Futures exchanges look to ride credit ETF wave

Proponents hope for increased buy-side trading, with three exchanges competing for market share

The growing success of futures contracts referencing corporate bonds has been over a decade in the making.

In the time since, several major exchange efforts failed to jumpstart the product, and corporate bond trading has changed dramatically from its former reliance on bank inventories and over-the-counter transactions. Today, a sizeable portion of the market trades on electronic platforms, where non-bank liquidity providers price and execute sometimes hundreds of bonds at once. Central to the