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
93-98

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.