Philadelphia Board of Trade: Wiederauferstehung am 06.10.06
The Philadelphia Stock Exchange Announces Re-Launch Of Philadelphia Board Of Trade - PBOT To Offer Fully Electronic Futures Marketplace, Innovative Product Greenhouse
(12.09.06) - The Philadelphia Stock Exchange (PHLX) announced today that its wholly owned subsidiary, the Philadelphia Board of Trade (PBOT), will re-launch as a fully electronic marketplace on October 6. PBOT’s marketplace will leverage the established success of the PHLX XL options trading platform and will position itself as a product “greenhouse,” to market novel products and trading instruments that complement existing futures product suites trading in the US and internationally.
“Our overall strategy of utilizing our proprietary platform to support trading in multiple assets classes is well on its way to delivery with the addition of PBOT to the PHLX electronic trading environment,” said Meyer “Sandy” Frucher, PHLX’s chairman and CEO. “PBOT will ultimately be a destination for a diverse array of new futures product classes with an expanded selection of maturities. Our performance in the options space has demonstrated our superior trading technology, an attractive market model and an eagerness to bring new products to market. We believe that working with strategic partners in the fertile futures arena will enhance the trading choices across the spectrum of institutional and retail end-users,” said Frucher.
PBOT was originally approved as a designated contract market by the Commodity Futures Trading Commission (CFTC) in 1985 with a plan to list futures - style products on interest rates and foreign currencies. Trading volume in these products increased in the late nineties with concurrent volume increases in PHLX foreign currency options. When competitive market changes began to favor an electronic forum, trading activity on PBOT declined to the point that its contract market designation was rescinded for dormancy in 2005. During this timeframe, PHLX concentrated its efforts on the build out of a securities options streaming market model.
In 2006, PHLX management, in concert with the Board of Governors, put in place all the necessary regulatory, governance and operational infrastructure for the evolution of the PBOT model, the re-launch of which is which is a critical component of the Exchange’s global strategy to offer to the capital markets one seamless connection to three marketplaces (equities, options and futures). Accordingly, CFTC approved PBOT’s application for reinstatement as a designated contract market on May 26, 2006.
“The futures space has pent-up demand for new trading vehicles,” said Frucher, “and we are eager to partner with firms and bring that intellectual capital to the market. The re-invention of PBOT is a key first step to moving our exchange model to its ultimate position as a single point of access for firms through which they can execute transactions in three distinct marketplaces for thousands of different products that the investing public can use in their portfolios. When coupled with an integrated pricing model, we think PHLX and PBOT will be in the vanguard of American exchanges.”
The Philadelphia Stock Exchange was founded in 1790. The PHLX trades 1,943 stocks, 2,231 equity options, 19 sectors index options, and currency options and futures. For more information about the PHLX and its products, visit http://www.phlx.com.
The Philadelphia Board Of Trade To Begin Trading Futures On British Bankers’ Association BBA LIBOR™
(13.09.06) - The Philadelphia Stock Exchange (PHLX) and its wholly owned subsidiary Philadelphia Board of Trade (PBOT) announced today that it will list for trading products on British Bankers’ Association (BBA) LIBOR reference rates on October 6 subject to final regulatory approval. Through an agreement with Derivative Designs, PBOT will become the global exchange host for an entirely new line of short-term interest rate futures products. PBOT’s first product listing will be Daily Expiry™ US Dollar BBA LIBOR™ Futures with the initial listing of a daily maturity for every business day the U.S. Federal Reserve is open for eleven and a half years (for example, October 2006 through April 2018). The Options Clearing Corporation (OCC) will clear all PBOT trades.
" PBOT introduces a new market model for the benefit of traders seeking the opportunity to choose specific daily LIBOR maturity dates supported by PHLX streaming quote technology and OCC’s AAA credit rating,” said PHLX vice president of new products, Daniel Carrigan. “By partnering with Derivative Designs, the British Bankers’ Association and the Options Clearing Corporation, PBOT is positioned to offer an exchange-traded alternative to the OTC interest rate swap market with each trading day covered for the next 11 ½ years,” he said.
Ian Mullen, chief executive of the British Bankers' Association said: "I am delighted that the British Bankers' Association has been able to grant an exclusive license to Derivative Designs to enable this innovative product to be launched on the Philadelphia Board of Trade. The derivatives industry will now be able to provide a seamless hedge covering every single trading day of the year. This first product in a forthcoming range of new BBA LIBOR™ based derivatives offers increased efficiency to the financial markets and creates new opportunities for all participants."
“We are pleased to be the clearinghouse for the Philadelphia Board of Trade as it provides an innovative approach to interest rate futures,” said Michael Cahill, president and chief operating officer of The Options Clearing Corporation. “The OCC stands ready to support the PBOT product launch with a fully functional, efficient and cost effective futures clearing system.”
Pierre Wolf, a founding partner of Derivative Designs and Managing Director of the Derivative Products Group at Fimat, LLC states: “The futures market has waited years for this innovative solution - complete anonymity to trade LIBOR swaps and options, an exclusive BBA license to ensure credibility and symmetry with the over the counter market, an open platform to the entire industry ensures equality of access and liquidity, and a AAA credit counterparty with the OCC.”
Todd McCormick, also a managing director of the DPG group at Fimat, LLC and founding partner of Derivative Designs, said, “We have designed a series of hybridized fixed income derivatives, taking the best aspects of both the OTC and listed worlds, while eliminating the counterpart credit management matrix. This solution is elegant in its simplicity. Subsequent to the product launch, we will roll out D.E.L.T.A., the Daily Expiry LIBOR Trading Assistant, a block-execution portal to replicate Fixed / Floating swaps for two or more reset periods. The portal will have innovative private negotiating tools for deal terms and execution. Further, executed trades will be reported to PBOT for straight through processing to OCC to clearing firms utilizing Sungard bookkeeping software. We believe this technology will streamline multi contract trading.”
Product Specifications: http://www.phlx.com/news/pr2006/091306.pdf
@ Newstrader und andere
Zitat: 'It's a dealer market; they like their market the way it is.
Diesen Satz sollte man in Stein meißeln!
Ein viel zu oft, viel zu unbeachtetes Element bei der Entwicklung neuer Produkte an den Finanzmärkten.'
Wie ist Ihre Meinung zum ersten Kontrakt am PBOT ? Wenn ich es richtig verstehe, hat dieser rund 2.500 verschiedene (tägliche) Fälligkeitstermine.
@ Richard Ebert [#3]
Generell: Eine originelle Idee in den USA eine Futuresbörse zu eröffnen - das hat dort noch gefehlt! ;-)
Das Zitat von oben passt hier ganz genauso.
Ein funktionierender Geldmarkt ist essentiell für das Funktionieren des gesamten weltweiten Finanzmarktes. Es dürfte hier kaum Interesse bestehen etwas an der Struktur des Marktes zu verändern.
Der OTC Handel stellt gerade bei den Termingeschäften kurzen Laufzeiten einen erheblichen Faktor zur Steigerung der Liquidität dar. Daß hier ein Interesse an einer "Anonymisierung" gibt wage ich zu bezweifeln. Gecleartes Handel ist bei Termingeschäften mit kurzer Laufzeiten nicht unbedingt ein schlagendes Argument. Meines Erachtens sprechen auch die Umsätze an den Futures in Chicago eine andere Sprache. Hier liegt das Interesse eher bei den etwas längeren Laufzeiten. Gäbe es tatsächlich einen solchen Bedarf, müßte das Interesse bei den Frontmonaten größer sein.
http://www.cme.com/html.wrap/wrappedpages/end_of_day/daily_settlement_prices/ed.html
http://www.cme.com/html.wrap/wrappedpages/end_of_day/daily_settlement_prices/em.html
Die CME-Futures (und auch die Eurex- und Euronext-Futures) sind übrigens ein gutes Beispiel dafür, daß es bereits ausreichend Möglichkeiten gibt mittelfristige Kredit- UND Zinsrisiken durch den Handel in geclearten Kontrakten zu reduzieren. Die Möglichkeiten gibt es, und sie werden bereits genutzt. Die entsprechenden Futures gehören zu den meistgehandelten der Welt.
http://www.terminmarktwelt.de/cgi-bin/nforum.pl?ST=12181&CP=0&F=47
Das es einen zusätzlichen Bedarf an neuen Kontrakten gibt ist kaum anzunehmen.
Und schließlich darf man auch nicht vergessen: der Geldmarkt hat einen ganz klaren Schwerpunkt in London. Es düfte dem PBoT kaum gelingen dort einzubrechen. Nicht von Philadelphia aus!
gruß
@ newstrader [#4]
Danke für Ihre ausführliche Meinung !
Die Philadelphia Board of Trade ist aber keine neue Terminbörse, an ihr wurden schon früher Futures, besonders auf Währungen gehandelt, 1996 noch fast 50.000 Kontrakte, 1999 die letzten 251, im gleichen gleichen Jahr 300.000 Philli Währungs-Optionen.
Credit derivatives market expected to reach $33 trillion by end of 2008
21/09/2006
The global market in Credit Derivatives is expected to rise to $33 trillion by the end of 2008 according to a new report to be published by the British Bankers' Association (BBA) at its Credit Derivatives conference today (Thursday September 21).
The report, based on a survey of market leaders in credit derivatives, predicts that London will remain one of the world's dominant centres for credit derivatives products with its annual trading volume estimated to be over $7 trillion by the end of 2006.
According to the practitioners surveyed, banks, hedge funds and insurance companies constitute the majority of market participants. The product offering in the credit derivatives market has continued to evolve rapidly. As investors chase returns, the intensive use of particular products has continued to shift as quickly as product development.
Ian Mullen, Chief Executive of the BBA said: "The diversity of the range of credit derivatives products continues to expand and since the first BBA survey was published in 1996, the market has risen exponentially.
"London remains very attractive as a key centre for trading in credit derivatives, as evidenced by its 40 per cent share of the market. This is driven by the concentration of financial services in the City and Canary Wharf together with a deep skilled labour pool, proximity of high quality support services and appropriate regulation."
http://www.bba.org.uk/bba/jsp/polopoly.jsp?d=145&a=7672
@ newstrader [#4]
Mit Ihrer Meinung haben Sie ins Volle getroffen. Die BBA Futures laufen seit drei Wochen unter 'Futures, die die Welt nicht braucht'.
http://www.phlx.com/pbot/reports/daily/PBOT_Daily_Detail_20061006.htm
The Philadelphia Board Of Trade (PBOT) Announces Launch Of World Currency Futures - PBOT Designates IKON Global Markets As Market Maker - Fortis Clearing Americas Joins PBOT
28/08/07
The Philadelphia Board of Trade (PBOT) announced today that it launched four new World Currency Futures (WCFs) covering the Australian Dollar (AD9), Canadian Dollar (CA9), Japanese Yen (JY9), and the Swiss Franc (SF9). Together, they compliment the previously launched British Pound (BP9) and Euro (EU9). The size of each PBOT World Currency Futures contract is 10,000 units of the underlying currency (1,000,000 for the Japanese Yen).
IKON Global Markets has been designated as market maker to provide liquidity and Fortis Clearing Americas, a division of Fortis Bank of Amsterdam, has joined PBOT as a member firm to offer clearing services.
IKON Global Markets is the premier provider of on-line trading services in the foreign exchange, futures and commodities marketplace for both individual traders and registered partners.
Fortis is an international provider of banking and insurance services to personal, business and institutional customers.
"PBOT World Currency Futures have the same underlying contract size as PHLX World Currency Options creating (WCOs) “mirror” contracts to allow traders the choice to place foreign exchange trades in either securities or futures accounts," said Daniel R. Carrigan, PHLX’s vice president of new product development. "Retail securities investors have demonstrated confidence in PHLX WCOs with the accumulation of open interest of 139,870 contracts. Accordingly, WCFs were created for investors seeking to express their views with retail-sized foreign currency futures” he said.
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Kann mir jemand einen Link geben, wo ich Kurse und Umsatzzahlen der PBOT Futures finden kann ?
Theoretisch hier: http://www.phlx.com./pbot/reports/Daily_Market_Statistics.asp?date=08-28-2007#calendar
Mir ist bei Durchsicht der Kontraktspezifikationen aufgefallen, dass es die FX Futures mit jedem Kalendermonat als Fälligkeit gibt, vielleicht versucht man sich da einen Wettbewerbsvorteil gegenüber der CME zu verschaffen. Ich persönlich bezweifle allerdings, dass dieser Markt irgendwann auch wirklich Volumen generieren kann.
@ goso [#9]
Bei den BBA Zinsfutures sollten sogar 11 1/2 Jahre im Voraus mit Fälligkeitsterminen an JEDEM Geschäftstag gehandelt werden [#2].
Wie ich aus dem Link entnehmen kann, sind dort nur Null-Zahlen für Umsatz und Kontraktbestand zu finden. Jetzt ist mir klar, was mit 'theoretisch' gemeint war.