NO 231 – MAY 2012
Shaping the future of Europe's financial markets

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WFE Focus January 2012
New products

CBOE Futures Exchange to create stock index variance futures
The CBOE Futures Exchange and DRW Trading Group have completed an agreement that will allow CFE to use DRW’s patent-pending methodology to create variance futures that, for the first time, match the quoting conventions and economic performance of OTC stock index variance swaps. CFE plans to introduce a new futures contract based on the variance of the S&P 500 later this year, subject to regulatory approval. It will measure the difference between the expected and actual variance of the underlying instrument over a fixed time period.

CME Group launches Black Sea wheat futures contract
CME Group launched CBOT Black Sea Wheat Futures to begin trading on 6 June 2012, subject to regulatory approval. These contracts will be listed with, and subject to, the rules and regulations of the CBOT.

Hong Kong Exchanges to launch renminbi futures
Hong Kong Exchanges and Clearing plan to introduce Renminbi currency futures in the third quarter of this year, subject to regulatory approval and market readiness. The planned USD/CNH futures contract is designed to provide a way for investors to hedge RMB exposure.

London Stock Exchange Group welcomes first RMB-denominated retail bond
On 2 May 2012, the London Stock Exchange Group welcomes its first Renminbi-denominated bond to the Order book for Retail Bonds (ORB), the LSEG’s electronic market for trading in corporate and government bonds. The new bond is the first non-Sterling denominated bond open for on-exchange trading by private investors.

NASDAQ OMX launches new options on MSCI indexes
The NASDAQ OMX Group launched MSCI Emerging Markets and MSCI EAFE index options, both offered at NASDAQ OMX PHLX. The MSCI Emerging Markets Index tracks equity market performance in emerging markets, covering large and mid-cap securities in all industries; the MSCI EAFE Index is comprised of stocks from 22 developed markets outside of North America, including Europe, Australasia and the Far East. The launch of these options provides institutional investors with important tools for managing their portfolios benchmarked to MSCI equity indices.

Osaka Securities Exchange launches DJIA futures
The Osaka Securities Exchange will launch futures contracts based on the Dow Jones Industrial Average on 28 May 2012. This launch results from a strategic partnership with CME Group. OSE and CME Group also cooperate on the launch of E-micro futures contracts based on the Nikkei Stock Average to be listed and traded on CME.

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