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May 24, 2013

Will Eurex Launch Swap Futures?

An article published today in Risk Magazine states that Eurex are in the process of consulting market participants around the possibility of releasing a swap-futures product similar to the CME Deliverable Swap Future (DSF) contract.

Eurex are apparently trying to figure out whether the US patent for the DSF product, currently licensed to the CME, applies only to swap-futures traded in the US. They could, however, consider launching their own swap-futures product which differs enough from the DSF product as to not infringe any patents. As I understand it, the CME patent concerns the delivery of the future into an underlying swap. If they come up with a product design whereby the contract does not deliver into an underlying swap, there shouldn't be any DSF patent concerns (this is how the Eris Exchange swap-futures contracts work). Furthermore, if they design a swap-futures contract which is creative and unique enough, they may be able to take out their own patent on it.


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