Would-be challenger faces two-pronged attack
In an all-out push to make Eurex's entrance into the US as
difficult as possible, Chicago's futures exchanges are
simultaneously lobbying Congress to stop the entrance of
foreign exchanges and making moves that may influence voting on
Eurex's clearing deal with The Clearing Corporation (TCC).
Sources told FO Week that Chicago Board of Trade (CBoT) and
Chicago Mercantile Exchange (CME) lobbyists were able to forge
the 16 October Congressional meeting where Eurex and other
exchange executives are expected to speak on Eurex's
application for exchange status in the US. The meeting of the
Subcommittee on General Farm Commodities and Risk Management, a
subcommittee of the House Agriculture Committee, also coincides
with the final day for comment letters to Commodity Futures
Trading Commission (CFTC).
What impact the hearing will have on CFTC and the
application process is still unknown at this point. Travis
Murphy, a spokesperson for Republican Congressman Jerry Moran
of Kansas, who heads the subcommittee, told FO Week
that the hearing is more informational in nature.
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