Eurex has confirmed that it will list FX products on its US subsidiary, while admitting that its attempts to wrest volume in US Treasury products from Chicago Board of Trade (CBoT) have failed.
The new contracts, which will launch on 23 September, will bring Eurex US into competition with Chicago Mercantile Exchange (CME), although both exchanges stressed that the FX market is dominated by OTC business, which they see as the main competitor.
Eurex US CEO Satish Nandapurkar said that his exchange would seek to capture new entrants to the FX futures market: "Many new firms, traditional futures firms, who are only now coming into FX? are looking to trade across multiple platforms."
Rick Sears, managing director of FX at CME, was relatively unconcerned about Eurex's entry into the market. He pointed out that...