Download PowerPoint bemutató - Association of Futures Markets

Financial Derivatives in Emerging Markets:
The Challenge of Keeping Markets Locally
(Growth in the domestic derivatives market, non-resident transactions,
DMA access, algorithmic and HFT)
JSE: Johannesburg Stock Exchange
• Stock exchange founded in 1887 during the first
South African gold rush
• Derivatives exchange through SAFEX established in
1989, JSE acquired the business in 2001
• 84 different listed contracts in 8 categories
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•
•
•
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Agriculture
Bonds
Currency
Energy
Equity Index
Individual Equity
Interest Rate Derivatives
Metals (Precious and Non Precious)
Contracts / Deals
2015
2016
61,925,150
71,218,497
448,040,993
427,449,339
454,285
461,299
5,692,757
9,435,718
45,168,690
48,324,320
3,500,065
3,426,080
Category
Equities
Equity Derivatives
Bonds
Interest Rate Derivatives
Currencies
Commodities
2% 9% 1%
0%
% Change
15%
-5%
2%
66%
7%
-2%
13%
Equities
Equity Derivatives
• Number 14 in the FIA top exchanges ranking 2016,
among 81 exchanges
Bonds
Interest Rate Derivatives
• -1.9% drop respect 2015
• Equity Derivatives growth in 2016 4% in value traded
Currencies
Commodities
76%
2
ROFEX: Rosario Futures Exchange
• Founded 1909 as an agricultural futures
exchange
• 2001: started trading FX futures, first financial
futures in the country (currency, ARG-USD)
• 99% of the volume counts for one currency
futures
2016 (Jan-Dec)
1%
• Number 6 top FX contract
• 14 different listed contracts in 6 categories
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•
•
•
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FX
Interest rate
Equity index
Precious metals, Energy
Agricultural commodities
Agriculture
Currency
99%
• Number 25 in the FIA top exchanges ranking
2016, among 81 exchanges
• 53.5% growth respect 2015
3
TAIFEX: Taiwan Futures Exchange
• Founded 1998 as a financial futures
exchange
• Almost 70% of the volumen traded counts
for options on TAIFEX (stock index future)
• Number 11 top equity contract
2016 (Jan-Dec)
Others
7%
• 27 different listed contracts in 5
categories
•
•
•
•
•
Individual equity
Equity index
FX
Interest rate
Precious metals
• Number 21 in the FIA top exchanges
ranking 2016, among 81 exchanges
TAIEX
Futures
24%
TAIEX
Options
69%
• -8.6 drop respect 2015
4
How did our exchanges grow?
• Successful stories
• Lessons learned from failures
• The role of education
5
The challenge of diversification
• What do we need to expand futures trading?
• Which products are more easy to build liquidity on?
• Do these products have a common characteristic?
6
How can we build liquidity?
• Participants profile: market makers, proprietary traders, retail
investors, etc.
• Technology: DMA, HFT, algorithmic trading
7
How regulation affects trading?
• Non-resident transactions
• The trade off between regulation and burocratic cost
• Which should be the driver of regulation?
8