CFTC ruling due 4 Feb; firms have more time to prepare
US regulators said last week they will not reach a decision
on whether to approve Eurex's application for a US futures
exchange license before 4 February, forcing it to abandon its
much-publicised 1 February launch date.
Anticipating a favourable result from a Commodity Futures
Trading Commission (CFTC) meeting on 4 February, Eurex
announced the launch had been re-scheduled for 8 February.
While it is a setback for the exchange, the delay will give
firms more time to prepare for both trading on Eurex US's
trading platform and clearing trades through The Clearing
Corporation (TCC). In recent weeks, Eurex officials had stated
that the platform testing was going well and firms were on
track for the expected 1 February launch date. But one FCM
executive told FO Week that many firms, including large
institutional FCMs, would not have been ready to clear trades
on TCC on 1 February.
This article is available exclusively to subscribers
Please log in to continue reading.
Not yet a subscriber?
Click here to take a free trial.
Already have an account? |
Please fill in your details below and a customer service representative will contact you.