CurveGlobal introduces uncapped pre-paid trading scheme

Maria Nikolova

The upfront fixed fee allows CurveGlobal Markets Member Firms and their clients to execute an unlimited number of lots in any CurveGlobal interest rate derivatives products over a one year or three-year period.

CurveGlobal, an interest rate derivatives venture between London Stock Exchange Group, and a number of leading dealer banks – Bank of America, Barclays, BNP Paribas, Citi, Goldman Sachs, J.P. Morgan and Société Générale, together with the Chicago Board Options Exchange, today announces that it has introduced a unique uncapped pre-paid trading scheme. The upfront fixed fee allows all CurveGlobal Markets Member Firms and their clients to execute an unlimited number of lots in any CurveGlobal interest rate derivatives products over a one year or three-year period.

CurveGlobal notes that it continues to grow with Open Interest in EUR and GBP short-term interest rate (STIR) products having recently exceeded 7% of volumes traded, and with an even greater market share of trading in SONIA contracts. The momentum behind CurveGlobal reflects a growing appetite for more capital-efficient and open alternatives to existing derivatives trading services.

Since its launch in 2016, CurveGlobal has led the way in innovation, introducing the first 3-month SONIA contract in April 2018 and the first native intercommodity spread between SONIA and Libor-based contracts. It was also the first to move Sterling interest rate futures to ½ a tick across the whole curve. The recently introduced finer price tick in the intercommodity spread is also offering enhanced price discovery and greater choice allowing participants to trade in a way that suits them as the market continues to transition from Libor to SONIA.

CurveGlobal has also secured an additional round in new funding from existing shareholders. The funding will support further expansion of CurveGlobal’s international product offering by adding additional futures all tradable through CurveGlobal Markets, the derivatives segment of London Stock Exchange.

Andy Ross, Chief Executive, CurveGlobal commented:

“The unique fixed-price unlimited trading fee scheme will offer participants greater certainty of costs and is another example of how CurveGlobal is fundamentally changing the market structure for exchange traded derivatives”.

“CurveGlobal is supporting the transition away from Libor-based derivatives offering tools to help the market manage risk. Many buy-side firms have found CurveGlobal futures attractive products to hedge short end convexity in their cleared OTC positions and our Adaptive Pricing allows them to hedge this risk at more attractive prices in the block market than on an Order Book. We are delighted to have secured funding from shareholders to expand our product offering into new currencies and deliver further growth,” he added.

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