March 12, 2008 / 12:08 AM / 10 years ago

Banks-led futures exchange to be called ELX

NEW YORK, March 11 (Reuters) - A new low-cost futures exchange being launched by a dozen banks and trading firms to rival CME Group’s CME.N Chicago Mercantile Exchange, will be named ELX Electronic Liquidity Exchange, the group said on Tuesday.

The exchange, which had been operating under the working name “Four Seasons” since it was first announced in December, said it will provide a low-cost alternative to CME Group, which dominates trading in U.S. financial derivatives.

The companies involved ELX include: JPMorgan (JPM.N), Merrill Lynch & Co MER.N, Chicago hedge fund Citadel Investment Group, eSpeed Inc ESPD.O, Bank of America (BAC.N), Credit Suisse CSGN.VX, Barclays Plc (BARC.L), Citigroup Inc (C.N), Deutsche Bank AG (DBKGn.DE), GETCO LLC, PEAK6 and Royal Bank of Scotland Group Plc (RBS.L), according to a statement. (Reporting by Lilla Zuill, editing by Leslie Gevirtz)

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