Eurex, the Swiss-German derivatives exchange, has said it is too early to decide whether it will make acquisitions in the US derivatives market or try to grow organically when it starts a US service in 2004.

The exchange said it will start offering a US service in 2004. This coincides with the end of an agreement to supply technology to the Chicago Board of Trade (CBOT) which on Thursday decided to use a competing system, LiffeConnect, to make the gradual change from floor- to screen-based trading for its US members.