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International Developments in Futures and Options

International Developments in Futures and Options. Kelong Yan BA 543 May 18, 2011. Roadmap. The Origin Modern Exchange Markets Markets in Developed and Developing Countries LIFFE CBOT & CBOE China Supplement: Trading Floor Evolution Modern vs. Historical.

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International Developments in Futures and Options

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  1. International Developments in Futures and Options Kelong Yan BA 543 May 18, 2011

  2. Roadmap • The Origin • Modern Exchange Markets • Markets in Developed and Developing Countries • LIFFE • CBOT & CBOE • China • Supplement: Trading Floor Evolution • Modern vs. Historical

  3. The Origin of Futures & Options Ancient Greece& Rome 12th Century: The Royal Exchange opened in 1571

  4. Modern Futures and Options Started at The Chicago Board of Trade ( CBOT) in 1848 • Major sorts of Futures & Options

  5. Major Exchanges Worldwide • Over 75 Exchanges (refer to next page) • LIFFE, CBOT and exchanges in China

  6. History of Mergers • Chicago Mercantile Exchange +Chicago Board of Trade = CME Group • CME Group merged with NYMEX • NYSE Euronext bought LIFFE

  7. CBOT &CBOE 1848: COBT created 1864:the 1st ever standardized "exchange traded" forward contracts 1973: CBOT created the CBOE(the Chicago Board Options Exchange ) 2007, CBOT merged, and formed CME GROUP

  8. London International Financial Futures and Options Exchange (LIFFE) • 1982: LIFFE founded • 1993: LIFFE merged with LTOM(London Traded Options Market ) • 1996: It merged with the London Commodity Exchange (LCX), and became Europe’s biggest futures exchange • By 1998: LIFFE lost market power, why?

  9. LIFFE • 1998: Move to electronic trading, LIFFE CONNECT created • 2002: LIFFE was acquired by Euronext, power recoverd

  10. Chinese Exchanges • China • 1990 Futures Market established why it was so late? • 1992 CSRC (China’s Securities Regulatory Commission) • Future Opportunities

  11. Trading Floor Evolution • HistoricStyle • Traditional Open Outcry • Intangible value • Excitement &Speed • Source of Revenue • and Cost • Modern Style Electronic Platform • Speed • Cost • Stability VS

  12. Conclusion • Roles of futures & options in financial world • Development Trend

  13. Growth of Futures/Options

  14. Conclusion • Issues & Risks of exchanges around the world

  15. References • http://en.wikipedia.org/wiki/Chicago_Board_of_Trade • http://en.wikipedia.org/wiki/London_International_Financial_Futures_and_Options_Exchange • http://fpc.org.uk/articles/127 • http://www.marketwatch.com/story/cme-group-nymex-in-merger-talks • http://www.cmegroup.com/company/history/magazine/Summer2007/LongTimeComing.html • http://www.marketswiki.com/mwiki/History_of_Futures_in_China • http://freephotooftheday.com/category/currency/ • http://worldpayment-solutions.com/images/images/iStock_000002620177Large(1).jpg

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