Southern European derivatives exchanges have enjoyed a strong year in terms of trading volumes. With Spanish exchange Meff and Italy's Borsa Italiana increasingly trying to shake off their regional status and enter the global derivatives trading markets, FO Week's Annalie Grainger spoke to both exchanges about their plans.
Meff, which started operations in 1989, anticipates that
closing volume for its single stock futures (SSFs) in 2005 will
be over 18m contracts, an increase of 57% compared to last
year. Year-to-date exchange trading volume in the products
stood at 14.2m contracts at the end of October, compared for
example to 10.1m contracts traded on Euronext Liffe or 4.28m on
Meanwhile, Borsa Italiana's total equity derivatives had
traded 21.2m contracts year-to-date, compared to 18.2m total
for last year. Open interest on derivatives offshoot Idem
achieved a record 3.37m positions on 20 October.
Attracting new international members has been the primary
focus at Meff. Deputy chief executive officer Fernando
Centelles believes that this continuing drive has been vital in
attaining the new volume levels. Domestic trading in SSFs was
up 40% whilst remote membership trading has increased fourfold.
Meanwhile, total open interest across the product ranges was up
109% on last year's totals.
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