Frankfurt, Germany - October 21, 2004
Commenting on the CFTC's order permitting implementation by The Clearing Corporation of its plan to have certain transactions executed on a European futures exchange cleared through U.S. futures firms (Futures Commission Merchants or FCMs) and a U.S. clearinghouse, Eurex CEO Rudolf Ferscha said:
"We are pleased with the CFTC's approval of CCorp's application. This will allow us to implement phase one of the Global Clearing Link with CCorp.
"The Global Clearing Link is a logical extension of Eurex's long term goal of opening up clearing access for market participants worldwide. We began this process with the introduction of Remote Clearing in Europe four years ago, and now we are opening our full European benchmark product range for U.S. clearing firms reducing costs for our trading customers.
"Remote Clearing for European customers has stimulated growth on Eurex. The Global Clearing Link should result directly in increased trading volumes on Eurex from our U.S. customers, who have accounted for a growing percentage of our overall volume over the last years. At the same time, with the first phase of the Global Clearing Link trading on Eurex US will become more attractive due to margin offsets with positions held in Eurex Clearing and other benefits of the Link."