As Eurex is often at pains to point out, competition is not
the purpose of its foray into the US. The purpose is to build
liquidity across a global network. Competition is, however, the
means by which it must attract volume in the first US products
it has chosen to list.
Thus far, CBoT has successfully fended off the competition
thanks to numerous initiatives, including fee cuts. These, say
Eurex, were anti-competitive. A total fee holiday on Eurex US
would be nothing of the sort, of course. On one level, at
least, that argument is not as illogical as it may sound: CBoT
has an effective monopoly, and, as such, its pricing needs to
be considered in a different context to that of the start-up
challenger. Things are complicated, however, by the fact that
while Eurex US is a new entity, it has the mighty Deutshce
Börse behind it - so hardly a case of David versus
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