The scene was set for the year with Eurex US in the
final stages of preparations for its February launch,
culminating in the recruitment of ceo Satish Nandapurkar from
Chicago Mercantile Exchange (CME). However, it was not all
plain sailing for the new exchange as it was forced to delay
its opening by a week, and the proposed launch of its
transatlantic clearing link until "at least the third
Euronext Liffe became the latest exchange to enter direct
competition with another - in this case CME - when it launched
Eurodollar futures. FO Week reported a market
"sceptical" about the products' prospects.
Chicago Board of Trade (CBoT) completed its migration to the
Liffe Connect electronic trading platform and to common
clearing with CME. Board of Trade officials expressed
confidence that a settlement of its minority members dispute
would pave the way for a restructuring vote in three to six
months. The exchange's confidence proved to be premature.
Elsewhere, Boston Options Exchange (BOX) received Commodity
Trading Futures Commission (CFTC) approval to launch at the end
of the month; losses in the National Australia Bank options
trading scandal were estimated at $140m, and New York
Mercantile Exchange (Nymex) settled a Wagner patent suit
brought by Espeed.
"I think he's the best guy they could have found. I have
enormous respect for him and I'm always impressed with his
insights." Russ Wasendorf, ceo of Peregrine Financial Group,
acclaims the hire of Satish Nandapurkar.
"Today's settlement reaffirms the value of Espeed's
intellectual property portfolio, and our commitment to
leveraging our patents to recognise growth." Espeed president
Howard Lutnick describing the latest Wagner patent
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