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.
Please click here for more information on the GDM index composition and methodology.
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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