Investment banks and exchanges are thought to be the biggest beneficiaries of the explosive growth of the derivatives markets. But smaller trading houses, or liquidity providers, have also found growth from the spiralling volumes.

These lesser-known players will have a vital role in the imminent battle in the US-listed derivatives markets. In February, Eurex hopes to set up an all-electronic market in the US, rivalling the hybrid models of the two leading American exchanges, the Chicago Board of Trade and the Chicago Mercantile Exchange. Eurex will need to appeal to smaller firms as well as large investment banks to attract liquidity and encourage volumes to transfer from the incumbents.