Mercados organizados de futuros y opciones

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Mercados organizados de futuros y opciones

  1. 1. MERCADOS ORGANIZADOS DEFUTUROS Y OPCIONESMIRNA GOMEZ AROCHE20042150
  2. 2. MERCADOS ORGANIZADOS DE FUTUROS • TOKYO FINANCIAL EXCHANGE INC. • CME GROUP FUTURES & OPTIONS • EUREX – EUROPE´S GLOBAL FINANCIAL
  3. 3. TOKYO FINANCIAL EXCHANGE INC.• HISTORY ▫ Tokyo Financial Exchange Inc. (aka. TFX) was established in April 1989 under the Financial Futures Trading Law of Japan. In April 1989, TFX was established as a membership organization with the capital provided by large sized financial institutions from around the globe, and in April 2004, was demutualized and incorporated in order to strengthen corporate governance as well as to enhance convenience and transparency of the market. In addition, because the Financial Futures Trading Law was abolished and the Financial Instruments and Exchange Law, which was revised with the Securities and Exchange Law, was enforced in September 2007, TFX transformed from a ―Financial Futures Exchange‖ that handles only financial futures, into a more comprehensive ―Financial Exchange‖ that handles any kind of financial products. Under the new law, through responding to the needs of investors and promoting to develop the new lines of attractive products, TFX, as an advanced exchange, contributes to the growth of Japanese financial markets and is continuing to construct a reliable and leading market infrastructure.
  4. 4. TOKYO FINANCIAL EXCHANGE INC. Name Tokyo Financial Exchange Inc. Marunouchi Park Building 15th Floor Address 2-6-1 Marunouchi, Chiyoda-ku, Tokyo 100- 6915 Founding April, 1989 Capital 5,844,650,000 yen
  5. 5. TOKYO FINANCIAL EXCHANGE INC.• The main businesses of TFX are as follows. - Securing a fair market through establishing and offering the financial instruments markets that handle securities as well as market derivatives - Conducting clearing for the market derivatives that were traded at TFX’s financial instruments markets.
  6. 6. CME GROUP FUTURES & OPTIONS• HISTORY ▫ CME Group Foundation was created in 2008 and endowed with a gift of $16 million from the Chicago Mercantile Exchange Trust (CME Trust). CME Trust was established by the Chicago Mercantile Exchange (CME) in 1969, under the direction of its then chairman, Leo Melamed, to provide financial protection to customers in the event a CME member firm became insolvent or unable to meet its obligations to its customers. CME Trust received approval to distribute its net income to public charities in 2005. In addition to the Foundations annual grant payout, CME Trust has made a contribution annually to CME Group Foundation for its grantmaking since 2008. On October 31, 2011, MF Global Inc., one of CME Groups former clearing firms, was placed into bankruptcy liquidation. On November 11, 2011, the Trustees of the Trust agreed to make all of its assets, approximately $50 million, available to CME Group market participants in the event there is a shortfall at the conclusion of the Bankruptcy Trustees distribution process. Due to this extraordinary circumstance, all new CME Group Foundation grant proposals will be put on hold until further notice. We apologize for any inconvenience this may cause grant applicants. Grants previously approved by the Board of Directors of the CME Group Foundation and as evidenced by an existing grant agreement will continue to be honored.
  7. 7. CME GROUP FUTURES & OPTIONS• CME Group Foundations grants support nonprofit organizations, primarily in the Chicago region (the six-county metropolitan area), to:Promote research, teaching and learning specific to financial markets futures and derivatives;• Promote the education of children and youth; and• Promote the health and education of young children.
  8. 8. CME GROUP FUTURES & OPTIONS CME 20 South Wacker Chicago, Illinois 60606 EE.UU. teléfono: 312-930-1000 e-mail: info@cmegroup.com
  9. 9. Eurex - Europes Global FinancialMarketplace• Eurex is one of the worlds leading derivatives exchanges and is jointly operated by Deutsche Börse AG and SIX Swiss Exchange. Eurex offers a broad range of international benchmark products and operates the most liquid fixed income markets in the world, featuring open and low-cost electronic access. With market participants connected from 700 locations worldwide, trading volume at Eurex exceeds 1,5 billion contracts a year. Therefore, Eurex is the market place of choice for the derivatives community worldwide.• On December 20, 2007, Eurex completed the acquisition of International Securities Exchange, Inc. (ISE). Hence, ISE is a wholly owned subsidiary of Eurex. The new member of the Eurex group operates a variety of fully electronic trading platforms, its markets portfolio consists of an options exchange and a stock exchange.• On a combined basis, Eurex and ISE are the global market leader in individual equity and equity index derivatives. Currently, they distribute their products to approximately 560 direct exchange members.
  10. 10. Eurex - Europes Global FinancialMarketplace• Aside from operating a fully electronic trading platform, Eurex provides an automated and integrated joint Clearing House. Eurex Clearing AG offers central counterparty services for instruments traded on the Eurex exchanges, Eurex Bonds and Eurex Repo as well as the FWB® Frankfurter Wertpapierbörse (the Frankfurt Stock Exchange: Xetra® and floor) and the Irish Stock Exchange, eliminating the individual counterparty risk. With this structure, Eurex participants benefit from a high-quality, cost-efficient and comprehensive value chain of trading and clearing services via a single electronic system.• Together with leading international financial institutions, Eurex operates the electronic trading platformEurex Bonds, an ECN (electronic communication network) for off- exchange, wholesale trading in fixed income securities and treasury discount papers (Bubills). Through the basis trading Eurex Bonds offers a direct link between the cash market and the futures market, this enables electronic basis trading via a central order book.• Eurex Repo, which is a separate segment, is the electronic trading solution for repos (sale and repurchase agreements). This Eurex segment is one of the leading electronic repo market providers, and operates the Swiss Franc and Euro Repo Markets. Eurex Repo offers the entire value chain from trading through clearing and settlement.• Operating as a lean, entrepreneurial organization Eurex strives to fulfill customer demand. Its team of dedicated professionals does its utmost to offer every class of investor the advantages of having spot and futures markets as well as related clearing and settlement activities all fully integrated under one roof.
  11. 11. Eurex - Europes Global FinancialMarketplace Eschborn Mergenthalerallee 61 D-65760 Eschborn Germany T +49-69-211-0
  12. 12. MERCADOS ORGANIZADOS DEOPCIONES • LONDON STOCK EXCHANGE • CBOE CHICAGO BOARD OPTIONS • NYSE NEW YORK STOCK EXCHANGE
  13. 13. LONDON STOCK EXCHANGE• HISTORY ▫ The London Stock Exchange is one of the world’s oldest stock exchanges and can trace its history back more than 300 years. Starting life in the coffee houses of 17th century London, the Exchange quickly grew to become the City’s most important financial institution. Over the centuries following, the Exchange has consistently led the way in developing a strong, well-regulated stock market and today lies at the heart of the global financial community
  14. 14. LONDON STOCK EXCHANGE• The Exchange operates its Trading Services each weekday excluding Public and Bank Holidays in England & Wales.
  15. 15. LONDON STOCK EXCHANGE Company Information London Stock Exchange plc. Registered in England and Wales No 02075721.
  16. 16. CBOE CHICAGO BOARD OPTIONS• HISTORY ▫ Chicago Board Options Exchange (CBOE), the largest U.S. options exchange and creator of listed options, continues to set the bar for options trading through product innovation, trading technology and investor education. CBOE offers equity, index and ETF options, including proprietary products, such as S&P 500 options (SPX), the most active U.S. index option, and options on the CBOE Volatility Index (VIX), the worlds barometer for market volatility. Other groundbreaking products engineered by CBOE include equity options, security index options, LEAPS options, FLEX options, and benchmark products, such as the CBOE S&P 500 BuyWrite Index (BXM).
  17. 17. CBOE CHICAGO BOARD OPTIONS• CBOEs Hybrid Trading System incorporates electronic and open outcry trading, enabling customers to choose their trading method. CBOEs Hybrid is powered by CBOEdirect, a proprietary, state-of-the-art electronic platform that also supports the CBOE Futures Exchange (CFE), CBOE Stock Exchange (CBSX) and OneChicago. CBOE is home to the world-renowned Options Institute and CBOE.com, named "Best of the Web" for options information and education.
  18. 18. CBOE CHICAGO BOARD OPTIONS Chicago Board Options Exchange 400 South LaSalle Street Chicago, IL 60605 1.877.THE.CBOE (1.877.843.2263)
  19. 19. NYSE NEW YORK STOCK EXCHANGE• HISTORY ▫ NYSE Euronext (NYX) is the holding company and the first cross-border exchange group created by the combination of NYSE Group, Inc. and Euronext N.V., on April 4, 2007. The Company’s exchanges located in Europe and the United States trade equities, futures, options, fixed- income, and exchange-traded products. With approximately 8,000 listed issues (excluding European Structured Products) from more than 55 countries, NYSE Euronexts equities markets—the New York Stock Exchange, NYSE Euronext, NYSE Amex, NYSE Alternext and NYSE Arca—represent one-third of the worlds equities trading and the most liquidity of any global exchange group. ▫ NYSE Euronext also operates NYSE Liffe, a leading European derivatives business and the worlds second-largest derivatives business by value of trading, and NYSE Liffe U.S., which is a global, multi-asset class futures exchange. The U.S. Derivatives Clearing Organization, The New York Portfolio Clearing, LLC ( a joint venture of DTCC and NYSE Euronext) delivers unique capital efficiencies to the market.
  20. 20. NYSE NEW YORK STOCK EXCHANGE ▫ The company offers comprehensive commercial technology, connectivity and market data products and services through NYSE Technologies, the worlds leading provider of end-to-end electronic trading solutions. NYSE Technologies’ flexible and scalable products deliver robust and integrated solutions, from single trading positions to complete exchange platforms. Its leading edge software, combined with high performance connectivity, provides the global trading community with innovative tools, access to liquidity and worldwide markets and third-party, value-added applications. ▫ NYSE Euronext has majority ownership of NYSE BlueSM, which has an exclusive focus on environmental and sustainable energy markets. It builds and manages Environmental Markets Exchanges, Infrastructure and Market Based Solutions in response to the worlds economies shaping their environmental initiatives
  21. 21. NYSE NEW YORK STOCK EXCHANGE• On May 17, 1792, twenty-four stockbrokers gathered outside 68 Wall Street under a buttonwood tree to sign an agreement that would establish the rules for buying and selling bonds and shares of companies. The Buttonwood Agreement, as it is known, is so named because the tree served as the regular meeting place for these pioneers of Wall Street. The signers of the Buttonwood Agreement drafted their first constitution on March 8th, 1817, and named their nascent organization the New York Stock & Exchange Board.

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