Futures exchange

A futures exchange (including derivatives exchange or options exchange ) is a stock exchange are carried at the forward contracts ( futures and options). These are transactions that are conducted only in the future. The contracts are due to close today. In contrast, the spot exchange where the fulfillment of the concluded contract "immediately" takes place, ie at least within two days.

Background

The largest and probably most well-known futures exchanges are the German -Swiss EUREX, to which also belongs since 2007 Chicago Mercantile Exchange ( CME), Chicago Board of Trade ( CBOT ) and the London International Financial Futures Exchange ( LIFFE ). In addition to other major futures exchanges ( only eight in the U.S.) also exist in many countries, many futures exchanges with only regional importance. In Germany there next to the EUREX nor the EEX (European Energy Exchange) in Leipzig. Until 2009, it was also traded on the RMX Risk Management Exchange AG Hannover, whose stock carriers but then returned his listing.

Purpose of a stock market is the time and place (or, more recently, virtual ) concentration of trade and thus increase the efficiency and market liquidity, reducing transaction costs and protection against tampering. In addition, the disclosure of market activity causes a significant reduction in the costs of information.

Strongest Commercial Contracts

The traded futures contracts on the futures exchanges are:

  • Chicago Mercantile Exchange ( CME): Euro Dollar, S & P 500 futures currency ( euro, yen, Swiss franc, pound sterling )
  • Chicago Board of Trade (CBOT ): U.S. Treasury Bonds / Notes
  • Eurex: futures and options on equities, equity indices and bonds
  • London International Financial Futures Exchange ( Euronext.LIFFE ): Euribor 3M Sterling, Long Gilt, Financial Times Index
  • Marché à Terme International de France ( MATIF ), Euro Next
  • Singapore Exchange
  • EEX electricity, CO2 emissions, coal, gas

Market Overview

The world's largest derivatives exchanges by turnover ( EUR per year ) are:

Breaking the experiment, the supremacy of American CME (including former CBOT ), took far different trading systems with only conditional success. The fixed-income specialists BrokerTec took in 2001 a trading system called " BrokerTec Futures Exchange " in operation, but noted this lack of liquidity in trading in 2003 again. The dominant European exchange Eurex undertook in 2004 with "Eurex U.S. " a futile entry attempt. The youngest competitor in the U.S. futures market is the ELX Futures, which began commercial operation in July 2009 with the aim of CME wrest significant market share.

Eurodollar Korea Exchange
229367
de