Europe’s single stock futures and options markets have been traditionally dominated by local exchanges, but as competition increases, the landscape could be set to change across the continent, writes Jonathan Watkins.
single stock futures and options markets have been
traditionally local - if investors want to trade German equity
derivatives they go to Eurex, for the UK NYSE Liffe has been
the go-to and in Italy, participants use Borsa Italiana and so
Other national venues in
Warsaw, Spain and NYSE Euronext in the Netherlands have also
had the lion’s share of domestic volumes without
having to fend off competition.
"Compared to the US which
has liberalised its market structure and has 12 exchanges, we
have pretty much one for each market and a couple of
initiatives," says Phillipe Carre, global head of connectivity
at Sungard. "But for the market to grow it cannot stay within
national boundaries. These places have almost a monopoly on
their national markets.
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