The US derivatives industry is backing Eurex's controversial plan to set up a new US exchange. Its support for the Swiss-German exchange comes despite fierce opposition from the two established futures exchanges in Chicago, which last week triggered a $100m €86m) lawsuit from Eurex.

John Damgard, president of the Futures Industry Association (FIA), whose members account for more than 80% of all customer business in the US futures market, lodged an unequivocal statement of support for Eurex US with the Commodity Futures Trading Commission (CFTC), the US regulator.