Eurex, the Swiss-German derivatives exchange, has formally launched its US business by filing for a regulated exchange licence with the Commodities Futures Trading Commission (CFTC), the US derivatives regulator.

Rudolf Ferscha, chief executive, unveiled his plans for the Swiss-German exchange's US derivatives exchange in Chicago on Tuesday. The new exchange will be based in, and operated out of Chicago. Pending regulatory approval, it will start at the beginning of February next year and offer 20-hour trading.