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Seg Funds Revisited “E X Per Ience” Is an Overused Buzzword Interviews with CME and DTCC CEOs | U.S. Options Exchanges Proliferate SEPTEMBER 2012 | V22.N4 SEG FUNDS REVISITED “E x per ience” is an overused buzzword. Until there’s a default. SwapClear is the only clearing service to have successfully handled an OTC interest rate swap default. When the worst happens, you need the best on your side. swapclear.com We’re ready. Are you? DATE: 2.15.12 PROJECT: LCH.Clearnet SwapClear Ad: FIA, March Issue TRIM: 8.375 in. x 10.75 in. BLEED: 8.625 in. x 11 in. PRINTS: 4-CP SEPTEMBER 2012 | V22.N4 U.S. Options Exchanges Proliferate| V22.N4 | SEPTEMBER 2012 “E x per ience” Interviews with CME and DTCC CEOs is an overused FEATURES Seg Funds Revisited: SEG FUNDS 20 Industry Response to Peregrine REVISITED and MF Global Collapses buzzword. The collapse of Peregrine Financial Group in July, coming on the heels of MF Global’s collapse last October, has galvanized an industry-wide self-examination. | By Joanne Morrison CEO to CEO: Until there’s 26 Interview with CME’s Phupinder Gill In this interview, Walt Lukkentalks to Phupinder Gill about his priorities as head of CME. | By Walt Lukken CEO to CEO: a default. 30 Interview with DTCC’s Michael Bodson Walt Lukken talks to Michael Bodson, president and chief executive officer of the Depository Trust & Clearing Corporation. | By Walt Lukken Getting Crowded in Here: 34 U.S. Options Exchanges Continue to Proliferate For the last decade or so, the U.S. equity options business has been characterized by an exceptionally high level of competition among exchanges. While some observers expected that the forces of competition eventually would lead to consolidation, the opposite has SwapClear is the only clearing service to have successfully turned out to be the case. | By Rachel Koning Beals handled an OTC interest rate swap default. When the worst Portfolio Margining: happens, you need the best on your side. 40 U.S. Options Exchanges Continue to Proliferate Eurex Clearing plans to introduce a new risk methodology for calculating initial margin swapclear.com for both listed and over-the-counter derivatives called Eurex Clearing Prisma. | By Thomas Book and Dmitrij Senko, Eurex Clearing We’re ready. Are you? Futures Industry | September 2012 03 DATE: 2.15.12 PROJECT: LCH.Clearnet SwapClear Ad: FIA, March Issue TRIM: 8.375 in. x 10.75 in. BLEED: 8.625 in. x 11 in. PRINTS: 4-CP 1.2 End-of-Month Open Interest 1.0 Monthly Volume SEPTEMBER 2012 V22.N4 0.8 | 0.6 PAGE 54 In millions of contracts 0.4 ICE Brent Options FUTURES INDUSTRY (ISSN #10656855 ) is Jan. 2010 - 0.2 published bi-monthly, except July and August by the FUTURES INDUSTRY ASSOCIATION, 2001 Jun. 2012 0 Pennsylvania Avenue N.W., Suite 600, Wash ington, Jan 2010Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2011Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2012Feb Mar Apr May Jun D.C. 20006-1823; (202) 466-5460. Sub scriptions are $24 Domestic and $32 Inter na- tional, and are included as part of the member dues. Periodicals postage paid at the Washington, DC and additional mailing offices. Postmaster: Send address changes to Futures Industry, 2001 Pennsylvania Avenue N.W., Suite 600, Wash ington, D.C. 20006-1823. Copyright 2012 by the Futures 08 President’s Message 58 @Markets Industry Association. By Walt Lukken • ICE Revamps IM Materials contained herein may not be reproduced Trading Tool for general distribution, advertising or promotional 10 Trading Volume • Nasdaq OMX to Launch purposes without the expressed consent of the FIA. The statements of fact and opinion in signed articles London-Based Interest Rate are the sole responsibility of the authors, and do not News Briefs 16 necessarily reflect the positions of the officers, mem- Derivatives Platform • ICE to Transition Cleared Energy bers or staff of FIA, nor the employers of the authors. • Tokyo Grain Exchange Swaps to Futures FUTURES INDUSTRY • Margin Requirements for Winds Down Editor-in-Chief Editor Uncleared Swaps Mary Ann Burns Will Acworth 61 Prominent People Deputy Editor Assistant Editor • SEC Approves Consolidated Joanne Morrison Tracy Wahler Audit Trail Plan FUTURES INDUSTRY EDITORIAL ADVISORY BOARD 53 Product Profile Russell Abramson, J.P. Morgan Benchmark Shift Drives Arthur Bell, Arthur Bell Certified Public Accountants ICE Brent Options Surge Galen Burghardt, Newedge USA Christopher Culp, Lexecon By John Parry Kevin Foley, Katten Muchin Rosenman LLP Diane Garnick Michael Gorham, Illinois Institute of Technology Washington Watch 55 Anthony Leitner, A J Leitner and Associates, LLC CFTC Moves Ahead with Key Terrence Martell, Baruch College Dodd-Frank Rulemaking John Munro, ION Trading Gerry Perez, Interactive Brokers Group By Will Acworth and Leslie Sutphen, Newedge USA Joanne Morrison Barbara Wierzynski, Futures Industry Association The Futures Industry Association is the international trade organization for the futures industry. Its mem- bership includes more than 28 of the largest futures commission merchants. FIA estimates that its mem- bers are responsible for more than 90% of all public customer business executed on U.S. contract mar- kets. FIA membership also includes more than 30 international futures and options exchanges and clearinghouses in North and South America, Europe, Africa, Asia and Australia, plus banks, law and ac- counting firms, money managers, end users, and service providers with an interest in the derivatives industry. @Markets is a registered trademark of the Futures Industry Association. MEMBERSHIP INFO & ADVERTISING RATES Toni Vitale Chan Futures Industry Association 2001 Pennsylvania Avenue N.W., Suite 600 Washington, D.C. 20006-1823 Phone: (312) 636-2919 Fax: (202) 772-3075 E-mail: [email protected] Web: www.futuresindustry.org 04 Futures Industry | www.futuresindustry.com Execution. Responsiveness. Expertise. Successful futures organizations look to partners BMO Harris Bank and BMO Capital Markets for execution that defines best-in-class. Through our long-standing, consistent presence in the industry, we deliver an uncompromising level of service. The combination of our expertise, accessibility, stability and responsiveness has made us the leader in delivering tailored products and services to the futures industry. www.bmoharris.com www.bmocm.com BMO Harris® is a trade name used by BMO Harris Bank N.A. and its affiliates. Loan and deposit products and services are provided by BMO Harris Bank N.A. Member FDIC. BMO Capital Markets is a trade name used by BMO Financial Group for the wholesale banking businesses of Bank of Montreal, BMO Harris Bank N.A. and Bank of Montreal Ireland p.l.c., and the institutional broker dealer businesses of BMO Capital Markets Corp., BMO Nesbitt Burns Trading Corp. S.A., BMO Nesbitt Burns Securities Limited and BMO Capital Markets GKST Inc. in the U.S., BMO Nesbitt Burns Inc. in Canada, Europe and Asia, BMO Nesbitt Burns Ltée/Ltd. in Canada, BMO Capital Markets Limited in Europe, Asia and Australia and BMO Advisors Private Limited in India. ® Registered trademark of Bank of Montreal in the United States, Canada and elsewhere. Title: “EXECUTION.” Art Director: J. Smallwood Space/Color: FP 4/CB Writer: P. Mufson Bleed Size: 8.75” w x 11.25” h Production: K. Smiles Trim Size: 8.5” w x 11” h Account Manager: A. Rein Live Size: 8.25” w x 10.75” h Keyliner: Beat Studios/tjc Media: Futures Industry Job #: Y12067 Insertion Date: September 2012 CLIENT NAME: Y&R Midwest OPERATOR: tjc FILE NAME: I15765A1.indd QC Check __________ JOB#: 15765 ROUND: 3 DESC: BMO Harris Bank DATE: 08/06/12 __________ __________ ISO 12647-7 Digital Control Strip 2009 3% A 100 60 100 70 30 100 60 100 70 30 100 60 100 70 30 100 40 40 100 40 100 40 70 40 70 40 40 40 70 40 40 70 40 70 40 40 3 10 25 50 75 90 100 B 100 100 60 100 100 70 70 30 30 100 100 60 100 100 70 70 30 30 100 100 60 100 100 70 70 30 30 100 40 100 40 40 100 10 40 40 20 70 70 70 70 40 70 40 40 0 0 0 0 3.1 2.2 2.2 10.2 7.4 7.4 25 19 19 50 40 40 75 66 66 100 100 100 80 70 70 100 THE The Futures Industry Association, Inc. Walt Lukken President and CEO Barbara Wierzynski Board of Directors Executive Vice President and General Counsel officers n George E. Crapple n Jerome Kemp William Sexton Mary Ann Burns Co-Chairman and n Michael C. Dawley Global Head of Exchange n Donald R. Wilson, Jr. Executive Vice President, Industry Relations Co-Chief Executive Officer Traded Derivatives Sales Managing Director, Chief Executive Officer Guy Sheetz Millburn Ridgefield Corporation and Clearing Co-Head of Futures and DRW Trading Group Senior Vice President, Derivatives Clearing Services Fredrik Gentzel Citigroup Global Jeremy Wright Chief Financial Officer and Chief Operating Goldman, Sachs & Co. Markets Limited Managing Director, Global Head of Futures Officer Chairman Global Head of n Andy Milnes and Options Markets Listed Derivatives Tracy Wahler n Peter G. Johnson Head of Supply and Trading, The Royal Bank of Scotland plc Deutsche Bank AG Vice President of Communications Managing Director, Global Oil Americas n Alice Patricia White Global Head of Futures, n Richard B. Gorelick BP Corporation Maria Banks OTC Clearing and Chief Executive Officer North America, Inc. n Michael Yarian Accounting Assistant FX Prime Brokerage RGM Advisors LLC n David S. Mitchell Managing Diretor, Adoncia Boykins Bank of America Merrill Lynch Head of Futures and n Arthur W. Hahn Partner Director, Member Services Vice Chairman Fried, Frank, Harris, Shriver & OTC Derivative Clearing Partner Steven Bradbury Jacobson LLP Barclays Capital Inc.
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