Market cool on fee waiver and revenue sharing
Eurex US announced its long-expected package of measures
intended to attract volume to the struggling exchange last
week, and fixed 12 July as the date for what many consider to
be its relaunch. However, market participants remained
sceptical about the exchange's prospects.
The three-pronged package included the already announced
European market maker programme, the widely anticipated waiving
of US Treasury trading fees until the end of 2004, and a
programme under which traders active in the market this year
will share in 2005 and 2006 revenues (see box for details).
Eurex US ceo Satish Nandapurkar acknowledged that the
exchange's developments thus far had not combined to form a
winning package. He told FO Week, "Things have
happened incrementally up to now and we needed those
incremental things all to come together in a synchronised way.
That's why we're starting all our programmes on 12 July, that
date? marks our ability to make things synchronised".
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