Eurex rises to the top

Last year Eurex, the Frankfurt-based derivatives exchange formerly known as DTB, emerged as the world’s top derivatives exchanges by volume of business, overtaking long-time leader America’s CBOT. A few years ago, such a change would have prompted an increased sense of competition between the American and European exchanges. But not now. Eurex has an alliance with CBOT, just as Eurex’s main European rival, Liffe, has an agreement with CME. Challenged by new technology and the difficulty of maintaining customer loyalty in face of new market players, Europe and America’s leading derivatives exchanges have acknowledged the need to pull together.