London, Tuesday, February 05, 2008 -- ARANCA NEWSTRACK – (aranca)
India, Republic of (Press Release) February 8, 2008 --
Som of Europe’s largest investment banks are set to launch a new trading platform for financial derivates in a bid to challenge the hegemony of the established bourses, it has been reported.
The plan, which is codenamed Project Rainbow, will initially offer trading in two key contracts, the short-term interest rates in sterling and in Euribor, the Financial Times reports.
It is hoped that the exchange will cut costs for trading and prove a competitor to Liffe where most of the trading of these futures is enacted.
Backing for the plan has come from Goldman Sachs, Deutsche Bank, JP Morgan, MF Global, NewEdge and UBS.
Project Rainbow follows a similar model to Project Turquoise, the bourse which was initially intended to be in operating by November last year, but which has been hit by delays.
Testing for Project Turquoise is now anticipated to begin around June this year, with summer pencilled in as its official launch.
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Editors/Journalists/Blogs are invited to request republishing/dissemination rights. All requests to republish Aranca material for distribution should be addressed to:
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The plan, which is codenamed Project Rainbow, will initially offer trading in two key contracts, the short-term interest rates in sterling and in Euribor, the Financial Times reports.
It is hoped that the exchange will cut costs for trading and prove a competitor to Liffe where most of the trading of these futures is enacted.
Backing for the plan has come from Goldman Sachs, Deutsche Bank, JP Morgan, MF Global, NewEdge and UBS.
Project Rainbow follows a similar model to Project Turquoise, the bourse which was initially intended to be in operating by November last year, but which has been hit by delays.
Testing for Project Turquoise is now anticipated to begin around June this year, with summer pencilled in as its official launch.
Copyright and Disclaimer:
Copyright 2007, Aranca. All Rights Reserved.
All the contents of this Site are only for general information or use. They do not constitute advice and should not be relied upon in making (or refraining from making) any decision.
Editors/Journalists/Blogs are invited to request republishing/dissemination rights. All requests to republish Aranca material for distribution should be addressed to:
Aranca Syndication Service at syndicate@aranca.com.
Tel: +91.22.4005 2219 / +91.22.6725 8115
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