Eurex -- the European derivatives exchange -- signed a letter for intent with the Board of Trade Clearing Corporation to act as a clearing house for Eurex's new U.S. exchange, scheduled for launch in 2004. The two partners will now negotiate a definitive agreement. The initiative will give customers of the Clearing Corporation choice and direct access to Eurex benchmark products. Eurex customers worldwide will be able to clear Eurex U.S. products via both Eurex Clearing AG as well as The Clearing Corporation.
ICAP plc, the fixed-income interdealer broker, reports that profits rose 39 percent to $123.7 million for the year-ending March 31, 2003, from $89 million in 2002. Revenues rose 26 percent to $664.3 million up from $527.9 million for the same period, in 2002. Having completed the acquisition of BrokerTec on May 7, integration of the ICAP and BrokerTec combined platforms will be completed by September 2003, ICAP states in its earnings release.
The Boston Stock Exchange (BOX) -- the new all-electronic equity options exchange -- selected RadianzNet -- a global extranet operated by Radianz -- as one of the options to give institutions secure network access to the new market. BOX is currently under review with the SEC and hopes to launch this summer.