International Developmen ts in Futures and Options Kelong Yan BA 543 May 18 2011 Roadmap The Origin Modern Exchange Markets Markets in Developed and Developing C ountries LIFFE CBOT CBOE China Supplement Trading Floor Evolution Modern vs Historical The Origin of Futures Options Ancient Greece Rome 12th Century The Royal Exchange opened in 1571 Modern Futures and Options Started at The C hicago Board of T rade CBOT in 1848 Major sorts of Fu tures Options Major Exchanges Worldwide Over 75 Exchanges refer to next pag e LIFFE CBOT and exchanges in China International Options and Futures Markets Buenos Aires Cereal Exchange Mercado Abierto Electronico SA Rosario Board of Trade Buenos Aires Futures Market Merfox Rosario Futures Exchange Australian Derivatives Exchange Wuhan Securities Exchange Centre Tokyo Grain Exchange Hong Kong Futures Exchange Tokyo International Financial Futures Exchange Shenzhen Mercantile Exchange Moscow Interbank Currency Exchange Russian Exchange Niigata Securities Exchange St Petersburg Futures Exchange China Commodity Futures Exchange Inc of Hainan Japan Securities Dealing Association Moscow Commodity Exchange Finnish Options Exchange Kammon Commodity Exchange Helsinki Exchanges Kansai Agricultural Commodities Exchange MONEP Cubu Commodity Exchange Saudi Arabian Monetary Authority Singapore Commodity Exchange Ltd Singapore International Monetary Exchange Ltd Commodity Exchange of Ljubljana MATIF Sapporo Securities Exchange Deutsche Terminborse Yokohama Raw Silk Exchange Athens Derivatives Exchange Amman Financial Market Spanish Options Exchange Bahia Sergipe Alagoas Stock Exchange Chinese Gold and Silver Exchange Society The Kuala Lumpur Options Financial Futures Exchange Citrus Fruit and Commodity Market of Valencia Brazilian Futures Exchange Budapest Commodity Exchange Malaysia Derivatives Exchange Spanish Financial Futures Market Pernambuco and Paraiba Stock Exchange Madhya Pradesh Stock Exchange Commodity and Monetary Exchange of Malaysia The Swedish Futures and Options Market Mexican Derivatives Exchange Swiss Options Financial Futures Exchange AG Asian Capacity Exchange Sydney Futures Exchange Securities Exchange of Barbados Minas Espirito Santo Brasilia Stock Exchange The Commodities Futures Exchange The OTC Exchange of India Capital Market Supervisory Agency AEX Agricultural Futures Exchange Indonesian Commodity Exchange Board AEX Options Exchange Sofia Commodity Exchange Montreal Exchange Italian Derivatives Market Canadian Venture Exchange Italian Financial Futures Market Winnipeg Commodity Exchange Tokyo Commodity Exchange Bolsa Electronica de Chile Maebashi Dried Cocoa Exchange China Zhengzhou Commodity Exchange Osaka Textile Exchange Guandong United Futures Exchange Kobe Raw Silk Exchange Shanghai Cereals and Oils Exchange Kobe Rubber Exchange Beijing Commodity Exchange Nagoya Textile Exchange Osaka Securities Exchange Financiele Termijnmarkt Amsterdam NV New Zealand Futures Options Exchange Ltd Muscat Securities Market Manila International Futures Exchange South African Futures Exchange Swiss Exchange London International Futures Options Exchange The Baltic Exchange London Metal Exchange The London Securities and Derivatives Exchange Warsaw Commodity Exchange International Petroleum Exchange of London Ltd Oporto Derivatives Exchange Tradepoint Investment Exchange Romanian Commodities Exchange Sibiu Monetary Financial and Commodities Exchange History of Mergers Chicago Mercantile Exchange Chicago Board of Trade CME Group CME Group merged with NYMEX NYSE Euronext bought LIFFE CBOT CBOE 1848 COBT created 1864 the 1st ever standardized exch ange traded forward contracts 1973 CBOT created the CBOE the Chica go Board Options Exchange 2007 CBOT merged and formed CME GROUP London International Financial Futures and Options Exchange LIFFE 1982 LIFFE founded 1993 LIFFE merged with LTOM Londo n Traded Options Market 1996 It merged with the London Com modity Exchange LCX and became Europe s biggest futures exchange By 1998 LIFFE lost market power wh y LIFFE 1998 Move to electronic trading LIFFE CON NECT created 2002 LIFFE was acquired by Euronext power r ecoverd Chinese Exchanges China 1990 Futures Market established why it was so late 1992 CSRC China s Securities Reg ulatory Commission Future Opportunities Trading Floor Evolution Historic Style Modern Style Electronic Platform Traditional Open Outcry Intangible value Speed Cost Stability Excitement Speed Source of Revenue and Cost VS Conclusion Roles of futures options in financial world Development Trend Growth of Futures Options Conclusion Issues Risks of exchanges around t he world 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