WASHINGTON, Feb 4 (Reuters) - The U.S. Commodity Futures Trading Commission on Wednesday unanimously approved Eurex's application to set up an exchange in the American market that will provide direct competition to the Chicago Board of Trade. The CFTC's three commissioners backed Eurex's plan to set up its U.S. Futures Exchange, or USFE, which will trade contracts on U.S. Treasury securities that are identical to ones that comprise 80 percent of volume on the Chicago Board of Trade. Eurex's USFE plans to open on Feb. 8. CFTC staff had recommended approval, dismissing concerns raised by the CBOT and the Chicago Mercantile Exchange (nyse: CME - news - people) that Eurex's U.S. Futures Exchange would be operated by a "foreign entity." Staff said that did not "provide any basis for not designating the USFE as a contract market."