July 10, 2009 / 7:33 PM / 10 years ago

Modest volume as upstart ELX Futures mart debuts

CHICAGO, July 10 (Reuters) - ELX Futures LP, the upstart futures exchange that hopes to to challenge the dominance of CME Group, opened for business on Friday with modest volume.

Turnover in U.S. Treasury debt futures through early afternoon was 18,463 contracts, the exchange said on its web site.

ELX has the backing of 13 major banks and brokerage firms, which together represent a sizable share of total U.S. futures activity.

The exchange has said it wants to move beyond interest rate futures into other major asset classes.

Friday was a relatively quiet day for CME’s suite of Treasury futures, but volume so far as been about 1.2 million contracts, and total exchange turnover on the day over 9 million contracts.

Reporting by Ros Krasny

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