FO Week's Grindlay Clarke looks at the perennial issues facing derivatives players at this year's London event
Plus ça change, plus c'est la même chose, as
the famous saying goes. And as far as the futures industry
goes, it would seem to be pretty much la meme chose. For a
review of key issues affecting the industry this time last year
reveals that many are still around as the industry gathers once
again in London for the annual Derivatives Week .
Topics of interest 12 months ago included (in no particular
order): Chicago Mercantile Exchange's imminent IPO; the switch
to a new electronic trading system (in Amsterdam); a semantic
debate between Eurex and Euronext over which exchange really
could claim supremacy in the European equity options market;
costs (of technology, compliance and transaction fees); New
York Mercantile Exchange talking merger with another
commodities market; and, that old chestnut, clearing.
One year on and the list looks surprisingly similar. Instead
of CME's IPO, talk is focused on the exchange's options listing
and new concerns about the conflicts of interest in for-profit
exchanges acting as self-regulatory organisations (SROs). Eurex
and Euronext Liffe still seem to have a difference of opinion
over their relative share of the market in equity options.
Costs remain an issue. Nymex is still at the heart of merger
speculation, though not with London Metal Exchange as last
year, but this time with IntercontinentalExchange (ICE). And
finally, Europe is still awaiting word on the merger of
Clearnet and LCH - long-promised, but not yet delivered.
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