|
Table IV |
||||||
|
Trading Volume of the 25 Largest Non-U.S. Exchange-Traded Futures and Option Contracts in 1998, with Comparisons to 1993 (in millions of contracts) |
||||||
|
Contract |
Exchange |
Country |
Category |
1993 |
1998 |
Percent Change |
|
BUND |
EUREX |
Germany |
Interest Rate |
7.9 |
96.8 |
1128% |
|
Euro-Mark- 3month |
LIFFE |
U.K. |
Interest Rate |
24.2 |
60.4 |
149 |
|
Interest Rate- 1-Day Interbank rate |
BM&F |
Brazil |
Interest Rate |
19.0 |
35.2 |
85 |
|
Short Sterling |
LIFFE |
U.K. |
Interest Rate |
15.0 |
33.8 |
128 |
|
BOBL – Medium Term |
Eurex |
Germany |
Interest Rate |
4.6 |
32.8 |
614 |
|
Notional Bond |
MATIF |
France |
Interest Rate |
48.4 |
26.6 |
-45 |
|
Euro-Yen- 3month |
TIFFE |
Japan |
Interest Rate |
24.1 |
21.7 |
-10 |
|
Primary Aluminum High-Grade |
LME |
U.K. |
Interest Rate |
11.0 |
21.0 |
91 |
|
BUND |
LIFFE |
U.K. |
Interest Rate |
24.9 |
19.7 |
-21 |
|
U.S. Dollar |
BM&F |
Brazil |
Currency |
7.7 |
18.8 |
145 |
|
Euro-Lira- 3month |
LIFFE |
U.K. |
Interest Rate |
1.5 |
18.2 |
1132 |
|
KOSPI-200 |
KSE |
Korea |
Stock Index |
|
17.9 |
|
|
Long Gilt |
LIFFE |
U.K. |
Interest Rate |
13.9 |
17.8 |
29 |
|
Platinum |
TOCOM |
Japan |
Metal |
5.0 |
17.0 |
240 |
|
Copper-Grade A |
LME |
U.K. |
Metal |
16.0 |
16.8 |
5 |
|
Notional Bond- 10Year Note |
MEFF-RF |
Spain |
Interest Rate |
5.6 |
16.7 |
198 |
|
CAC-40 Index (contract size reduced 7-98) |
MATIF |
France |
Stock Index |
5.9 |
16.4 |
178 |
|
Crude Oil-Brent |
IPE |
UK |
Energy |
10.0 |
14.2 |
43 |
|
Yen Gov’t Bond- 10Year |
TSE |
Japan |
Interest Rate |
16.7 |
12.7 |
-24 |
|
Treasury Note –3Year |
SFE |
Australia |
Interest Rate |
7.5 |
10.7 |
44 |
|
SCHATZ- 2year German Government Note |
EUREX |
Germany |
Interest Rate |
|
10.4 |
|
|
Rubber |
TOCOM |
Japan |
Industrial-agriculture |
3.0 |
10.0 |
236 |
|
Bovespa- Stock Index |
BM&F |
Brazil |
Stock Index |
10.4 |
9.9 |
-4 |
|
Eurodollar |
SIMEX |
Singapore |
Interest Rate |
5.5 |
9.8 |
78 |
|
Euro-Yen |
SIMEX |
Singapore |
Interest Rate |
3.6 |
9.4 |
162 |
|
Sub-total
|
290.8 |
574.7 |
98 |
|||
|
Non-U.S. total |
469 |
851 |
81 |
|||
|
Sub-total / Non-U.S. total |
59% |
68% |
|
|||
|
Table V |
||||||
|
Trading Volume of the 25 Largest U.S. Exchange-Traded Futures and Option Contracts in 1998, with Comparisons to 1993 (in millions of contracts) |
||||||
|
Contract |
Exchange |
Category |
1993 |
1998 |
Percent Change 93-98 |
|
|
U.S. Treasury Bond |
CBT
|
Interest Rate |
102.9 |
152.2 |
48% |
|
|
3-Month Euro-Dollars |
CME |
Interest Rate |
81.4 |
142.6 |
75 |
|
|
U.S. Treasury Note (10Year) |
CBT
|
Interest Rate |
21.4 |
41.8 |
95 |
|
|
Crude Oil –Light Sweet |
NYMEX
|
Energy |
32.0 |
38.0 |
18 |
|
|
S&P 500 Index |
CME |
Stock Index |
16.1 |
36.4 |
126 |
|
|
U.S. Treasury Note (5Year) |
CBT
|
Interest Rate |
10.1 |
21.2 |
110 |
|
|
Corn |
CBT
|
Domestic Agriculture |
13.5 |
20.0 |
49 |
|
|
Natural Gas – (Henry Hub) |
NYMEX
|
Energy |
5.0 |
19.1 |
281 |
|
|
Soybeans |
CBT
|
Domestic Agriculture |
14.6 |
16.3 |
12 |
|
|
Gold - COMEX |
NYMEX |
Metal |
10.6 |
10.9 |
3 |
|
|
Heating Oil – N.Y. No. 2 |
NYMEX |
Energy |
9.4 |
9.5 |
1 |
|
|
Japanese Yen |
CME |
Currency |
8.3 |
9.0 |
9 |
|
|
N.Y. Unleaded Regular Gasoline |
NYMEX |
Energy |
7.4 |
8.7 |
18 |
|
|
Deutschemark |
CME |
Currency |
18.8 |
7.6 |
-60 |
|
|
Sugar #11 |
CSCE |
Foreign Agriculture |
5.2 |
7.6 |
47 |
|
|
Soybean Meal |
CBT
|
Domestic Agriculture |
5.0 |
7.4 |
48 |
|
|
Soybean Oil |
CBT
|
Domestic Agriculture |
4.8 |
7.3 |
51 |
|
|
Wheat |
CBT
|
Domestic Agriculture |
3.7 |
7.0 |
88 |
|
|
Silver - COMEX |
NYMEX |
Metal |
6.0 |
4.9 |
-17 |
|
|
Live Cattle |
CME |
Domestic Agriculture |
3.8 |
4.9 |
29 |
|
|
S&P 500 E-mini |
CME |
Stock Index |
|
4.5 |
|
|
|
Cotton #2 |
NYCE |
Domestic Agriculture |
2.0 |
4.3 |
119 |
|
|
Swiss Franc |
CME |
Currency |
6.2 |
4.3 |
-32 |
|
|
Dow Jones Industrial Index |
CBT |
Stock Index |
|
3.8 |
|
|
|
Coffee “C” |
CSCE |
Foreign Agriculture |
2.5 |
3.1 |
25 |
|
|
|
|
|
|
|
|
|
|
Sub-total
|
390.8 |
202 |
|
|||
|
U.S. total |
421 |
210 |
|
|||
|
Sub-total / U.S. total |
93% |
|
|
|||
|
Table VI |
||||||
|
Top 25 Fastest Growing Exchange-Traded Futures and Option Contracts Between 1993-1998 By Calendar Year Volume (min. 3 million contracts) |
||||||
|
Contract |
Exchange |
Country |
Category |
1993 |
1998 |
Percent Change 93-98 |
|
KOSPI-200 |
KSE |
Korea |
Stock Index |
|
17.9 |
|
|
SCHATZ- 2year German Government Note |
EUREX |
Germany |
Interest Rate |
|
10.4 |
|
|
S&P 500 E-mini |
CME |
U.S. |
Stock Index |
|
4.5 |
|
|
Dow Jones Industrial Index |
CBT |
U.S. |
Stock Index |
|
3.8 |
|
|
Euro-Lira- 3month |
LIFFE |
U.K. |
Interest Rate |
1.5 |
18.2 |
1132% |
|
BUND |
EUREX |
Germany |
Interest Rate |
7.9 |
96.8 |
1128 |
|
BOBL – Medium Term |
EUREX |
Germany |
Interest Rate |
4.6 |
32.8 |
614 |
|
Natural Gas – (Henry Hub) |
NYMEX |
U.S. |
Energy |
5.0 |
19.1 |
281 |
|
Platinum |
TOCOM |
Japan |
Metal |
5.0 |
17.0 |
240 |
|
Rubber |
TOCOM |
Japan |
Industrial-agriculture |
3.0 |
10.0 |
236 |
|
Notional Bond- 10Year Note |
MEFF-RF |
Spain |
Interest Rate |
5.6 |
16.7 |
198 |
|
CAC-40 Index (contract size reduced 7-98) |
MATIF |
France |
Stock Index |
5.9 |
16.4 |
178 |
|
Euro-Yen |
SIMEX |
Singapore |
Interest Rate |
3.6 |
9.4 |
162 |
|
Euro-Mark- 3month |
LIFFE |
U.K. |
Interest Rate |
24.2 |
60.4 |
149 |
|
U.S. Dollar |
BM&F |
Brazil |
Currency |
7.7 |
18.8 |
145 |
|
Short Sterling |
LIFFE |
U.K. |
Interest Rate |
15.0 |
33.8 |
128 |
|
S&P 500 Index |
CME |
U.S. |
Stock Index |
16.1 |
36.4 |
126 |
|
Cotton #2 |
NYCE |
U.S. |
Foreign Agriculture |
2.0 |
4.3 |
119 |
|
U.S. Treasury Note (5Year) |
CBT
|
U.S. |
Interest Rate |
10.1 |
21.2 |
110 |
|
U.S. Treasury Note (10Year) |
CBT
|
U.S. |
Interest Rate |
21.4 |
41.8 |
95 |
|
Primary Aluminum High-grade |
LME |
U.K. |
Metal |
11.0 |
21.0 |
91 |
|
Wheat |
CBT
|
U.S. |
Domestic Agriculture |
3.7 |
7.0 |
88 |
|
Interest Rate- 1-Day Interbank rate |
BM&F |
Brazil |
Interest Rate |
19.0 |
35.2 |
85 |
|
Eurodollar |
SIMEX |
Singapore |
Interest Rate |
5.5 |
9.8 |
78 |
|
3-Month Euro-Dollars |
CME |
U.S. |
Interest Rate |
81.4 |
142.6 |
75 |
|
Sub-total
|
264 |
712 |
170 |
|||
|
World total |
910 |
1482 |
63 |
|||
|
Sub-total / World total |
29% |
48% |
|
|||
|
TABLE VII |
||
|
CFTC REGULATORY REFORMS |
||
|
DATE |
FEDERAL REGISTER |
ACTION |
|
January 31, 1997 |
62 Federal Register 4,633 |
Rule amendment adopting harmonized financial reporting requirements for CFTC registrants who are also registrants with the Securities and Exchange Commission ("SEC").
|
|
February 11, 1997 |
62 Federal Register 6,112 |
Rule amendments to permit filing by large traders of CFTC Form 40, Statement of Reporting Trader, only when requested by the Commission rather than annually.
|
|
March 7, 1997 |
62 Federal Register 10,427, 10,434 |
Rule amendments establishing streamlined "fast-track" procedures for approving contract market designation applications in ten or 45 days and exchange rule amendments.
|
|
March 7, 1997 |
62 Federal Register 10,441 |
Rule amendments permitting FCMs to file required financial reports with the Commission electronically.
|
|
May 9, 1997 |
62 Federal Register 25,470 |
Rule interpretation permitting streamlined procedures for allocation of customer orders which are bunched for execution by CTAs.
|
|
May 15, 1998 |
63 Federal Register 27,058 |
Approval of NYMEX’s market maker program
|
|
June 16, 1998 |
63 Federal Register 32,725 |
Rules to eliminate the short option value charge against the capital of FCMs.
|
|
June 16, 1998 |
63 Federal Register 32,726 |
Rules to permit futures-style margining of commodity options.
|
|
June 22, 1998 |
63 Federal Register 33,848 |
Rule amendments granting increased flexibility concerning exchange trading hours.
|
|
August 27, 1998 |
63 Federal Register 45,699 |
Rule amendments to permit post-execution allocation of bunched orders of sophisticated customers of a CTA or investment advisor.
|
|
May 5, 1999 |
64 Federal Register |
Rule amendments to raise the Commission’s speculative limits.
|
|
June 5, 1998 |
63 Federal Register 30,668 |
Proposed rule amendments to change the Commission’s recordkeeping requirements to permit expanded use of electronic storage media.
|
|
June 1, 1999 |
64 Federal Register 29,217 |
Rules to streamline the contract market designation process by reorganizing Guideline No. 1 into several specific application forms. |