Bloomberg News

Misra Starts London Derivatives Exchange as Rival to Nasdaq, CME

August 11, 2013

Hirander Misra, former chief operating officer of Chi-X Europe Ltd., plans to start a derivatives exchange in London, entering the same market as new venues from Nasdaq OMX Group Inc. (NDAQ:US) and CME Group Inc.

Global Markets Exchange Group International LLP is seeking regulatory approval from the U.K’s Financial Conduct Authority, Misra said in an interview. Misra will be chief executive officer, VJ Angelo will be president and managing director and James Davies, the former head of sales at trading-software company Trayport Ltd., will be chief operating officer.

New derivatives exchanges are entering the market as European Union regulations drive competition. Nasdaq opened its NLX trading venue on May 31 and is hoping for a share of more than 10 percent of transactions in its first year of operation. CME, owner of the world’s biggest futures exchange, plans to open a market in the U.K. capital in 2013. The new platforms will compete with Deutsche Boerse AG (DB1)’s Eurex and NYSE Euronext (NYX:US)’s Liffe, the largest derivatives venues in Europe.

Chi-X Europe was the first alternative trading system to challenge the region’s traditional exchanges. Bats Global Markets Inc. bought the company in 2011.

To contact the reporter on this story: Nandini Sukumar in London at nsukumar@bloomberg.net or @NandiniSukumar on Twitter

To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net


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