So that's what you meant
Us journos are only too aware that company statements
don't always contain the whole story. However, I'm sure I
wasn't the only one who thought that CBoT president Bernie
Dan's prepared message about Eurex US's fee waiver, sent to the
press a couple of weeks back, contained everything he wanted to
say on the issue. Granted, he didn't actually mention Eurex,
but what's not to understand about "Our commitment to serving
the broader interests of the marketplace define the CBoT's
successful business model and explain why its imitators have
been unable to launch an effective challenge to our highly
liquid, transparent markets"?
Despite the caveat that there would be no more comment from
the exchange on the subject, Dan reiterated his point last week
with a little more emphasis, saying "Eurex has been reacting,
and we think they're in a desperate position?. When you have to
give things away, users don't value it. Now the management
obviously doesn't value it so even they're giving it away".
Fighting talk, for sure. Perhaps the pillows at the Ritz were
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