Eurex, the Swiss-German derivatives exchange is set to pull off a coup with the acquisition of the licence for the new iBoxx credit contract. The move should ensure the exchange is the first to unveil such a product.

Eurex has been competing against other leading derivatives exchanges for some time to find a viable method of creating a credit-based contract. Securing Eurex's support will also be a triumph for the iBoxx group, whose contract will compete directly with others based on the Trac-x index family.