A quiet revolution is under way in European currency markets. No fewer than half a dozen global exchange operators are eyeing the European marketplace with a view to launching foreign exchange trading franchises this year.

Leading the vanguard is CME Group, already the operator of the world's largest FX futures franchise out of its Chicago hub. CME has, as its managing director for Europe, the Middle East and Africa William Knottenbelt sets out on the opposite page, big plans for the global FX futures marketplace. CME sees the venture as a huge revenue opportunity. According to its most recent quarterly results filings, CME garners higher average revenues per contract for foreign exchange products than it does any other type of financial future.