Derivatives 2012

Larry Tabb forecasts global shifts P.14

MF Global what next? P.18

Why clearing is changing P.29

Technology breakthroughs P.72

An official publication of the Futures and Options Association

Which way now?

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Just some of the things were bringing to derivatives.

Eurex Group_FOA 2012_FOA 06.12.11 12:29 Seite 1

4 | Derivatives 2012

contents

RIsK MAnAGeMentp.48 Risk redefined Post-crisis regulatory pressures and the collapse of MF Global raises basic questions about the nature of risk and how the industry deals with it. By tom osborn

consoLIDAtIonp.52 exchange M & A: Q & ABecause of the way in which exchanges are positioned in financial markets, their mergers attract considerable interest. By Maureen Laurie

GLoBAL PAtteRnsp.54 south America looks for international expansion Latin America is reaching out to attract international investors, but collaboration with the US markets risks straying into dependence. By Dan Barnes

p.58 In to AfricaAfricas undeniable potential has been quoted for decades, but why do its exchanges still face major challenges? By caroline Allen

p.60 oases of liquidityDespite efforts to diversify, Middle Eastern exchanges are still heavily dependent on commodities, says Dan Barnes

p.62 Russian merger promiseThe merger of RTS and Micex promises much. What will it deliver? By Vanya Dragomanovich

p.66 china snapshot all the right moves Chinese futures exchanges, already large, are part of a steady and planned expansion of economic activity in this important global market. By Dean owen

p.70 Indias exchange coming of ageIndias finance sector is today coming into its own on the global stage. By sujit Kadakia

tecHnoLoGYp.72 Latency, twitter and lie detectionHow is continuing innovation in technology likely to affect trading, risk management, HFT/Algo and data management? By Hirander Misra

p.75 Does algo trading out-run surveillance?Major exchanges now attract huge electronic trading traffic. Such data is the raw material for market surveillance. By John Parry

p.76 Algos grow upAre algos the irresponsible products of the Gameboy generation? By John Parry

p.48 Risk redefined Post-crisis regulatory pressures and the collapse of MF Global mean basic questions about the nature of risk and how the industry deals with it are being asked. By tom osborn

p.72 Latency, twitter and lie detection How is continuing innovation in technology likely to affect trading, risk management, HFT/Algo and data management? By Hirander Misra

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