They work hard and play hard in the derivatives business. Traders will happily attend your swish parties, drink lots of free cocktails and polish off your hors d'oeuvres. But that's not enough to win their loyalty. Not in Chicago, anyway. Such thoughts may have crossed the mind of Rudolf Ferscha, the boss of Eurex, a German-Swiss derivatives-exchange company. Next week he will have to put on a brave face at an annual conference of the industry's movers and shakers. On June 16th Eurex us, the American arm of Mr Ferscha's company, admitted defeat in its 16-month battle to wrest the market in American Treasury futures from the Chi-cago Board of Trade (cBOT).
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