Financial News: Nasdaq Enters Currency Battle

Financial News: Nasdaq Enters Currency Battle

  • Posted Tuesday, January 24, 2012 -
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Financial News: Nasdaq Enters Currency BattleBy Tom Osborn Of FINANCIAL NEWSNasdaq OMX Group Inc. (NDAQ), the U.S.-European exchange operator, is planning to hire staff in European derivatives clearing ahead of new clearing rules coming in this year.The exchange is planning to start clearing non-deliverable forward (NDF) currency trades in Europe, according to two people familiar with the matter. Nasdaq declined to comment.The move will put Nasdaq OMX in competition with incumbents LCH.Clearnet and CME Clearing Europe.NDFs facilitate trading in currencies that are not freely tradable, such as the Chinese yuan or Indian rupee.

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