The Chicago Board of Trade (CBOT), the second largest US futures exchange, looks set to win the first stage in the battle with the newly-launched Eurex US for US Treasury futures business.

Volumes in Eurex US's competing suite of bond futures contracts have tailed off to less than a third of those traded last Monday, the day of the exchange's launch. So far all of the futures traded on the all-electronic exchange have been concentrated on the March expiry date, and no trades have been yet been executed on the exchange's options suite at all.