Exchange-traded derivatives

Erik Banks0470848413, 9780470848418, 9780470864678

Exchange-Traded Derivatives provides an overview of the global listed futures and options markets, and how individual exchanges and products are adapting to a new operating environment – an environment characterized by rapid, almost continuous, change. This book serves as an ideal resource on the 21st century listed derivative markets, products and instruments.
Divided into three parts, Exchange-Traded Derivatives begins by providing an overall understanding of the marketplace and the forces that have, and are, altering the operating environment – stressing how exchanges need to change in order to cope with the challenges. The author then provides a comprehensive description of leading established exchanges, detailing their origins and structure, range of products and services, strengths and ‘weaknesses’. The book concludes with a look at emerging marketplaces – those in developing countries as well as new “electronic” platforms – that are likely to increase in importance over the coming years.
Exchange-Traded Derivatives is a valuable reference for fund managers, corporate treasurers, corporate risk managers, CFOs and those seeking a detailed guide to the world’s derivative exchanges and products.

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Table of contents :
Exchange-Traded Derivatives……Page 4
Contents……Page 8
Acknowledgements……Page 16
Dedication……Page 18
Biography……Page 20
I.1 Overview……Page 22
I.2 Market fundamentals……Page 23
I.3 Sample futures and options strategies……Page 36
PART I THE CHANGING MARKETPLACE……Page 48
1.1 Introduction……Page 50
1.2 Deregulation……Page 51
1.3 Globalization……Page 55
1.4 Product/market competition……Page 57
1.5 New technologies……Page 58
1.6 Disintermediation……Page 64
1.7 Commercialization……Page 66
2 Responding to Challenges……Page 70
2.1 Adapting corporate structure……Page 71
2.2 Abandoning open-outcry trading……Page 78
2.3 Implementing new technologies……Page 81
2.4 Enhancing market access and product choice……Page 86
2.5 Enhancing clearing and settlement services……Page 91
2.6 Regulatory considerations……Page 93
2.7 Institutional considerations……Page 94
PART II THE ESTABLISHED EXCHANGES……Page 100
Europe……Page 102
3.1 Background……Page 104
3.5 Product offerings……Page 105
3.7 Website……Page 106
4.1 Background……Page 108
4.3 Technology platform/infrastructure……Page 109
4.5 Product offerings……Page 110
4.7 Website……Page 111
5.1 Background……Page 112
5.4 Clearing……Page 113
5.5 Product offerings……Page 114
5.7 Website……Page 115
6.1 Background……Page 116
6.4 Clearing……Page 117
6.7 Website……Page 118
7.1 Background……Page 120
7.3 Technology platform/infrastructure……Page 121
7.5 Product offerings……Page 122
7.7 Website……Page 124
8.1 Background……Page 126
8.5 Product offerings……Page 127
8.7 Website……Page 128
9.1 Background……Page 130
9.5 Product offerings……Page 131
9.7 Website……Page 132
10.1 Background……Page 134
10.4 Clearing……Page 135
10.5 Product offerings……Page 136
10.7 Website……Page 137
North America……Page 138
11.1 Background……Page 140
11.3 Technology platform/infrastructure……Page 141
11.5 Product offerings……Page 142
11.7 Website……Page 144
12.1 Background……Page 146
12.4 Clearing……Page 147
12.5 Product offerings……Page 148
12.7 Website……Page 149
13.1 Background……Page 150
13.3 Technology platform/infrastructure……Page 151
13.5 Product offerings……Page 152
13.7 Website……Page 154
14.1 Background……Page 156
14.4 Clearing……Page 157
14.7 Website……Page 158
15.1 Background……Page 160
15.5 Product offerings……Page 161
15.7 Website……Page 163
16.1 Background……Page 164
16.4 Clearing……Page 165
16.5 Product offerings……Page 166
16.7 Website……Page 167
Asia-Pacific……Page 168
17.1 Background……Page 170
17.4 Clearing……Page 171
17.7 Website……Page 172
18.1 Background……Page 174
18.4 Clearing……Page 175
18.7 Website……Page 176
19.1 Background……Page 178
19.3 Technology platform/infrastructure……Page 179
19.5 Product offerings……Page 180
19.7 Website……Page 181
20.1 Background……Page 182
20.4 Clearing……Page 183
20.5 Product offerings……Page 184
20.7 Website……Page 185
21.1 Background……Page 186
21.5 Product offerings……Page 187
21.7 Website……Page 188
22.2 Corporate structure……Page 190
22.5 Product offerings……Page 191
22.7 Website……Page 192
23.1 Background……Page 194
23.5 Product offerings……Page 195
23.7 Website……Page 196
24.1 Background……Page 198
24.5 Product offerings……Page 199
24.7 Website……Page 200
PART III THE NEW MARKETPLACES……Page 202
Overview of structure……Page 204
25.1 Background……Page 206
25.5 Product offerings……Page 207
25.6 Regulation……Page 208
25.7 Website……Page 209
26.3 Technology platform/infrastructure……Page 210
26.6 Regulation……Page 211
26.7 Website……Page 212
27.3 Technology platform/infrastructure……Page 214
27.5 Product offerings……Page 215
27.7 Website……Page 216
28.1 Background……Page 218
28.5 Product offerings……Page 219
28.7 Website……Page 220
29.2 Corporate structure……Page 222
29.5 Product offerings……Page 223
29.7 Website……Page 224
Overview of structure……Page 226
30.2 Corporate structure……Page 228
30.6 Regulation……Page 229
30.7 Website……Page 230
31.3 Technology platform/infrastructure……Page 232
31.7 Website……Page 233
32.3 Technology platform/infrastructure……Page 234
32.7 Website……Page 235
33.3 Technology platform/infrastructure……Page 236
33.7 Website……Page 237
34.3 Technology platform/infrastructure……Page 238
34.7 Website……Page 239
Summary……Page 240
Glossary……Page 244
Selected References……Page 254
Index……Page 258