CME looks to life after Eurodollars, as rivals circle

Eurodollar futures will die with Libor but there is no obvious ready-made replacement

The imminent demise of the Libor benchmark is threatening to redraw the competitive landscape of the US dollar rates trading business along new boundaries.

The Chicago Mercantile Exchange, the dominant force in listed derivatives, will soon see the end of its all-conquering Eurodollar futures contract. The product is estimated to have accounted for around 8% – or roughly $380 million – of CME’s total revenues in 2020.

Eurodollar futures are benchmarked to three-month US dollar Libor, which

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