1 - Global clearing link
Global clearing was one of the cornerstones of the original Eurex US launch plan, but it did not go live with the exchange. While most participants agree that global clearing would be a benefit, questions remain as to whether it will be sufficient to attract volume that would not normally go to the new exchange. How important is the link?
Mike Manning, president and ceo, Rand Financial Services, Chicago: For our firm, it was the item of most interest when Eurex US announced it was coming. I wanted to trade German products and clear them here in Chicago. But when it became apparent that Eurex products were somewhere down the road, and they were really after volume on the Board of Trade's market, that made it a lot less interesting. I knew the Board of Trade would compete and it has. We're still interested in clearing German...