CHICAGO, Oct. 21, 2021 – LMX Labs, the new Chicago-based global futures exchange built for the retail market, announced today that on October 25, the exchange will launch Micro Crude Oil Futures.
The cash-settled contract, based on the West Texas Intermediate (WTI) crude oil benchmark, will represent the most cost-effective way for the retail market to trade the price of crude oil.
LMX Labs CEO Neal Brady said: “We’re excited to broaden our product line with Micro Crude Oil Futures as we continue on our mission to provide the retail sector with around-the-clock, low-cost opportunities to access liquid futures markets. Our partnership with Nodal Clear provides critical risk management to our business model as we expand into this new asset class.”
Nodal Clear, a subsidiary of Nodal Exchange, provides clearing for all LMX Labs contracts.
“Nodal Clear is excited to provide the clearing services to support the launch of LMX Labs Micro Crude Oil Futures, enabling retail access to this significant commodity,” said Paul Cusenza, Chairman & CEO of Nodal Clear.
Boris Ilyevsky, Chief Product and Strategy Officer of LMX Labs, added: “We’re breaking down the barriers that have kept many individual investors from participating in the futures market and in key sectors like oil by designing our products specifically for them – making them straightforward and easy to understand with low fees and free market data. We’ve listened closely to what retail investors need and believe our products appeal not only to experienced futures traders but to those individuals who have long desired to take positions in markets that have been cost-prohibitive, too large or unnecessarily complex.”
The LMX Labs Micro Crude Oil Futures contract, sized at 100 barrels, will trade 23 hours a day, Sunday through Friday, from 6 pm ET through 5 pm ET. More information on the contracts can be found at fairx.com/oil. For more information on brokers offering LMX Labs products, visit fairx.com/brokers.
LMX Labs launched this year in collaboration with many of the leading online brokerage firms, clearing firms and liquidity providers. Initial contracts trading on the exchange include futures on the Bloomberg US Large Cap Index, tracking the largest 500 companies by market cap, and on the SuperTech Index, tracking 15 of the largest and most actively traded companies engaged in high-growth technology, media and manufacturing industries. Both products are offered in two contract sizes, Nano and Micro.
About LMX Labs
LMX Labs was founded in collaboration with leading online brokers to meet the needs of the global retail investor. LMX Labs, LLC is the legal entity registered as a Designated Contract Market (DCM) regulated by the U.S. Commodity Futures Trading Commission (CFTC). Contracts traded on the exchange clear through Nodal Clear.
Ellen G. Resnick
Crystal Clear Communications
+773-929-9292; +312-399-9295 (mobile)