The Once-Mighty Eurodollar Futures Contract Fades Away (Correct)

A cornerstone of the US interest-rates market for a generation of traders will mostly cease to exist after Friday.

As part of the long-planned transition away from the scandal-plagued London interbank offered rate borrowing benchmarks, derivatives linked to them will also be phased out. That means that eurodollar futures and options — for decades the bread and butter of those wagering on Federal Reserve decisions or hedging moves in short-term interest rates — will soon be gone.

Friday is when CME Group Inc., the exchange operator that lists the contracts, will convert those expiring after June to futures or ...