NEW YORK, March 12 (UPI) -- A new futures trading exchange backed by Wall Street giant JP Morgan & Chase and others said it expects to be open for business in June.
ELX Liquidity Exchange Chief Executive Officer Neal Wolkoff said in a statement that the all-electronic market anticipated approval from the Commodities Future Trading Commission this spring, Crain's Business reported Thursday.
The mainstay of the business is expected to be U.S. Treasury futures.
The exchange will be poised to challenge CME Group Inc., which recently acquired the Chicago Board of Trade and commands 90 percent of U.S. futures trading, Crain's said.
Wolkoff said the business -- in which trades can be won or loss in fractions of a second -- will rely on speed.
Secondly, he said, the futures market will offer chances to break in to block trades, a widely used transaction style that is restricted at the CME, Crain's reported.