CHICAGO (Reuters) - Global trading of futures and options contracts jumped 26 percent last year, with Asian dominating trade for the first time, the Futures Industry Association said on Tuesday [March 15]. Contracts traded on Asian derivatives exchanges surged 43 percent to 8.86 billion contracts in 2010, the FIA, a Washington-based industry group, said in its annual report. Trading in North America, which until 2009 had listed derivatives trading, rose 13 percent to 7.17 billion contracts in 2010. All told, 22.3 billion futures and options contracts changed hands at exchanges around the world last year.
BOCA RATON, Fla. (Reuters) - Top U.S. futures regulator Gary Gensler is acting a bit too much like his counterpart Mary Schapiro at the Securities and Exchange Commission - and it's making people nervous. Many derivatives executives are worried the head of the Commodity Futures Trading Commission is being too heavy-handed as he rewrites rules for the vast over-the-counter market, interviews at the Futures Industry Association's annual conference this week show.
Direct market access is a technological innovation that arrived on the scene as a way to speed up the execution of trades. Fueled by traders' demands to adopt another cutting edge trading innovation, high-frequency trading (HFT), direct access shaves off inefficiencies from the traditional broker execution process. In this article, the author examines the nature of direct access, its benefits and relationship with HFT, pro and con arguments for its existence, and related industry developments. The Futures Industry Association Market Access working group suggested housing the clearing venues at exchanges, to ensure that no trader incurs a latency penalty following his decision to use distant broker. The working group recommended parameters for a risk communication protocol. The working g...
Gary Gensler sat quietly while the Futures Industry Association Expo whirled around him. Gensler's stance has been clear regarding hard position limits in energy futures since last summer when he testified before Congress. CME Group CEO Craig Donohue said they were prepared to accept hard limits after providing a detailed warning as to possible negative consequences. During the hearing, Gensler noted that there was a significant distinction between the current position accountability levels and hard position limits, and has said on several occasions that the current freedom from hard limits is a relatively recent development. CME Group argues that an exchange trading a contract with half the liquidity of a similar CME Group contract would benefit from an equivalent limit double that of ...
CHICAGO (HedgeWorld.com) - Two newly appointed commissioners of the Commodity Futures Trading Commission extolled the virtues of the regulator's "principles-based" approach to market regulation, and made the case for the CFTC's jurisdiction in the blowup of energy- trading hedge fund Amaranth Advisors LLC. Bart Chilton and Jill Sommers, sworn in as CFTC commissioners in early August, addressed a Futures Industry Association luncheon Tuesday [Oct. 16] at the Metropolitan Club of Chicago.
Andy Abraham says he's been following Asian markets on paper for years, but only now is he looking to trade them in a serious way. The opportunities are there, the New York-based commodity trading advisor (CTA) said at this year's Futures Industry Association Expo in Chicago, right after meeting with representatives from the Tokyo Commodity Exchange. Indeed, regulatory regimes across Asia have been relaxing restrictions on access to their markets for foreign institutions and many exchanges have responded by upgrading their technology to handle electronic orders delivered via the FIX Protocol. The opportunities in Asia are amazing, but people are really just now beginning to see local Asian traders coming into the arena, says Hong Kong trader Chris Tam, a principal with Future Gate Inves...
The author admits she has never seen new Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler speak before an audience. It isn't because he's been shy: since he joined the CFTC last year he has stormed through trading-related organization meetings giving speeches, reminiscent to Sherman's army. And as the opening keynote at the Futures Industry Association's annual meeting in Boca Raton, FL, Gensler did not disappoint. He has used the Chicago fire metaphor before, stating that the result was stronger building codes. And he's said repeatedly that the multi-trillion dollar OTC market remains largely unregulated and the most important parts of financial regulation must include that largely "standardized" OTC derivatives be centrally cleared and that dealers be regulated. The f...
Commodity Futures Trading Commission Chairman Gary Gensler reiterated his goal of moving over-the-counter derivatives to central clearinghouses while speaking before an audience of futures professionals at the Futures Industry Association's annual conference in Boca Raton, FL. At the same conference, Martha Tirinnanzi, chairperson of the clearinghouse working group of the Federal Housing Finance Agency (FHFA), said she will nor wait for new rules to mandate clearing before moving the FHFA's book of OTC interest rates swap into a clearinghouse. Tirinnanzi said the FHFA will begin clearing OTC swaps within one to two months.
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