen and encouraged by the response...

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Mar 22 2011 | 9:54 AM

UPDATE: Just crossed 10,000 contracts traded as of 10 a.m.  Thanks customers, and congrats team!

From my colleague Eric Ryan:

Yesterday, after two years of hard work and dedication, NYSE Liffe U.S. launched its first foray into interest-rate futures with a suite of Eurodollar products.  Needless to say, the team here is very excited about not only the products themselves but the market’s reaction to their innovative combination of trading on NYSE Liffe U.S. and clearing on NYPC. 

In fact, yesterday we traded nearly 4,000 contracts, pretty impressive for a first day.  However, this morning we’ve already more than doubled that to nearly 10,000 lots before 10am NY!  Knowing the tremendous effort and coordination that went into this project, we are truly excited for the futures team.  Yet all the team has told me is that we can’t forget about the tremendous efforts of our customers,...

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Mar 10 2011 | 3:51 PM

In just 40 trading days, it will be May 6, the first anniversary of the "flash crash." What has changed in the last year to prevent a repeat?  And what changes lay ahead?

Mary Schapiro, chairman of the Securities and Exchange Commission, discussed that among other topics in testimony today before a subcommittee of the U.S. Senate Committee on Banking, Housing, and Urban Affairs. From her written testimony (emphasis mine on the related but often-overlooked migration of a critical mass of volume to dark or internalized venues):

"No discussion of the SEC's actions over the past year would be complete without a discussion of May 6, 2010 — the day our markets dropped more than 500 points in a matter of minutes, only to bounce back minutes later. That event reinforced the importance of our ongoing review of market structure, which we had launched months earlier with a concept...

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