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December
William Brodsky, chief executive of CBOE Holdings, reflects on a remarkable year for the exchange.
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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.
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November
Why the Warsaw Stock Exchange is shrugging off the financial crisis.
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How BM&FBOVESPA is creating a safe market for HFT.
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October
Why exchange mergers may not be the right strategy
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The European Competition Commission investigating the NYSE/Deutsche Borse merger is walking a tightrope.
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In little more than a decade Jeff Sprecher, the chief executive of the InterContinentalExchange has built up a global derivatives powerhouse. However, his ambitions have been checked by two high profile failed merger attempts. As new legislation redraws the landscape of European and US derivatives, Elise Coroneos caught up with the man at the top of ICE about his frustrations over the failed mergers and his ambitions for the exchange.
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The proposed takeover of TMX Group by the Canadian Maple Group has been heralded by some as a bold move that will protect the sovereignty of Canada’s securities markets. But, as Wyn Jenkins found out, others condemn it as a backwards step towards inwards-looking parochialism that will stymie the competitiveness of the market’s burgeoning derivatives industry.
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September
The recent merger of the Micex and RTS stock exchanges in Russia will consolidate trading on Russian derivatives markets into a single exchange. Some believe the deal creates a platform that will give the country’s derivatives markets greater credibility and more global clout. But not all market participants are convinced such benefits will ever be realised.
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August
On June 29, 2011 a historic deal took place in Moscow, Russia, with two Russian exchanges merging into a single entity, marking a long-anticipated step towards transforming Moscow into a financial hub, increasing the exchange liquidity and strengthening the market infrastructure already in place.
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The decision by the European Commission to extend the consultation period for the Deutsche Börse and NYSE Euronext merger came as no surprise. However, the depth of concerns raised by the Commission will cause concern for Duncan Niederauer and Reto Francioni, the chief executives of NYSE Euronext and Deutsche Börse.
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June
Japan was home to the first futures exchange market and once among the world’s leading venues, but fortunes have turned against the once great powerhouse. Hopes of a revival were raised last year by the new government only to be dashed by the devastating tsunami on March 11. Colin Packham looks at how Japan lost its crown, whether Japan is any closer to embracing exchange consolidation, resolving its tax issues and how the Tsunami has impacted on work to restore its fortunes.
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Turquoise chief executive Adrian Farnham is nothing if not ambitious. This month, Turquoise Derivatives will launch its FTSE 100 futures contract in direct competition with NYSE Liffe. At the same time, Farnham has set out his stall to radically alter the landscape of European derivatives promoting a pro-competition, fungible model of contract trading. But, asks William Mitting, is the market ready for change and can Farnham succeed where so many others have failed?
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There may be some good news in store for you if you’re a professional trader looking to test out that e-mini S&P Futures trading strategy on a similar product at another exchange. Depending on whether you meet a number of prerequisites including your level of experience and the location in which you trade, you may be eligible to receive significantly reduced exchange fees as part of a so-called trader incentive programme. Stephanie Hammer explains.
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May
The Hong Kong Mercantile Exchange went live on May 18, becoming the latest new bourse to open in Asia.
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NASDAQ OMX and IntercontinentalExchange have withdrawn their joint proposal to acquire NYSE Euronext following discussions with the Antitrust Division of the US Department of Justice.
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Nasdaq OMX and Intercontinental Exchange’s hostile bid has disrupted what was supposed to be a smooth and amicable deal to merge Deutsche Börse with NYSE Euronext. It has also raised questions over the long term viability of the vertical silo clearing model on both sides of the Atlantic. William Mitting examines the implications of the takeover battle and how the clearing issue has come to the fore.
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Singapore has long been an Asian centre for derivatives trading. The market has not grown as fast as its backers had hoped, but remains an open and welcoming way into Asia for foreign capital. With fresh leadership at the Singapore Exchange and two other new markets eager for business, the state is rich with new initiatives to promote derivatives trading. William Mitting reports.
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Apart from the Flash Crash-stimulated volumes of May 2010, there has never been a more active trading month globally than March for the exchanges tracked by FOi’s database.
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Jeff Sprecher, chairman and CEO of Intercontinental Exchange, is confident that NYSE Euronext shareholders will favour ICE’s bid for the exchange with Nasdaq OMX – ending a 10 year wait by Sprecher for control of Liffe.
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April was a month of mixed fortunes for CME Group, with increased trading in agricultural commodities and metals yet falls in volumes for Eurodollar options, equity indices and energy products.
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April
Permission has been granted by the Hong Kong Securities and Futures Commission for the Hong Kong Mercantile Exchange to start operating automated trading services on May 18 that the exchange said would “link China with the rest of the world”.
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The war of words in the wrangle for control of NYSE Euronext has intensified ahead of a meeting of NYSE Euronext shareholders this week.
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Nasdaq and ICE have offered the board of NYSE Euronext a $350m reverse termination fee as it steps up its battle for the exchange.
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First quarter profit at Bursa Malaysia Berhad has risen 44% year-on-year to RM40.5m (£8.2m) driven in part by an upturn in derivatives trading.
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The Nordic region’s financial derivatives market has been beset by institutional realignments and mergers for years. Now the landscape seems settled, with Nasdaq OMX as the dominant exchange and a partnership between Oslo Børs and EDX London.
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In less than a decade the US derivative market has gone from being equal to Europe's to three times the size. We ask how Europe lost the initiative and whether it can regain market share.
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The Order Machine’s broking arm, part of the Dutch multilateral trading facility backed by Optiver, ABN Amro and Binckbank, has won a two year legal battle to gain membership of NYSE Liffe Amsterdam.
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February
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The days when the Polish financial market could function like a cosy club are coming to an end, argues Marek Trepka of Aequitas Associates. If the Warsaw Stock Exchange is serious about becoming a regional hub, it needs to launch attractive products and woo foreign prop firms. Its new trading system from NYSE Euronext is a step in the right direction.
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The Chicago Board Options Exchange has begun publishing Volatility Index term structure data on its website, recalculated every 15 seconds during the trading day.
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Hong Kong Exchanges and Clearing will launch an over-the-counter derivatives clearing house in late 2012, subject to regulatory approval.
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Equity index derivatives may not have been the fastest growing asset class in 2010, but they probably have the most powerful growth potential. As Elise Coroneos discovers, emerging market contracts are burgeoning, and exchanges are launching a rash of products that let investors in one place trade stockmarkets on the other side of the world.
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FESE, Nasdaq, CEE, Stock
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Icap’s director of market connectivity, Ian Chicken, is set to join NYSE Liffe London in February.
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The Singapore Exchange’s FTSE Xinhua China A50 future has soared in popularity over the past four months and could become “absolutely huge”, according to one head of futures in Singapore.
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The Volatility Index has taken the world by storm. So what is CBOE’s next trick? Theo Casey hears it’s a new skew indicator. But what can skew tell us – and is there a market for it? Perhaps it should be seen and not traded…