HedgeStreet Inc., www.hedgestreet.com, the nation's first
online market that lets investors trade innovative financial instruments
based on economic events, and The Clearing Corporation (CCorp)
announced today they have entered into a clearing services agreement
designed to enable institutions to trade HedgeStreet products in the
same way they trade other exchange-traded derivatives.
Under the agreement, CCorp clearing participants, who are also
HedgeStreet members, can permit their customers to trade HedgeStreet
products in the same way contracts are traded on other exchanges. This
means that any individual or institution that has a relationship with a
CCorp clearing participant can trade on HedgeStreet and clear through
CCorp, thus dramatically opening up the marketplace.
Said John Nafeh, Chairman and CEO of HedgeStreet: "This arrangement
opens up institutional trading on HedgeStreet, and with HedgeStreet's
ability to quickly create and deploy financial instruments on its
exchange, will create a new paradigm for the derivatives industry that
will merge the OTC and the listed exchange markets. We anticipate that
institutional traders, hedge funds and others will take advantage of the
arrangement with CCorp."
Richard Jaycobs, CEO of The Clearing Corporation, said: "HedgeStreet's
class of financial instruments has enormous potential, and CCorp is
proud to take the lead in clearing these contracts. Our relationship
with HedgeStreet demonstrates our commitment to extending the spectrum
of cleared products in the marketplace."
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