Futures and Options Week

Futures and Options Week

The latest weekly summary of FOWi is now available - please click HERE to view this week's digital copy

Bürgenstock 2013

“This is the dawn of a new era,” Sunil Hirani, CEO of trueEX told me on the final morning of the FIA’s Bürgenstock expo.

Reflecting on the discussions and panels which had taken place at the conference in Geneva it was hard to disagree with Sunil – though I couldn’t quite come up with my own Hollywood stamp to put on it, hence why I’ve used his.

Certainly the presence of trueEX - the exchange for interest rate swaps at the futures industry event served as proof of that new era which Sunil was referring to.

Throw into the mix a plethora of continuing regulatory changes and the launch of Sefs, OTC clearing mandates and new reporting rules and the feel of Bürgenstock 2013 confirmed that the industry still coming to terms with the sweeping reforms reshaping it.

Don’t mention the i-word

The topic of Sefs was one which became difficult to avoid despite the expo being held at the heart Europe.

Set to launch in the US next Wednesday with the possibility of a deadline extension looming and the frantic last-minute approvals of the platforms – the past, present and future challenges for Sefs were subsequently a widely discussed theme.

Worries over the unintended consequences, increased costs and cross-border issues of regulations were also ever-present throughout the week.

In addition, the evidenty infuriating suggestion of interoperability constantly being put to panels began to act like a red flag parading before a row of bulls.

One-on-one interviews with exchange heads Phupinder Gill and William Brodsky gave a slightly less regulatory-focused insight into the current challenges of exchanges.

Gill gave an overview of CME’s global activities which included the launch of its new London venue, set for the beginning of next week.

The two Chicago-based leaders also proceeded to quiz each other at the end of their respective interviews bringing a light-hearted twist to the event.

Change, change everywhere

Entering its fourth decade the Bürgenstock expo has seen the winds of change sweep through the industry before.

This year this conference made the transition through changes of its own, moving out of the Swiss mountains into Geneva.

The Intercontinental Hotel played host to this year’s events for the first time and could now take over the Bürgenstock legacy.

After a quiet summer the futures industry is now back in full flow, with the upcoming launch of CME Europe, regulatory deadlines and a new cleared swaps market all on the horizon.

Certainly the event left its mark on Geneva and the Intercontinental, along with a ton of Newedge pandas which the staff will no doubt be finding dotted around in the coming weeks.

Jonathan Watkins
Senior Reporter, FOW Intelligence

The latest weekly summary of FOWi is now available - please click HERE to view this week's digital copy

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