Eurex delays US launch by one week
28 January 2004 | 4259 views | 0
Swiss-German derivatives exchange Eurex has set back its launch date for the opening of its proposed US futures exchange by a week to 8 February. The move follows an announcement by the Commodity Futures Trading Commission (CFTC) that it intends to hold an open meeting to consider Eurex's application for contract market designation on Wednesday 4 February.
The regulatory body's announcement comes amid rising pressure from US industry associations for a prompt decision on the Eurex application ahead of the imminent roll-over of six-month Treasury futures contracts on rival Chicago exchanges. The CFTC last year moved Eurex’s application from a 60-day fast-track after fierce lobbying by the Chicago Mercantile Exchange and Chicago Board of Trade.
Rudolf Ferscha, CEO of Eurex, welcomed the CFTC's announcements: "We have finalised preparations and the market is ready to start. We anticipate a positive vote by the Commission on February 4 which will allow for a timely implementation of our US business venture."
According to Eurex the technical and operational launch preparations for Eurex US have been completed as planned. The production software is being rolled out today to customers for installation at member sites, completing technical member readiness for the exchange launch.