NASDAQ OMX and IKON GLOBAL MARKETS Launch Spot Gold Futures
February 08 2012 - 8:00AM
The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ), the world's largest
exchange group, in partnership with IKON GLOBAL MARKETS, Inc.
(IKON), a futures commission merchant registered with the U.S.
Commodity Futures Trading Commission (CFTC) offering foreign
exchange, futures and options, today will launch NASDAQ OMX XAU/USD
Spot Gold FuturesTM (patent pending) on the NASDAQ OMX Futures
Exchange, Inc. (NFX). The contract will trade under the symbol
"NAU" and seeks to simulate the over-the-counter (OTC) spot gold
market trading experience.
Instead of physical delivery, the new futures
contracts will be cash-settled which gives retail investors an
efficient and secure way to trade gold. A daily cost of carry is
imbedded in the product with an innovative pay/collect feature
called "swap points." The swap point feature will be based on data
calculated by IKON. This product seeks to simulate the OTC spot
market for gold and give greater transparency to the cost of carry
element present in OTC gold transactions.
The contracts will be sized appropriately for
portfolios of all types, and can be cash-settled with as little as
one 10 Troy oz. contract. Ultimately, all investors will benefit
from a product with unique features that allow for flexibility and
trading strategies without concerns over delivery and forward
rolling dates. The exchange-listed spot gold futures follow the
construct of recent Dodd Frank legislation by providing central
counterparty clearing and the client protections of The Options
Clearing Corporation.
NASDAQ OMX will continue to partner with IKON on
developing products that serve investor demand.
Diwakar Jagannath, Chief Executive Officer of IKON,
said, "Responding swiftly to the needs of our clients is the
cornerstone of our business and IKON is pleased to announce the
launch of a ground breaking product to continue that
tradition."
He added, "With the significant reforms brought
about by the Dodd Frank Act, the structure of the OTC gold market
has changed. By combining the components of a futures contract with
the integrity of the OTC spot gold market, this is a natural
progression of the customer protections and transparencies dictated
by that legislation."
Eric Noll, Executive Vice President of Transaction
Services U.S. and U.K. at NASDAQ OMX, said, "NASDAQ OMX and IKON
are great partners because both firms develop unique products to
add to investor portfolios and both firms see regulatory
initiatives as an opportunity to create solutions for the financial
services community."
He added, "We are thrilled to add spot gold futures
to our suite of innovative products traded on NASDAQ OMX PHLX and
the NASDAQ Future Exchange."
For more information about NASDAQ OMX XAU/USD Spot
Gold Futures, please visit our website
at: www.nasdaqtrader.com/NFX
About NASDAQ OMX:
The NASDAQ OMX Group, Inc. is the world's largest exchange
company. It delivers trading, exchange technology and public
company services across six continents, with more than 3,500 listed
companies. NASDAQ OMX offers multiple capital raising
solutions to companies around the globe, including its U.S.
listings market, NASDAQ OMX Nordic, NASDAQ OMX Baltic, NASDAQ OMX
First North, and the U.S. 144A sector. The company offers
trading across multiple asset classes including equities,
derivatives, debt, commodities, structured products and
exchange-traded funds. NASDAQ OMX technology supports the
operations of over 70 exchanges, clearing organizations and central
securities depositories in more than 50 countries. NASDAQ OMX
Nordic and NASDAQ OMX Baltic are not legal entities but describe
the common offering from NASDAQ OMX exchanges in Helsinki,
Copenhagen, Stockholm, Iceland, Tallinn, Riga, and
Vilnius. For more information about NASDAQ OMX, visit
www.NASDAQOMX.com. Please follow NASDAQ OMX on Facebook and
Twitter at www.facebook.com/NASDAQ.
About IKON GLOBAL MARKETS,
Inc.:
IKON GLOBAL MARKETS, Inc. is a CFTC registered Futures
Commission Merchant and Member of the National Futures Association
(www.nfa.futures.org) and The Options Clearing Corporation
(www.theocc.com). IKON is a global provider of financial products
servicing investors on six continents. IKON is an active
electronic market maker via its own platforms, as well as to
exchanges and ECNs worldwide. For further information, please visit
our website (www.ikongm.com).
Cautionary Note Regarding Forward-Looking Statements The matters
described herein may contain forward-looking statements that are
made under the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. These statements include, but are
not limited to, statements about NASDAQ OMX's products and
offerings. We caution that these statements are not guarantees of
future performance. Actual results may differ materially from those
expressed or implied in the forward-looking statements.
Forward-looking statements involve a number of risks, uncertainties
or other factors beyond NASDAQ OMX's control. These factors
include, but are not limited to, factors detailed in NASDAQ OMX's
annual report on Form 10-K, and periodic reports filed with the
U.S. Securities and Exchange Commission. We undertake no obligation
to release any revisions to any forward-looking statements.
Neither The NASDAQ OMX Group, Inc. nor any of its affiliates
(collectively "NASDAQ OMX") makes any recommendation to buy or sell
any security or any representation about the financial condition of
any company. Investors should undertake their own due diligence and
carefully evaluate companies before investing.
NDAQG
CONTACT: NASDAQ OMX Media Contact:
Robert Madden
+1.646.441.5045
Robert.Madden@NASDAQOMX.com
IKON GLOBAL MARKETS, Inc. Media Contact:
Ken Jarrett
+ 1.212.482.8408
kjarrett@IKONGM.com
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