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SINGLE STOCK FUTURES: TAKING ADVANTAGE OF EUROPEAN EXPERIENCE

SINGLE STOCK FUTURES: TAKING ADVANTAGE OF EUROPEAN EXPERIENCE. Single Stock Futures : Taking advantage of European Experience. In most cases in Europe, Equity derivatives and Futures have been traded, cleared and regulated by the same actors.

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SINGLE STOCK FUTURES: TAKING ADVANTAGE OF EUROPEAN EXPERIENCE

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  1. SINGLE STOCK FUTURES: TAKING ADVANTAGE OF EUROPEAN EXPERIENCE FIA 11/8/02

  2. Single Stock Futures :Taking advantage of European Experience In most cases in Europe, Equity derivatives and Futures have been traded, cleared and regulated by the same actors. FIA 11/8/02

  3. Single Stock Futures :Taking advantage of European Experience Equity Futures are already traded and cleared in Europe on: • MEFF (Spain) • LIFFE (UK) FIA 11/8/02

  4. Single Stock Futures :Taking advantage of European Experience Cross margining of Index, Equity Options and Stocks has been available for years in Europe (Euronext/France) FIA 11/8/02

  5. Single Stock Futures :Taking advantage of European Experience Some European initiatives to integrate different Cash and Derivatives businesses : • Eurex Equity CCP • Clearnet SA Cash & Derivatives FIA 11/8/02

  6. Single Stock Futures :Taking advantage of European Experience Europe went through major steps : • Regulatory environment • Settlement system openness FIA 11/8/02

  7. Single Stock Futures :Taking advantage of European Experience Regulatory environment • Only one regulatory body for cash and derivatives • Different asset classes in one single customer account • One single margin method for different asset classes (Span, Tims, Rbm, etc) FIA 11/8/02

  8. Single Stock Futures :Taking advantage of European Experience Settlement system openness • Seamless communication between settlement systems (Futures, Equity, etc) • Database repository containing different asset classes • Ability to perform portfolio based margin across different asset classes FIA 11/8/02

  9. OTC (SW,Fra) Securities Futures Repos Margin Engine Single Stock Futures :Taking advantage of European Experience FIA 11/8/02

  10. SPAN Eurex CCP Euronext Cash / Deriv. RBM Margin Engine CME / GSCC TIMS Single Stock Futures :Taking advantage of European Experience Margin Methods Margin Rules FIA 11/8/02

  11. Single Stock Futures :Taking advantage of European Experience Futures Securities Bonds OTCs Trading & Book Keeping Systems Risk Positions (F&O, Bonds, Equities, Repos, …) Reference Data Methods Risk Parameters Risk Arrays Margin Engine Market Data Transient DATA Collateral Allocator Fees & Commissions Interest Calculator Ledger Cash Management Securities Management Credit Application FIA 11/8/02

  12. Single Stock Futures :Taking advantage of European Experience European experience demonstrates that Single Stock Futures initiative built a bridge between Cash and Derivatives and that software suppliers were among the bridge builders. FIA 11/8/02

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