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HEDGESTREET
TEAMS UP WITH THE CLEARING CORPORATION
Enables Institutional
Trading on HedgeStreet's Online Exchange
SAN MATEO, Calif,
March 17, 2005
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."
About
HedgeStreet
HedgeStreet Inc. is the nation's first financial market that
lets online retail investors trade innovative financial instruments
in small contract sizes - previously unavailable to them.
HedgeStreet also provides hedge funds with the opportunity
to trade economic derivatives and many institutionally traded
contracts. A designated contract market (DCM) and a registered
derivatives clearing organization (DCO), HedgeStreet is regulated
by the Commodity Futures Trading Commission (CFTC) and monitored
by the National Futures Association (NFA). HedgeStreet is
privately held and based in San Mateo, Calif. For more information,
visit www.hedgestreet.com.
About The Clearing Corporation
The Clearing Corporation is a stockholder-owned, Delaware
corporation now in its 80th year of business. The Clearing
Corporation serves numerous clients in a variety of markets
and is the only active independent futures clearinghouse in
the world. Additional information on The Clearing Corporation
is available at www.clearingcorp.com.
Media contacts:
CCorp Andrew Yemma, Intermarket
Communications +1-212-888-6115 x 225
HedgeStreet,
Inc. Ursula G. Burger, VP Corporate Communications uburger@hedgestreet.com,
+1-650-638-3503
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