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WFE Focus April 2011
New products

CBOE Futures Exchange launches futures on CBOE gold ETF volatility index

The CBOE Futures Exchange has launched security futures trading on the CBOE Gold ETF Volatility Index, further expanding tradable CFE volatility products into a new asset class. The Gold VIX is an up-to-the-minute market estimate of the expected 30-day volatility of gold, calculated using real-time bid/ask quotes of gold options listed on CBOE.

CBOE launches options on volatility indexes of individual stock, crude oil ETFs and gold ETF volatility index

The Chicago Board Options Exchange has filed for SEC’s approval to list options based on recently-created volatility indexes that track individual stocks, using CBOE volatility index methodology. The CBOE’s rule filing would also permit the trading of options on the CBOE crude oil ETF volatility index. In addition, on 12 April 2011, the exchange began offering trading in options on the CBOE gold ETF volatility index.

CBOE announces formation of VIX Network

The Chicago Board Options Exchange, in association with Standard & Poor’s announced the formation of the VIX Network, a global network of exchanges with agreements regarding use of CBOE’s VIX methodology.

CME Group expands suite of industrial metals products with three new swap futures

The CME Group expanded its suite of over the counter products to meet the risk management needs of the global steel industry. On 18 April 2011, three financially settled steel contracts have been listed on CME ClearPort and started trading on the New York trading floor. These contracts are listed by and subject to the rules of NYMEX.

ICE Futures Europe introduces first Brent crude crack spreads

On 14 March 2011, ICE Futures Europe, a subsidiary of IntercontinentalExchange, introduced the first Brent crude crack spreads to US-refined products. Crack spreads are a specific spread trades involving simultaneously buying and selling contracts in crude oil and one or more derivative products, typically gasoline and heating oil. Oil refineries may trade a crack spread to hedge the price risk of their operations, while speculators attempt to profit from a change in the oil/gasoline price differential.

Korea Exchange lists USD futures inverse ETF

On 1 April 2011, the Korea Exchange listed the KOSEF USD Futures Inverse ETF, which is designed in such a way that the net asset value moves inversely with the daily return of underlying asset, the USD futures. Since the net asset value of this ETF increases when the value of Korean Won appreciates against the US dollar, this ETF can be used to effectively hedge against the exchange rate fluctuations, when investing in the products exposed to risk of exchange rate volatility.

Osaka Securities Exchange adds new currency pairs

The Osaka Securities Exchange has added two currency pairs to its foreign exchange margin trading (OSE-FX), ZAR/JPY and AUD/USD, with a view point of improving market convenience.

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