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MF Global Collapse FIA International Futures Industry Conference Things Happen March 13-16, 2012 at Boca Boca Raton Resort & Club

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MF Global Collapse FIA International Futures Industry Conference Things Happen March 13-16, 2012 at Boca Boca Raton Resort & Club New Era for Wheat Futures | Kospi Explosion on Eurex | Dodd-Frank Update JANUARY 2012 | V22.N1 Washington Examines MF Global Collapse FIA International Futures Industry Conference Things Happen March 13-16, 2012 at Boca Boca Raton Resort & Club 1976 The first FIA International Futures Industry Conference is held in 1978 The first Commodity Futures Trading Commission Chairman Innisbrook. The conference moves to the Boca Raton Hotel and Club in 1979 William T. Bagley delivers his first major address to the futures industry. where it remains for the next 32 years with the exception of one year in Miami (1980) when the hotel is under renovation. 1985 Robert Rubin, Goldman Sachs, predicts that the futures industry could suffer “if stock index futures trading at some point really upends trading on the New York Stock Exchange … it will resurrect the 1983 John Damgard’s first Boca as president latent view of futures activity as socially useless speculation and that of the Futures Industry Association. will cause us a lot of trouble in the regulatory arena.” 1989 Chicago Board of Trade unveils “Aurora”, an electronic trading system that 1993 CME Chairman Jack Sandner puts forth a plan to tries to simulate the pit on a trading screen; create a financial super agency to replace the Commodity traders will use a pointing device known as Futures Trading Commission and the Securities and a “mouse”. Exchange Commission. 1995 Two weeks after the demise of Barings Bank, FIA assembles a panel 1996 International futures regulators from 14 jurisdictions sign a on the crisis and establishes FIA Global Task Force on Financial Integrity to Declaration on Cooperation and Supervision of International Futures make recommendations that would enhance the protection of the assets of Exchanges and Clearing Organizations—49 international foreign market participants. futures exchanges and clearing organizations from 18 countries sign a complementary memorandum of understanding. This enables regulators and exchanges post-Barings to share information on the participants in 1998 After a 12-hour bargaining session, CBOT and CME officials announce their markets. a plan to combine their clearing systems. This deal ultimately fails to materialize and it isn’t until early 2004 when the CBOT moves its clearing from the Board of Trade Clearing Corporation to the CME clearinghouse. 1999 Alan Greenspan addresses Boca delegates via satellite transmission (and again in 2007 after he retires). 2000 Boca delegates strike out when President Clinton calls U.S. Treasury Secretary Larry Summers back to Washington to sign a gun 2005 FIA introduces the control bill before he can deliver the keynote address at the international Futures Hall of Fame and exchange breakfast. John Henry, a long-time friend of the FIA, steps up to inducts 55 members. the plate to take his place—a home run. 2007 Boca delegates wake up to the news that IntercontinentalExchange President Jeff 2009 OTC clearing comes to Boca and along with it new delegates with Sprecher is challenging the CME bid for the expertise in the over-the-counter world. Chicago Board of Trade. 2011 CME Group announces that it will launch its London-based clearing- house. Rumors of a tie-up between ICE and Nasdaq OMX circulate. 2011 FIA announces it will extend its mission to include cleared swaps. 2012 Anything can happen. Don’t miss it. Register at www.futuresindustry.org/boca FIA International Futures JANUARY 2012 | V22.N1 Industry Conference Things Happen March 13-16, 2012 at Boca Boca Raton Resort & Club | Dodd-Frank Update Kospi Explosion on Eurex | V22.N1 | JANUARY 2012 1976 The first FIA International Futures Industry Conference is held in New Era for Wheat Futures 1978 The first Commodity Futures Trading Commission Chairman Innisbrook. The conference moves to the Boca Raton Hotel and Club in 1979 William T. Bagley delivers his first major address to the futures industry. where it remains for the next 32 years with the exception of one year in Miami (1980) when the hotel is under renovation. Washington Examines 1985 Robert Rubin, Goldman Sachs, predicts that the futures MF Global FEATURES industry could suffer “if stock index futures trading at some point really Collapse upends trading on the New York Stock Exchange … it will resurrect the Washington Examines MF Global Collapse 1983 John Damgard’s first Boca as president latent view of futures activity as socially useless speculation and that Several Congressional committees are examining the disappearance of as much as $1.2 of the Futures Industry Association. will cause us a lot of trouble in the regulatory arena.” 24 billion in customer funds in the final days of MF Global and beginning to explore ways to prevent this from ever happening again. | 1989 Chicago Board of Trade unveils By Joanne Morrison “Aurora”, an electronic trading system that 1993 CME Chairman Jack Sandner puts forth a plan to tries to simulate the pit on a trading screen; New Era for Wheat Futures create a financial super agency to replace the Commodity traders will use a pointing device known as ON THE COVER 30 After years of debate, the Canadian Parliament finally approved legislation ending the Futures Trading Commission and the Securities and a “mouse”. “Funds don’t simply disappear. Wheat Board’s control over the pricing and marketing of Canada’s wheat production. This Exchange Commission. Someone took action, whether landmark shift to open markets is set to bring about major changes in the wheat futures 1995 Two weeks after the demise of Barings Bank, FIA assembles a panel legal or illegal, to move that money. business. | By Joanne Morrison 1996 International futures regulators from 14 jurisdictions sign a on the crisis and establishes FIA Global Task Force on Financial Integrity to And the effect of that decision is being felt across the countryside.” make recommendations that would enhance the protection of the assets of Declaration on Cooperation and Supervision of International Futures -Senator Pat Roberts (R-Kan) CFTC Moves Forward on Dodd-Frank Rulemaking Exchanges and Clearing Organizations—49 international foreign market participants. During the final months of 2011, the Commodity Futures Trading Commission held several futures exchanges and clearing organizations from 18 countries sign a IN THIS ISSUE 36 Trading firms like Optiver are open meetings to finalize a number of rulemakings required under the Dodd-Frank Act, complementary memorandum of understanding. This enables regulators including speculative position limits, real-time reporting of swaps transactions, and the and exchanges post-Barings to share information on the participants in praising the new pre-trade risk 1998 After a 12-hour bargaining session, CBOT and CME officials announce controls at SGX, saying the investment of customer segregated funds. | By Will Acworth and Joanne Morrison their markets. a plan to combine their clearing systems. This deal ultimately fails to exchange’s approach is setting a materialize and it isn’t until early 2004 when the CBOT moves its clearing high standard for risk management from the Board of Trade Clearing Corporation to the CME clearinghouse. while preserving a level playing 1999 Alan Greenspan addresses Boca field for all market participants. delegates via satellite transmission (and Page 42 again in 2007 after he retires). 2000 Boca delegates strike out when President Clinton calls U.S. Treasury Secretary Larry Summers back to Washington to sign a gun 2005 FIA introduces the control bill before he can deliver the keynote address at the international Futures Hall of Fame and exchange breakfast. John Henry, a long-time friend of the FIA, steps up to departments inducts 55 members. the plate to take his place—a home run. 08 President’s Message 44 @Markets By John Damgard Tech Vendors Build New 2007 Boca delegates wake up to the news High-Speed Links to Asia that IntercontinentalExchange President Jeff 10 Trading Volume 2009 OTC clearing comes to Boca and along with it new delegates with Sprecher is challenging the CME bid for the 48 Product Profile 18 News Briefs Korean Traders Flock to Eurex expertise in the over-the-counter world. Chicago Board of Trade. • G-20 Derivatives Reforms By Bennett Voyles • Court Challenge to Position Limits 2011 CME Group announces that it will launch its London-based clearing- • Transaction Tax Plans 52 Prominent People house. Rumors of a tie-up between ICE and Nasdaq OMX circulate. • Self-Clearing at LME 2011 FIA announces it will extend its mission to include cleared swaps. 42 Tech Talk SGX Launches Pre-Trade Risk Controls By Will Acworth 2012 Anything can happen. Don’t miss it. Register at www.futuresindustry.org/boca Futures Industry | January 2012 03 Boca 2012 Spread_Futures Industry Template 1/17/12 12:07 PM Page 2 Join senior managers from brokerage firms and exchanges, money managers and international regulators. More than 900 decision makers, innovators and policymakers from more than 30 countries will gather to share information, exchange ideas, discuss trends and network with peers. Preliminary Panel Topics Include: Boca Fast Facts • CFTC Chairman’s Address • More than 900 professionals attend from • The Future of Over-the-Counter all over the world and Exchange-Traded • Nearly 30% of the attendees come from • Derivatives Markets outside the U.S. • Exchange Leaders Meet the Press • Representatives from 39 brokerage firms • MF Global: The Default of a • Representatives from 61 international Global Clearing Member exchanges and clearing organizations • Global Financial Reform • 26 members of the press • The Mechanics of OTC Execution •32 countries are represented: • The Mechanics of OTC Clearing Argentina, Australia, Brazil, • New Perspectives on the Canada, China, Colombia, Protection of Customer Funds Ethiopia, France, Germany, Hong • Equity Options Kong, India, Indonesia, Ireland, • The Evolution of Commodity Markets Italy, Japan, Korea, Mexico, • Measuring Market Quality Netherlands, Norway, Poland, Qatar, Russia, Saudi Arabia, Boca Contacts Singapore, South Africa, Spain, Program subject to Sweden, Switzerland, Taiwan, change without notice.
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