Magazine article Modern Trader

Europe: Onward March

Magazine article Modern Trader

Europe: Onward March

Article excerpt

ONWARD MARCH While the exchanges talk on one front, the battle rages elsewhere. On Oct. 21, the DTB achieved its previously announced goal to lead the world in bund trading. That day 183,846 bund futures contracts zipped through the German mainframe - 52% of worldwide volume. The exchange then bested this on Halloween with a 58% market share.

As Liffe and the DTB debate the implications of these numbers, traders in Germany are convinced the DTB has pulled ahead for good.

"It's definitely a watershed and not just an aberration," says BFG Bank's Francois Menard. "The DTB is cheaper, quicker and more efficient, even in fast markets. We trade almost exclusively DTB now [for the bund], unless a customer requests Liffe for some reason."

Michael Buggert, an independent trader in Duesseldorf, adds, "The only thing Liffe really had to offer was volume and liquidity, You're going to see volume move even more dramatically to the DTB side in the next few months. …

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