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Cover stories

  • FOW Person of the Year: CBOE's William J Brodsky 23 December 2011

    William Brodsky, chief executive of CBOE Holdings, reflects on a remarkable year for the exchange.

  • From OTC to OTF: SEFs, OTFs and the new world of trading 11 November 2011

    Reforms sweeping across the European and US derivatives industry will result in the formation of new platforms for trading over-the-counter derivatives on electronic platforms. But, as the rules are being finalised, concerns are being raised that attempts to improve transparency will harm the orderly operation of the markets, finds William Mitting.

Comment

Market analysis

  • CRD 4: Out of the frying pan and into the fire for pension funds 23 December 2011

    Pension funds were about to celebrate their exemption from the costly clearing of OTC derivatives trades, when the banks pointed out the increasing costs of non-cleared trades that were heading their way finds Dan Barnes.

  • Review of the year: exchange mergers 23 December 2011

    In the depths of the coldest European winter for 300 years, the announcement in February of the proposed merger between Deutsche Börse and NYSE Euronext sparked a storm of debate and set the scene for a deal jamboree across global exchanges. However the merger mania was soon met with the cold wind of reality as deals collapsed in the wake of protectionism and competition concerns.

  • Review of the year: MF Global 23 December 2011

    The demise of MF Global hit the futures industry like a mack-truck. Allegations that the firm used customer money to cover its own financial shortfall in its last days, has left the industry and investors without knowing who can be trusted, finds Elise Coroneos.

  • Review of the year: regulation 23 December 2011

    2011 was intended to be the year that reforms to the derivatives industry took shape. However, it will be remembered as a year of delays and confusion as regulators struggled to get on top of complex issues within the industry, write David Wigan and William Mitting.

Regional reports

  • CEE: On the right track for growth 11 November 2011

    The global recession slowed what, pre-2007, was a burgeoning derivatives market in Central and Eastern Europe. Now, driven by the ambition of select exchanges and continuous education in the region, it is showing steady signs of recovery – just as long as new EU-wide legislation does not deter the sector’s growing investor base, argues Wyn Jenkins.

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What concerns you most about the upcoming regulation changes?

Opportunity for regulatory arbitrage
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Impact on revenues
32%
Unnecessary complexity
11%
Workability of central clearing for OTC derivatives
10%
Workability of forcing complex derivatives onto exchanges
32%