The race to launch credit futures

Eurex, the Chicago Mercantile Exchange and the Chicago Board Options Exchange are locked in a struggle for market share of the new credit futures market. But are investors really sold on the new instruments? Matthew Attwood finds out

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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