Exchange admits defeat on Treasuries contracts
Eurex has confirmed that it will list FX products on its US
subsidiary, while admitting that its attempts to wrest volume
in US Treasury products from Chicago Board of Trade (CBoT) have
The new contracts, which will launch on 23 September, will
bring Eurex US into competition with Chicago Mercantile
Exchange (CME), although both exchanges stressed that the FX
market is dominated by OTC business, which they see as the main
Eurex US CEO Satish Nandapurkar said that his exchange would
seek to capture new entrants to the FX futures market: "Many
new firms, traditional futures firms, who are only now coming
into FX? are looking to trade across multiple platforms."
Rick Sears, managing director of FX at CME, was relatively
unconcerned about Eurex's entry into the market. He pointed out
that it will offer contracts on just six dollar currency pairs
- euro, Australian dollar, sterling, yen, Swiss franc and
Canadian dollar - in comparison to CME's 36.
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