UPDATE: NYSE Euronext Secures US Rights To List MSCI Futures
12 Julho 2010 - 3:31PM
Dow Jones News
NYSE Euronext (NYX) on Monday cemented a relationship with stock
index company MSCI Inc. (MSCI), granting the exchange operator
exclusive rights to trade futures tied to benchmarks for European,
Asian and emerging markets.
The agreement will see NYSE Euronext over the next year
consolidate trading in the contracts on its still-small futures
platform Liffe US, as MSCI aims to wind down an existing
relationship with much larger CME Group Inc. (CME) by June
2011.
"We still have a long way to go, but this proves that if you do
things that make sense...there is a possibility to start building
markets away from the only other game in town right now," said
Marco Bianchi, head of business development for NYSE Liffe US.
The upstart exchange is looking to build a derivatives franchise
around the MSCI indexes, which are tracked by asset managers,
pension plans and other institutions; futures contracts on the
anticipated value of the indexes let funds guard themselves against
potential fluctuations in the market, or take a view on the
economic fortunes of a sector or specific region. An estimated $3
trillion in assets is benchmarked to MSCI measures globally.
NYSE Euronext also is talking to MSCI about listing options
contracts on the indexes, which would trade on the operator's two
options platforms, according to Bianchi.
NYSE Liffe US introduced its first futures on MSCI indexes last
fall after forging a licensing agreement covering 41 benchmarks,
though volume has been light relative to much more heavily traded
contracts tied to the S&P 500 index and Dow Jones Industrial
Average, both of which are exclusively listed at CME Group.
While CME will lose its contracts linked to MSCI benchmarks
following the expiration of June 2011-dated contracts, there is
likely to be minimal effect to its bottom line.
MSCI products contribute only about 0.2% of CME's overall
trading activity in stock index futures, and their average volume
of about 6,500 contracts per day this year falls far short of the
2.5 million contracts traded daily in CME's S&P index futures
markets.
"We continue to offer tools and research designed to help our
customers identify efficient, relevant applications of our products
that suit their business needs," said a CME spokesman.
Bianchi said that since launching MSCI-based contracts last
fall, NYSE Liffe's share of trading has been about 25% to 35% in
those that also trade at CME, where they have been available for
several years.
Monday's move by NYSE Liffe US to become the sole destination
for MSCI-linked futures highlights the growing importance of
alliances between exchanges and index providers.
In 2007, CME ceded rights to the Russell 2000 index to rival
IntercontinentalExchange Inc. (ICE), which has expanded the range
of contracts tied to Russell measures.
This year, CME bought a 90% ownership stake in the Dow Jones
family of indexes, solidifying its hold on derivatives products
tied to the Dow Jones Industrial Average and opening up a new
business in shopping market measures to international
exchanges.
Dow Jones & Co., the publisher of this newswire, is owned by
News Corp. (NWS, NWSA).
-By Jacob Bunge, Dow Jones Newswires; 312-750-4117;
jacob.bunge@dowjones.com
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