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They say you can be small but mighty. Well, that’s exactly what the new ELX Futures exchange is hoping Wall Street is saying as they take on CME Group.
ELX Futures LP, the upstart futures exchange that’s hoping to challenge the dominance of CME Group opened for business on Friday and they kicked off their first day of business with solid results.
In their first day ELX had grabbed a 1.5% market share for futures contracts and then won a total of 3% on Monday. Not a huge piece of the pie, but nothing to sneeze at either. And that’s not to say the exchange won’t establish some kind of foothold in the days ahead.
ELX follows in a line of exchanges that have attempted to take on CME or the CBOT -- also with the tacit or active backing of major market players.
Right now the New York-based ELX has the backing of 13 major banks including Goldman Sachs [GS
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], JPMorgan [JPM
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], Bank of America [BAC
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] and Deutsche Bank [DB
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] which together represent a sizable share of total U.S. futures activity.
Diego Perfumo, analyst at Equity Research Desk says volume from liquidity providers should create a niche for ELX.
However taking on CME may be another story. " I don't think they'll be a major competitor to CME. CME still has the most efficient market, and they are a neutral player." Perfumo says. "
It’s a tall order. But ELX CEO Neal Wolkoff won’t be deterred. "We plan to compete aggressively and offer our customers the best in service, technology and fees," he says.
Find out what else Wolkoff has to say about the ELX. Watch the video now!
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Trader disclosure: On July 13th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (GE) Calls; Najarian Owns (GS) Call Spread; Najarian Owns (INTC) Call Spread; Najarian Owns (JPM) And Is Short (JPM) Calls; Najarian Owns (MFE) Calls; Najarian Owns (MS) Call Spread; Najarian Owns (NVLS) And Is Short (NVLS) Calls; Najarian Owns (XLF) Call Spread; Najarian Owns (YHOO) Call Spread; Finerman's Firm Owns (MSFT); Finerman's Firm Owns (BAC) Preferred Shares, Finerman Owns (BAC) Preferred Shares And Is Short (BAC), Finerman Owns (BAC) Preferred Shares And Owns (BAC); Finerman's Firm Owns (WFC) Preferred Shares And Is Short (WFC), Finerman Owns (WFC) Preferred Shares; Finerman's Firm Owns (YUM); Finerman's Firm Is Short (IJR), (MDY), (SPY), (IWM), (IYR), (USO); Seymour Owns (AAPL), (BAC), (EEM), (FXI); Adami Owns (AGU), (C), (GS), (MSFT), (INTC), (NUE), (BTU); Finerman's Firm Owns (HPQ); Najarian Owns (JNJ) Calls; Finerman's Firm And Finerman Own (PDE); Najarian Owns (V) And Is Short (V) Calls
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