A group of large Eurex customers have written to Andreas Preuss, the exchange's CEO, to complain about changes to its Euro-Bobl contract.
Senior managers at 16 banks, market makers, arcades and proprietary traders signed the private letter which was sent on Monday 23 April and exclusively leaked to FO Week.
The customers are angry at the way the exchange consulted with them following a proposal to halve the tick-size for the German government debt contracts (see FO Week Vol 12 No 16).
"We strongly feel that the that the exchange did not consult its stakeholders on this matter and that a proper discussion needs to take place," the letter said, "Our major concern is that Eurex gave the impression that this decision was based on the advice of the last Fixed Income Working Committee meeting held on 22 March, 2007. There is a strong disagreement of the...