The race to launch credit futures

Eurex beat rival exchanges to market with the first exchange-traded credit futures contract in March. Based on the iTraxx Europe five-year Investment Grade, High Volatility and Crossover indices, each six-month EUR100,000 contract has a fixed coupon and semiannual maturity dates in May and September.

The contract has been a long time in the making. First scheduled for launch in 2005, Eurex's offering has been beset by delays as market participants argued over the structure of the contract. The

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