All Eurex US participants based in the United Kingdom can now trade directly on the new futures and options exchange following approval by regulatory authorities in the UK.
With the granting of recognised status by the Financial Services Authority and approval of the Office of Fair Trading and the U.K. Treasury, Eurex US is now a Recognised Overseas Investment Exchange in accordance with UK law.
“The receipt of UK recognition creates new opportunities for both existing and new members of Eurex US by allowing UK members to trade on this market,” says Satish Nandapurkar, CEO Eurex US.
In Eurex’s global distribution network members trading from the UK currently account for 47 percent of the total contract turnover. The U.K. market share has seen a constant increase over the last years with some 450 million contracts traded out of the UK in the year 2003. “Customers in the UK represent substantial potential for Eurex US,” adds Rudolf Ferscha, CEO Eurex.
Eurex US opened its market for trading on 8 February, and currently lists futures and options on 2-, 5- and 10-year Treasury notes and on 30-year Treasury bonds. Total trading volume on Eurex US has exceeded 550,0000 contracts since launch. Pending approval of international regulatory authorities, Eurex US will expand its offerings to include trading in futures and options on Euro-denominated interest rate products as well as on European and US equity indices.