The second half of 2005 saw perhaps the biggest
story in the derivatives world for a decade in the form of the implosion of Refco in October. Either side of that cataclysmic event there were a number of other significant happenings. FO Week's Laurence Davison and Annalie Grainger here recap the second half of an eventful year.
Problems continued for LCH Clearnet (LCH-C) as
FCM executives expressed concern over the expensive delays
involved in integrating the formerly separate businesses of
London Clearing House and
Clearnet. Members were also said to be unhappy
at proposed changes to the clearinghouse's default fund. One
senior executive told FO Week that LCH-C was looking
to remove a £200m insurance fund and instead double each
member's fund contribution, although the clearinghouse denied
In a move which shocked many in the industry Trading
Technologies (TT) stepped up its patent campaign by
cancelling its licence with Refco, shutting
down TT screens at the brokerage. The ISV had threatened the
action after Refco refused to stop using its Refco Pro order
entry software, which TT claimed infringed on its MD Trader
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