July 9 (Reuters) - ELX Futures LP, a U.S. futures exchange set to launch on July 10 with the backing of a consortium of banks and other firms, said on Wednesday it will not charge for trades in the month of July.
Billings will begin on August 3, with a fee of nine cents per contract for clearing and exchange for users with average daily volume above 400 contract sides, the company said in a statement. For low volume users the charge is 24 cents per contract.
ELX, which will compete with CME Group Inc (CME.O), operator of the Chicago Mercantile Exchange, said its initial products would offer trading in U.S. Treasury futures contracts. (Reporting by Ajay Kamalakaran in Bangalore; Editing by David Cowell)