The majority of concerns voiced by participants at the forum were rooted in Eurex's decision to extend trading hours by utilising two exchange platforms, Eurex and Eurex US, and two clearinghouses, Eurex Clearing and The Clearing Corporation (C-Corp). FCMs pointed out that other exchanges, such as Chicago Mercantile Exchange (CME), had extended hours on a single platform.
Currently, trading on Eurex in Europe ends at 6.00pm (GMT). However, when phase two of its global clearing link goes live following US regulatory approval - widely expected to be around the middle of this year - the exchange will close at 4.35pm and business will be forced to transfer to Eurex US, which will be the venue for euro denominated products for the rest of the 23-hour trading day.
The plan has not been widely welcomed. Richard Berliand, global head of futures at JPMorgan, told the forum that users will have to,...