NO 238 – DECEMBER 2012
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WFE Focus December 2012
New products

CBOE Futures Exchange launches S&P 500 variance futures

On 10 December 2012, CBOE Futures Exchange launched trading in S&P 500 Variance futures contract. Like OTC variance swaps, it allows users to trade the difference between the implied and realized variance of the S&P 500 index. It is designed to offer benefits to both existing OTC users and to customers who have not traditionally participated in the OTC variance swap market.

Deutsche Börse launches first ETC on commodity basket excluding agriculture and livestock

On 29 November 2012, Deutsche Börse launched on Xetra the Ex-Agriculture and Livestock ETC. It enables investors to participate for the first time in the performance of a commodity basket excluding the agricultural and livestock sectors. The ETC tracks the performance of the commodity future from the energy, industrial metals and precious metals sectors.

Eurex to launch regional and emerging markets index derivatives

Eurex Exchange has signed a licensing agreement with the index provider MSCI. In the course of 2013, Eurex aims to launch derivatives on around 10 regional and 20 country indices. The offering will comprise the major regional indices for developed markets like the MSCI World and MSCI Europe indices and a broad coverage of emerging markets and the respective country indices, including the MSCI Emerging Markets and MSCI Frontier Markets indices. The new index derivatives will provide Eurex clients access to emerging markets, which become increasingly important for global investors.

Hong Kong Exchanges list ETFs tracking platinum and silver

On 28 November 2012, Hong Kong Exchanges and Clearing listed three precious metals-related ETFs, including the Exchange’s first silver and platinum ETFs: the Physical Gold ETF, the Physical Silver ETF and the Physical Platinum ETF are designed to track the London benchmark prices of the respective metals.

IntercontinentalExchange to launch new FX products

On 28 January 2013, IntercontinentalExchange will launch two new cash-settled foreign exchange futures contracts on ICE Futures US: the Indian rupee/USD and the Brazil real/USD. The Indian rupee futures contract offered by ICE will be the first US exchange futures contract on this currency.

ISE to launch mini options

On 18 March 2013, the International Securities Exchange will start trading in Mini Options, after having received Securities and Exchange Commission’s approval for this innovative new product offering. Mini options will represent a deliverable of 10 shares of an underlying security, whereas standard contracts represent a deliverable of 100 shares.

Johannesburg Stock Exchange lists first Namibian government bond

The Republic of Namibia listed its first Rand-denominated government bond on the Johannesburg Stock Exchange. With a ZAR 3 billion medium term note program approved, the first tranche is an issuance of ZAR 850 million.

Johannesburg Stock Exchange to launch Zambian grain contracts

The Johannesburg Stock Exchange has secured the approval from the South African Reserve Bank to offer trade in Zambian grain contracts traded and cleared in USD in collaboration with the Zambia Agricultural Commodities Exchange. The new products are aimed at being introduced by the end of the first quarter of 2013.

Luxembourg Stock Exchange lists first bonds from European Stability Mechanism

On 11 December 2012, three bonds from the European Stability Mechanism (ESM) were listed and admitted to trading on the Luxembourg Stock Exchange’s regulated market. The three bonds, floating rate notes for a total issue amount of EUR 30.5 billion, were the first notes under the ESM’s debt issuance program.

Tel-Aviv Stock Exchange to launch weekly options on TA-25 index

The Tel-Aviv Stock Exchange’s Board of Directors approved to launch weekly options and futures on the TA-25 index. The terms of weekly options will be identical to those of monthly options, with the exception that their lifetime is only one week. Trading in weekly options is expected to start towards the end of the second quarter of 2013.

Zhengzhou Commodity Exchange launches glass futures

On 3 December 2012, Zhengzhou Commodity Exchange launched glass futures.