Celebrating its 100th birthday last year, the Rofex is enjoying record volumes. It is merging with the Rosario Stock Exchange, and a deal with the Buenos Aires Futures Market is in the air. Tom Osborn meets the bourse's COO, Ismael Caram.
"Not many emerging markets have a history as long as that of
Argentina," says Ismael Caram, chief operating officer of the
Rosario Futures Exchange.
It’s a double edged comment. Trading volumes on
Rofex, relative to the size of the economy, are lower now than
they were in the 1920s, in the boom years before the last great
global financial crisis.
The bourse is 50% owned by the Rosario Board of Trade, a
non-profit making mutual entity owned by its market-making
members. Rofex is based in Afrgentina’s third city
– a port on the shores of the River Paraná,
300km inland from Buenos Aires. The legacy of the boom years
lives on, evident in the exchange’s stunning Beaux
Arts headquarters, opened in 1926.
Rofex enjoyed a busy January, with trading volume 55% up
year on year at 4.5m contracts. On January 27 the exchange
broke its daily trading record, when 757,588 contracts changed
hands, beating the previous record by 7%.
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