The gloves are off in the fight between Chicago futures exchanges and Eurex, the world's largest futures exchange. Eurex wants to become the next Chicago-based U.S. futures exchange and the incumbents aren't exactly welcoming them with open arms. "I don't think anybody is real happy with the battle that is going on between these exchanges.... It is becoming almost uncomfortable," says Joe Murphy, president of Refco LLC. Since Eurex US filed for designated contract market status with the CFTC in September, there have been a series of strategic moves among them and Chicago's futures community. Eurex was dealt a defeat when the CFTC took the application off 60-day fast-track status but won an important vote of Clearing Corp. (CC) members, approving the reorganization of the clearinghouse that will serve as the clearer of choice for Eurex US. Then there was the CBOT offer to compensate clearinghouse members in the event the reorganization was voted down-an offer that spurred a lawsuit from Eurex US against the Chicago Board of Trade (CBOT) and Chicago Mercantile Exchange (CME) charging anti-trust violations.
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