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FOCUS July 2016 Issue

Welcome to the July issue of FOCUS. 

In this edition, we look at some of the key themes to emerge from the WFE Working Committee in Shanghai at the end of June. We hear from Tom Sakaris, Managing Director and General Manager, DTCC about the growth of ETPs, while Ian Cornwall from SIX Swiss Exchange and Chris LaRosa from CME Group discuss Circuit Breakers, following their facilitated session in China. Michel Prada, Chairman of the IFRS Foundation Trustees tells us about his vision for the organisation. And we have an interesting piece from MOEX Group and NSD looking at how Blockchain can move from hype to reality.

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CME Group Releases White Paper: “Clearing - Balancing CCP and Member Contributions with Exposures”

CHICAGO, January 20, 2015 – CME Group, the world's leading and most diverse derivatives marketplace, today published a white paper detailing the company's position on a variety of issues facing central counterparty clearing houses (CCPs) in today's financial markets, particularly the question of how much "skin in the game" clearing houses should contribute to a market's financial safeguards.

The paper, "Clearing – Balancing CCP and Member Contributions with Exposures," is available online at http://www.cmegroup.com/skininthegame

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CME Group Announces the Launch of Physically Delivered Gold Kilo Futures

CME Group, the world's leading and most diverse derivatives marketplace, today announced the launch of physically delivered Gold Kilo Futures contracts (contract code GCK) to begin trading on January 26, 2015, pending all regulatory review periods.

This new contract, which will be listed on COMEX, builds on CME Group's existing suite of precious metals products, and will have contract listings similar to the familiar structure of the benchmark 100 troy ounce Gold Futures contract (GC) listed on COMEX. It will be tied directly to 9999 gold prices in Hong Kong and be physically-delivered in Hong Kong to provide access to round-the-clock price discovery for the Asian gold market. Being listed on COMEX ensures customers will be able to take advantage of deep margin offsets against other benchmark COMEX products and the entire suite of CME Group products.

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WFE Interviews Kyungsoo Choi, Chairman and CEO, Korea Exchange

Author Name: Kyungsoo Choi, Chairman & CEO, Korea Exchange

Could you give us a bit of background about your exchange? 

In January 2005, the Korea Exchange, Inc. (KRX) was launched as Korea's single integrated exchange under the Korea Stock & Futures Exchange Act. 

KRX was created through the merger of the Korea Stock Exchange (KSE), the Korea Futures Exchange (KOFEX), the KOSDAQ Stock Market, and the KOSDAQ Committee, a sub-organization of the Korea Securities Dealers Association (KSDA).

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WFE Interviews Edemir Pinto, CEO, BM&FBOVESPA

Author Name: Edemir Pinto, CEO, BM&FBOVESPA

1. Could you give us an overview of your exchange? 

BM&FBOVESPA, with its vertically integrated model, is a complete exchange in terms of products and infrastructure, as a result of a merger on May 2008 between BOVESPA (the São Paulo Stock Exchange, founded in 1890) and BM&F (the Commodity & Futures Exchange, founded in 1986). It offers a diversified array of products and services ranging from trading in equities and derivatives to all stages of post-trade activities including clearing, settlement and depositary services, always at the beneficial owner level.

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Running to Stay in Place: Listed Derivatives Still Beset by Challenges

Author Name: Nick Ronalds

The news in early April that all former customers of MF Global would soon be returned all the money they were owed turns the page on one of the industry's worst traumas. It was a welcome piece of news to an industry still beset by challenges. Listed derivatives volume was up last year, but only modestly following one of the worst volume declines in decades in 2012.

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