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To: TFF who started this subject	2/4/2004 1:22:52 PM
From: TFF	of 12617

CFTC staff urges OK of Eurex's US futures exchange Reuters, 02.04.04, 9:39 AM ET WASHINGTON, Feb 4 (Reuters) - U.S. Commodity Futures Trading Commission staff recommended on Wednesday the commissioners approve Eurex's application to set up an exchange in the American market that will provide new competition for the Chicago Board of Trade. The CFTC's three commissioners on Wednesday morning are expected to vote to approve Eurex's plan to set up its U.S. Futures Exchange, or USFE, which will trade contracts on U.S. Treasury securities that are identical to ones that comprise 80 percent of volume on the Chicago Board of Trade. "Staff recommends that the commission designate the USFE as a contract market," the CFTC's Division of Market Oversight said in its memo to the agency's commissioners for Wednesday's meeting. The commissioners usually adopt staff recommendations, said one agency official. CFTC staff dismissed concerns raised by the competing CBOT and the Chicago Mercantile Exchange (nyse: CME - news - people) that the USFE would be operated by a "foreign entity," saying that does not "provide any basis for not designating the USFE as a contract market." The U.S. Federal Reserve Board and the U.S. Federal Trade Commission support Eurex in principle, citing the benefits of competition Eurex, which is jointly owned by Deutsche Boerse <DB1Gn.DE> and the Swiss stock exchange, plans to open its U.S. exchange on Feb. 8. Copyright 2004, Reuters News Service

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