UPDATE 1-Two exchanges win derivatives approval in US, UK

* ELX Futures market approved by CFTC

* NYSE Liffe Clearing set to launch July 27

* NYSE Euronext plans to launch US index futures in Q3
(Recasts with ELX)

NEW YORK, May 27 (Reuters) - ELX Futures LP received
approval to trade U.S. derivatives and NYSE Euronext (NYX.PA)
(NYX.N) was approved to clear UK derivatives, both on Wednesday,
as exchanges moved to take advantage of planned new oversight on
the products.

ELX, a start-up exchange backed by a consortium of banks and
other firms, said the U.S. Commodity Futures Trading Commission
gave it the go-ahead to launch in June, offering trading in
Treasury futures.

Market operator NYSE Euronext said earlier on Wednesday it
received "approval in principle" from UK regulators to launch
its derivatives clearinghouse there, called NYSE Liffe
Clearing.

The parent of the New York Stock Exchange said the
London-based clearinghouse would begin operating on July 27.

NYSE Euronext, whose derivatives business is concentrated in
Europe, said on Tuesday it planned to launch several index
futures on its new U.S. derivatives exchange, called NYSE Liffe
US. The stock index futures would be based on U.S. and European
equity markets, and would begin trading in the third quarter.

The moves come two weeks after the U.S. government announced
plans to require all over-the-counter derivatives products run
through a clearinghouse, which acts as counterparty to every
trade. The government also wants standardized derivatives
contracts traded on exchanges.

NYSE Liffe Clearing would handle derivatives on interest
rates, stocks, indexes, bonds, commodities and currencies. Late
last year, it began clearing credit default swaps -- which have
been blamed for their role in the financial crisis -- but has
had little success gaining traction.

Both ELX and NYSE Euronext's index futures would compete
with Chicago-based CME Group Inc (CME.O), which runs the Chicago
Mercantile Exchange. The New York-based company said last month
it signed a nonbinding agreement for "several leading market
participants" to take an equity interest in NYSE Liffe US.
(Reporting by Jonathan Spicer, editing by Matthew Lewis)