UPDATE 2-Euronext brushes off concerns about EU wheat futures competition
* Euronext to imminently relaunch wheat futures contract
* May face competition from CME in wheat futures
* Euronext raises EBITDA margin target
* Shares jump as much as 10 percent to new high (Adds executive, CEO comments, details, share movement)
By Richa Naidu
Feb 25 (Reuters) - Euronext's 20 years of experience in wheat futures and a planned relaunch of its contracts will help the exchange operator cope if U.S. rival CME Group enters the European wheat market, a senior executive said on Wednesday.
A surge in traded volumes in European wheat futures <0#BL2:> has spurred CME, the world's largest futures operator, to launch its own contract by the end of April, according to a draft document seen by Reuters.
That would mark the biggest competition to Euronext's flagship wheat product since it was created in the mid-1990s.
"While I would always have tremendous respect for an organisation like CME, I think we have the quality in our team, the quality in our product and the quality in our client community to prosper," said Lee Hodgkinson, head of Euronext London, as the company reported its first results since being listed by parent Intercontinental Exchange in June. Suite...