Eurex US was launched as a lower cost exchange that would compete on price with Chicago Board of Trade (CBoT) and bring a new market structure to participants. Why have volumes not taken off?
Sonny Schneider, chairman, Schneider Group: Specifically because CBoT rose to the challenge, potentially unexpectedly, and so the disincentive to move coupled with inertia meant the business stayed on CBoT.
Cynthia Zeltwanger, president and ceo, Fimat USA: It's clearly more of a story about what CBoT did to knock off the competition rather than what Eurex US did not do. Volumes haven't taken off because CBoT responded.
James Ashley, director, global futures, HSBC: Firstly CBoT changed its fee structure to hang on to the market share, secondly they launched too early and thirdly they have not properly consulted their client base.
Bill McGowan, md, Interactive Brokers: [Eurex US] has done a lot to change the way CBoT...