Three’s a crowd? Eurex and Ice battle CME for €STR trading
Chasing exchanges represent 75% of trading volume, 28% of open interest in first weeks of push
A battle is brewing in the nascent market for futures linked to the euro short-term rate, or €STR.
CME’s stranglehold on three-month €STR futures open interest has been cut to 72% since the start of November, as rivals Eurex and Ice Futures Europe ramp up market-making initiatives in the instruments.
History suggests liquidity may eventually coalesce at a single venue – almost exclusively the incumbent provider of futures referencing the related interbank benchmarks of the same currency.
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