Opposition to Eurex's attempts to set up a US futures
exchange seems to have something of a Hydra quality - every
time Eurex lops off a head, two more grow back in its
What ought to have been a straightforward tying up of a
loose end - the signing of a regulatory services agreement with
NFA - looks like becoming another in a series of pitfalls dug
by its opponents. NFA has been examined and approved by CFTC
with regard to its ability to carry out regulatory functions
for futures exchanges on five occasions. The fact that none of
the exchanges it does provide those services for trades a great
deal of volume is largely immaterial - as NFA's Daniel Roth
told the Ag Committee on Thursday, no futures exchange is set
up and approved on the assumption that it will fail.
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