Eurex to launch currency futures from Sept 23, 2005
FRANKFURT, June 16 (Reuters) - Derivatives exchange Eurex is moving into the foreign exchange market with an offer of currency futures from Sept 23, 2005, Eurex said on Thursday. Futures will initially be listed on the currencies of the G7 industrialised nations. Fees charged will be "very competitive" with trading costs on the over-the-counter market and much lower than costs on other futures markets, Swiss-German Eurex said.
Analysts see the move as an attempt by Eurex, the world's largest derivatives exchange, to take on the Chicago Mercantile Exchange, a long-standing U.S. rival which they estimate holds a 95 percent market share of currency-futures volume. Eurex, which German exchange operator Deutsche Boerse and SWX Swiss Exchange jointly own, said it would reward supporters who consistently supply liquidity and orders with a generous multi-year incentive programme.
The futures will cover euro/dollar, Australian/U.S. dollar, pound/dollar, dollar/Swiss franc, dollar/yen, Canadian/U.S. dollar, euro/yen, euro/pound, euro/Swiss franc and pound/yen exchange rates. Eurex said no fees would be charged in 2005.
FRANKFURT, June 16 (Reuters) - Derivatives exchange Eurex is moving into the foreign exchange market with an offer of currency futures from Sept 23, 2005, Eurex said on Thursday. Futures will initially be listed on the currencies of the G7 industrialised nations. Fees charged will be "very competitive" with trading costs on the over-the-counter market and much lower than costs on other futures markets, Swiss-German Eurex said.
Analysts see the move as an attempt by Eurex, the world's largest derivatives exchange, to take on the Chicago Mercantile Exchange, a long-standing U.S. rival which they estimate holds a 95 percent market share of currency-futures volume. Eurex, which German exchange operator Deutsche Boerse and SWX Swiss Exchange jointly own, said it would reward supporters who consistently supply liquidity and orders with a generous multi-year incentive programme.
The futures will cover euro/dollar, Australian/U.S. dollar, pound/dollar, dollar/Swiss franc, dollar/yen, Canadian/U.S. dollar, euro/yen, euro/pound, euro/Swiss franc and pound/yen exchange rates. Eurex said no fees would be charged in 2005.