November 24, 2023 (NO COMMENTS)
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.