Dollars and Jens
Wednesday, January 28, 2004
Eurex has finally 'fessed up that their new Eurex US launch won't take place next Sunday, but is now hoping to open the next week. They still don't have approval from the CFTC, which will be meeting next Wednesday to consider it.
The betting pool still says March.
Update: This might be a better story on the situation, or at least one told from a more neutral viewpoint.
Eurex is the world's largest derivatives exchange, as asserted in the press release; it is an entirely electronic exchange trading options and futures in Frankfurt, Germany, with underliers of primarily European and especially German interest, such as German government debt and the DAX (the index used by the Frankfurt stock exchange). Eurex US is to be located in Chicago, and, more to the point, to be governed by U.S. regulations and trade U.S. government debt derivatives, thereby providing much greater competition to the Board of Trade. This was announced, in fact, shortly after the Board of Trade decided to move away from the Eurex-built electronic trading platform it had been using for its own electronic trading.
The CFTC, by the way, is the Commodity Trading Futures Commission, the government commission that regulated futures trading in the United States, whether Commodity-derived or not. In fact, they regulate the Iowa Electronic Markets, believe it or not.