Competition among the big four financial futures exchanges heats up as the
European exchanges set their sights on the U.S. market. In four exclusive
interviews, the heads of each exchange explains their strategies for growth.
Trading volume hit another record in 2003, driven by growth in virtually
every category of futures and options. In this year’s annual survey of global
volume trends, FI looks at some other ways of measuring the size of a
futures market.
Galen Burghardt is senior vice president and director
of research at Calyon Financial Inc. and a member
of the editorial advisory board of Futures Industry. He
is also an adjunct professor of finance at the
University of Chicago's Graduate School of Business,
where he teaches an MBA-level class on derivatives.
He has published several articles and books on interest
rate futures and options and has served in the
research division of the Federal Reserve Board. He
thanks Jerry Hanweck, principal partner at Hanweck
Associates, a consulting firm specializing in investment
and risk management for financial institutions,
and Lauren Lei in the research department at Calyon
Financial for their contributions to the analysis of tick
size and transaction costs.
What are the characteristics of the introducing broker business today and
how has it changed over the last 10 years? The results of an exclusive survey of introducing brokers registered in the U.S. conducted by FI in January.
U.S. Futures Industry Puts Greater Focus on SRO Issues; CFTC Confirms Two New Manipulation Investigations; Competition Intensifies in Eurodollar Market; SEC Postpones Decision on Foreign Access Issue; Nymex Wins CFTC Approval to Expand OTC Clearing; LCH.Clearnet Seeking CFTC Approval to Clear Financial Futures and Options; Securities and Banking Regulators Prepare Risk Management Standards for Central Counterparties; CFTC Hits Ex-NYFE Chairman with $4.9 Million Fine; NFA Updates Disclosure Rules for CTAs; Kospi Contracts Transferred to Kofex; NASD Proposes to Rescind Trailing Commission Policy
CFTC Proposes Amendments to Collateral Management Rules; CFTC Approves HedgeStreet Exchange; SEC Launches Broad Review of the Effects of Competition in the Options Industry
Nina Mehta is a financial journalist based in New York. She is a former managing editor of Derivatives Strategy magazine and has contributed articles to Institutional Investor magazine.
CME Acquires Liquidity Direct Technology, LLC to Compete in eOptions; Pakistani Exchange Taps Patsystems for Trading Platform; NYBOT’S eCOPS Program Goes Live; J.P. Morgan Entices Prospective Traders with Trading Game; MarginClick Partners with TradingScreen for STP; South African Exchange Uses Futures to Finance AIDS-Related Charity; FCMs Pitch New Investment Products to Retail Investors; Futures & Options for Kids Holds Annual Awards Dinner
