Here are the first publicly available information about Eurex's U.S. exchange plans that I have seen: New exchange launch planned for U.S. http://www.eurexchange.com/new Equity Options Exchange Background The Equity Options Exchange will be a fully automated securities market under the regulatory jurisdiction of the Securities and Exchange Commission. It will list option contracts on the most active U.S. stocks and ETFs. The Exchange will offer all options market participants an unparalleled opportunity for trading U.S. equity options. Product Offering The Exchange will initially list options on the most active US stocks and ETFs, which will be fungible with other multiple listed options at the Options Clearing Corporation. Options on indices are currently under consideration by the Exchange. An Innovative Market Model - New Opportunities for Options Traders The Equity Options Exchange model is based on the principles of transparency, fairness and accessibility. The Exchange provides easy and cost efficient access to options on the most active U.S. stocks and ETFs. Most Active U.S. Options - Fully Automated Transparency -Open Order Book -Order book depth of up to 10 bid/offers -Firm Quotes Fairness -Competing Market Makers -No execution privileges -Price/time priority -Complete anonymity Accessibility -Easy membership process -No annual fees or dues -Direct Access for sponsored traders -Order routing customers welcomed Advantages for Market Makers The Exchange will offer fee privileges to Market Makers while at the same time encouraging voluntary and competitive market making. Market Makers can be: Continuous Quote Market Makers (CQMM) who provide continuous quotes for designated series, or Price Improving Market Makers (PIMM) who are given incentives to improve prices in the market. A Market Maker could be either a CQMM or PIMM simultaneously for different options. Market Makers will be able to use automated quote machines and can provide their quotes over high bandwidth connections to the Exchange. Attractive for Order Flow Providers The Equity Options Exchange model will allow order flow providers to get the best prices for their customer orders by ensuring: -What you see is what you get. -Step-up opportunities to the whole market that maximize the chances that customer orders are filled promptly without being sent out. -The Exchange will be part of the intermarket options linkage. Order flow providers will also be able to connect customers (that have entered into a sponsorship agreement with them) through automated order routing systems. This ensures a complete electronic process from order entry to confirmation. Technology The Exchange's trading system will be based on the proven technology of Eurex, the world's largest derivatives exchange. Members will enjoy the following benefits: -High Bandwidth connections -Internet connection alternatives -Automatic failover mechanisms -Highly reliable and advanced security systems -Open programmable interface Access Entities registered as broker-dealers may become members of the Exchange and have direct access to the trading system. A trader who has been designated by a member as one of the following will have direct access to the system: Authorized Trader Market Maker Authorized Trader A customer can take part in the market by either becoming a sponsored participant or by trading through an authorized trader of an existing member.