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Eurex's fight fails to draw much blood

Nandapurkar: "Due to the
complexity of our plan we
delayed getting approval for
the link. That hurt us: it was our
main unique value proposition"

Eurex US is starting to bulk up. It needs to. It has been a year since the Swiss-German derivatives exchange opened shop, and there are few external sources prepared to describe it as a success. "Eurex has lost a lot of momentum," says Russ Wasendorf, CEO of Peregrine Futures, a retail futures commission merchant in Chicago. "Perhaps there was a miscalculation on their part."

Eurex took on the Chicago Board of Trade, the long-term home to the US treasury futures complex of contracts, and has barely made a dent. "There is definitely a perception in the US that Eurex came here, picked a fight with the CBOT and failed," says Thomas Kloet, chief operating officer of institutional brokerage Fimat USA. "I don't think that's what they actually did but they have left that impression because they listed no other successful products."

It's a point that Eurex US's chief executive, Satish Nandapurkar, is keen to address.