NO 227 – JANUARY 2012

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WFE Focus January 2012
New products

BME launches first ETF on IBEX 35 double short
On 12 December 2011, BME (the Spanish Stock Exchange) started trading a new ETF called Lyxor ETF IBEX 35 daily double short. It offers double short exposure to the daily return on the IBEX 35 net return through the investment of an initial capital plus an equivalent loaned capital. A negative daily return on the IBEX 35 net return yields a positive return, but double that amount for the IBEX 35 double short and vice versa.

BM&FBOVESPA launches reference exchange rates
On 19 December 2011, BM&FBOVESPA started the daily calculation and publication of reference exchange rates. They are calculated based on spot US dollar trades and orders on the electronic trading platform, and published every day.

CBOE Futures Exchange launches security futures trading in emerging markets volatility index
On 9 January 2012, CBOE Futures Exchange launched trading in security futures on the CBOE Emerging Markets ETF volatility index. It reflects the implied volatility of the iShares MSCI Emerging Markets Index ETF. In addition to hedging emerging markets volatility exposure, it allows market participants to trade cross-index or cross-asset volatility.

Hong Kong Exchanges to introduce HSI volatility index futures
On 20 February 2012, Hong Kong Exchanges and Clearing will introduce trading of HSI Volatility Index. It will be compiled by Hang Seng Indexes, and will measure the expected volatility of Hang Seng index over the next 30 days implied by the index options prices.

NASDAQ OMX Commodities Europe to launch electricity certificates
NASDAQ OMX Commodities Europe plans to launch Swedish-Norwegian electricity certificate instruments in mid-2012 for trading and clearing. The suite of instruments will include physically delivered spot and forward contracts.

NYSE Liffe US launches DTCC GCF repo index futures
NYSE Liffe US, the US futures exchange of NYSE Euronext, has secured an exclusive license to launch futures contracts based on the Depository Trust and Clearing Corporation’s proprietary DTCC GCF (General Collateral Finance) Repo Index. It was created to enhance transparency and liquidity in the multi-billion-dollar GCF repo market. It tracks the average interest rate paid each day for the most traded general collateral repos involving US Treasury securities, Agency securities and Agency mortgage-backed securities. NYSE Liffe US futures on the DTCC GCF Repo Index are expected to launch in early 2012 and will benefit from the powerful “one-pot” margin efficiencies of New York Portfolio Clearing.

Tokyo Financial Exchange to launch six-month Euroyen LIBOR futures
On 30 January 2012, the Tokyo Financial Exchange will launch a six month LIBOR Euroyen futures contract.

Warsaw Stock Exchange launches knock-out certificates
On 15 December 2011, the Warsaw Stock Exchange introduced to trading leverage knock-out certificates. These instruments use financial leverage and offer the opportunity to make a profit on an increase or decrease of stock prices of selected companies or indices with a low capital investment. Each instrument has its counterparts in the form of long and short leverage certificates.

Warsaw Stock Exchange lists bonds series on Catalyst
On 4 January 2012, the Warsaw Stock Exchange introduced the first of two series of 5-year bonds to be listed on its Catalyst market. The second series issue is currently under preparation and will be addressed to individual investors.

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