12 December 2017
visit www.avoka.com

US trade groups urge regulators to speed up Eurex application

27 January 2004  |  4402 views  |  0 US trade groups urge regulators to speed up Eurex application

Seven US trade associations have issued a joint appeal to futures regulators to speed up Eurex's application for a trading license, or risk putting the putative new exchange at a significant disadvantage to incumbent markets in Chicago.

The industry groups, which include the Bond Markets Associations, the Futures Industry Association and the International Swaps and Derivatives Association, have written to the Commodity Futures Trading Commission, urging the regulator to fast-track Eurex's application.

Prompt action is necessary, they argue, if Eurex is to meet its deadline of 1 February for the opening of the new exchange - ahead of the imminent roll over of existing positions into new six-monthly contracts at the Chicago Mercantile Exchange and Chicago Board of Trade.

"Our members and other end users are ready to trade," the letter states, in a clear indication that users are planning to migrate some of their treasury positions to the screen-based Eurex US when establishing their June positions.

The letter cranks up the pressure on the Chicago futures and options marts, which were struck by another thunderbolt yesterday with the announcement by Euronext.Liffe that it intends to launch electronic trading in eurodollar futures and options contracts. These have traditionally been the preserve of floor-based traders at the Merc.

The move was welcomed by FIA president John Damgard: "We are now seeing exactly what Congress intended with the passage of the Commodity Futures Modernization Act of 2000 - the emergence of head-to-head competition among the world’s leading exchanges."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

CME's Satish Nandapurkar appointed CEO of Eurex US

CME's Satish Nandapurkar appointed CEO of Eurex US

22 January 2004  |  6562 views  |  0 comments
Eurex buys BrokerTec consortium support

Eurex buys BrokerTec consortium support

16 January 2004  |  7231 views  |  0 comments
CME acquires Liquidity Direct Technology

CME acquires Liquidity Direct Technology

12 January 2004  |  5702 views  |  0 comments
Eurex smashes through billion contracts barrier as US assault draws closer

Eurex smashes through billion contracts barrier as US assault draws closer

18 December 2003  |  4512 views  |  0 comments
Eurex and Trading Technologies in software deal

Eurex and Trading Technologies in software deal

03 December 2003  |  4936 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.aciworldwide.comvisit http://info.nice.comvisit www.atos.net

Top topics

Most viewed Most shared
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
11771 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
8609 views comments | 15 tweets | 21 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
7055 views comments | 8 tweets | 17 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
6772 views comments | 20 tweets | 11 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
6609 views comments | 17 tweets | 35 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job