Futures commission merchants once again took the opportunity
of the FIA/FOA conference in London last week to air their
grievances against exchanges. Among the areas of complaint were
costs, lack of standardisation and the wasting of
Speaking on a panel on clearing efficiency, Marc Huglin,
head of operations at ABN Amro Futures, questioned why
exchanges were not feeling the same pressures as their member
firms. The graph of falling commissions for FCMs continues to
go down, he said, while exchange costs continue to rise. Both
exchanges and their member firms face the same cost issues such
as technological developments, he said. "And the costs that
firms are bearing are in many cases driven by the very
exchanges themselves," he added.
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