The past year has been an eventful one for the
derivatives industry, with IPOs abounding, volume
soaring and, of course, the spectacular collapse of Refco in October. In the first part of FO Week's review of the year, Laurence Davison and Annalie Grainger look at the events of the first six months of 2005.
The new year opened as 2004 had closed, with Trading
Technologies (TT) dominating the headlines, in this
case because Chicago Board of Trade (CBoT) and
Chicago Mercantile Exchange (CME) had
intervened in the ISV's patent infringement case against
E-Speed. The two exchanges requested that
documents pertaining to the case be taken off the restricted
list and opened up to public viewing.
CBoT was also in the news as the exchange admitted that it
would not hold a member vote on its long-anticipated
demutualisation until after the board of directors' elections
on 2 March. Across town, Chicago Board Options
Exchange (CBOE) announced that it too was
contemplating demutualisation, although it stopped short of
saying that it was targeting an IPO after moving to a
One US options exchange that was heading towards IPO was
International Securities Exchange (ISE), which
priced its shares at $14-16. ISE and CBOE, the largest two of
the US's six options exchanges, were joined by the other four
in launching options on Standard and Poor's Depository
Receipts, known as Spiders - the first time the exchanges had
simultaneously launched identical products. CBOE and
Boston Options Exchange (BOX) took an early
market share lead.
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