Eurex is to take over the BrokerTec Futures Exchange, effectively buying the support of 17 large investment banks and trading organisations as it prepares to challenge the Stateside dominance of the big Chicago futures and options markets.
Eurex is taking over New Jersey-based BrokerTec's assets, including staff and goodwill, but not its liabilities. Initially established by a consortium of large investment banks, BrokerTec Futures was wound down late last year in the face of dwindling trading volumes.
The Swiss-German derivatives exchange say it will continue in its pursuit of regulatory approval for its own US exchange - slated for a 1 February start assuming CFTC approval - but the acqusition of BrokerTec effectively provides a ready-made gateway into the US markets in the event of any problems.
Under the deal with Eurex, BrokerTec's owners will receive a 20% equity stake in Eurex US in return for revenue committments and get three seats on the board of the new exchange.