As new European derivatives rules drive up costs, trading venues are following their US peers by exploring the creation of alternative, cheaper contracts. The new types of derivatives, known as swap futures, are starting to gain traction in the US, with exchanges including CME Group, Eris Exchange and trueEx leading the charge.

Some of the largest European exchanges, including the Deutsche Börse-owned Eurex and Nasdaq OMX-owned NLX, along with start-up trading venue Gmex, are looking to join the fray.