Shareholders of The Clearing Corporation have voted in favour of restructuring that would allow Swiss German derivatives exchange Eurex to buy a 15% stake in the clearing company.
According to press reports, the vote involved 87 shareholders. Member firms approved the change by 50 votes to 34, with three abstentions.
Rudolf Ferscha, CEO of Eurex, says the market has voted for choice, innovation and enhanced services: "Our partnership with The Clearing Corporation will give the US market access to a global range of products. This deal is a crucial milestone in the forging of our partnership with the participants in the US financial markets."
Ferscha joined The Clearing Corporation's board following the ballot and Eurex has made a $15 million investment in the clearing firm.
The vote was a crucial step in Eurex's plans to set up a US electronic Exchange in Chicago, a move that has been fiercely opposed by Chicago's Board of Trade (Cbot) and Merchantile Exchange (CME). If given the go ahead, the Eurex US exchange would list contracts that make up almost 80% of Cbot's volume.
Commenting on the vote, Michael Dawley, chairman of the board of governors of The Clearing Corporation, says: "Approval of The Clearing Corporation's realignment is a key step in assuring that a major share of the world's futures and options clearing and risk management functions remain in Chicago."
Earlier this month Eurex filed a lawsuit against the CME and Cbot, claiming the Chicago exchanges violated the antitrust Sherman Act by offering financial inducements to shareholders of The Clearing Corporation to vote against restructuring.
Although Eurex has now secured clearing services for its US Exchange, it is still waiting for approval by regulators.