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WFE Focus April 2011
Derivative markets: From Chicago to Mumbai
Peter Clifford
Deputy Secretary General,
This month the usual suspects are headed to India for the WFE meeting of derivative markets leaders, the IOMA Annual Conference.  Heads of exchanges and clearing houses, regulators, market makers, high frequency traders, researchers and rocket scientists will be hosted by NSE India.

Unlike the volcanic ash clouds during last year’s conference, the list of daunting industry challenges has not dissipated. Volume, volatility and growth are back, and the Asian markets are surging.

The road to Mumbai starts in Chicago. This edition of Focus looks back on the birth of the modern financial derivatives in 1970s Chicago. Hal Weitzman, the Financial Times editor on the spot, provides the highlights from an era of socially useful financial innovation. His article is also featured in the WFE’s 50th anniversary book, Regulated Exchanges.

Bringing us up to date, Grégoire Naacke from World Federation of Exchanges examines the key developments for the exchange-traded derivative markets in 2010. This article is part the annual survey of exchanges that WFE publishes following the IOMA conference.

Among the guest speakers at this year’s IOMA Conference will be Tony D’Aloisio, the Chairman of ASIC, Australia’s market regulator. His outlook for the exchanges in region will be of particular interest. Lobby groups hoping to spread North American and European-style market structures into Asia see the Australian market as a beachhead. Whether these markets can avoid the pitfalls of fragmentation is a question that the ASIC has addressed in innovative ways.

Exchanges are also reconsidering their regulatory duties and role as self-regulatory organizations (SROs). The question of SROs was addressed by the World Bank in a report released in January 2010. The author of that report, John Carson, gives us an overview of the question in this month’s Focus. He will expound further on the issues at the meeting in Mumbai.

If you cannot make the meeting, you can always tell us what you think at the World Federation of Exchanges forum on LinkedIn.



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