2002 IOMA Annual Survey

Transcription

1 2002 IOMA Annual Survey May 2003

2 2002 IOMA Market Report May 2003 Table of Contents (slides) WFE Derivatives Membership 3 WFE 45 Members Trade Derivatives 4 Overview of Total Worldwide Derivative Volume Derivative Volume Growth 7 Total Worldwide Derivative Vol. by Asset Class 8 Option Volume by Asset Class, Total Worldwide Option Vol. by Asset Class 10 Total Worldwide Futures Vol. by Asset Class 11 Total Worldwide Derivative Vol. by Region 12 Busiest Exchanges of Top 10 Derivative Exchanges by Volume 14 Top 10 Options Exchanges by Volume 15 Top 10 Futures Exchanges by Volume 16 Top 10 Stock Derivatives Exchanges by Volume 17 Top 10 Stock Index Deriv. Exchanges by Volume 18 Top 10 Bond Derivatives Exchanges by Volume 19 Year on Year Volume Changes by Exchange /2001 % Change Volumes All Deriv /2001 Change in Volumes All Deriv /2001 % Change Volumes Equity Deriv /2001 Change in Volumes Equity Deriv /2001 % Change Volumes Int/Bond Deriv /2001 Change in Volumes Int/Bondl Deriv /2001 % Change Volumes Currency Deriv /2001 Change in Volumes Currency Deriv /2001 % Change Volumes Commod. Deriv /2001 Change in Volumes Commod. Deriv. 33 Focus on Equity Products Exchanges Trading Equity Deriv. By Region and Product Equity Derivatives Trading by Product/Region Concentration of Equity Derivative Trading by Product/Region 37 2

3 2002 IOMA ANNUAL SURVEY HIGHLIGHTS Total contracts traded in 2002 exceeded 6 bn for first time, representing a 39% increase over Options were up 47%, futures 26%. Excluding the Korea Stock Exchange, which saw a doubling of its already large index options volumes, all derivatives increased 18% on Options increased 10%, and futures 26%. Equity index products represent an increasing share of total contract volumes, 47% in all. This was up from 35% in 2001, mainly as a consequence of the very significant growth at the KSE in Seoul. The portion of individual stock products was down by 5% (from 28% to 23%). Equity products o Rapid % growth at the National Stock Exchange of India (+ 617%), and the RTS Stock Exchange (+ 477%) o Rapid absolute growth at the Korea Stock Exchange (+ 1,078 m contracts) Interest/bond products o Rapid % growth at the Mercado Mexicano de Derivados (+ 373%) o Rapid absolute growth at Chicago Board of Trade (+ 74 m contracts), Mercado Mexicano de Derivados (+ 66 m contracts), Eurex (+ 38 m) and Chicago Mercantile Exchange (+ 34 m) Currency products o Rapid % growth at the Tel-Aviv Stock Exchange (+ 97%) o Rapid absolute growth at the Tel-Aviv Stock Exchange (+ 6 m contracts), and the Chicago Mercantile Exchange (+ 2 m) Focus on equity products o European exchanges with the highest volumes tended to offer the full range of equity products, including stocks and index futures and options. o North American exchanges were more likely to offer options than futures, and were not yet trading stock futures in significant size. o Asia Pacific exchanges were more likely to offer index products, especially index options. o Asia Pacific volumes were mainly concentrated in index options, but the numbers were dominated by the KSE. o Europe and North America mainly traded in stock options. o The 6 largest exchanges traded 82% of total equity product contracts. Commodity products o Rapid % growth was seen at the JSE Securities Exchange, South Africa (+ 96%), and the Malaysian Derivatives Exchange (+ 89%). o Rapid absolute growth was recorded at NYMEX/COMEX (+ 31 m contracts) This paper was prepared by the World Federation of Exchanges as part of its affiliation with IOMA. The research was conducted by Mr. Stephen Wells.

4 The members of IOMA / IOCA are: American Stock Exchange Athens Derivatives Exchanges, S.A. (ADX) Australian Stock Exchange Board of Trade Clearing Corp. (BOTCC) Bolsa de Valores do São Paulo Bourse de Montréal Canadian Derivatives Clearing Corp. Chicago Board of Trade () Chicago Board Options Exchange Chicago Mercantile Exchange () China Zhengzhou Commodity Exchange Clearnet Copenhagen Stock Exchange Eurex Frankfurt AG Amsterdam Brussels Paris.Liffe HEX Plc Hong Kong Exchanges and Clearing International Petroleum Exchange (IPE) International Securities Exchange (ISE) Italian Exchange Korea Stock Exchange London Clearing House (LCH) London Metal Exchange Ltd. (LME) Malaysian Derivatives Clearing House Malaysian Derivatives Exchange BHD. MEFF Financial Futures and Options Exchange Mercado Mexicano de Derivados (MEXDER) New York Board of Trade (NYBOT) New York Mercantile Exchange (NYMEX) New Zealand Futures & Options Exchange Norwegian Futures & Options Clearing House (NOS) OM London Exchange Limited (OMLX) Options Clearing Corporation, Inc. (The) Osaka Securities Exchange Oslo Børs Pacific Exchange (PCX) Philadelphia Stock Exchange (PHLX) Singapore Exchange Stockholmsbörsen Sydney Futures Exchange () Taiwan Futures Exchange (TAIFEX) Tel-Aviv Stock Exchange Tokyo Stock Exchange Wiener Börse AG World Federation of Exchanges members which have derivative businesses and which are not part of IOMA were invited to submit their figures, too.

5 WFE Derivatives Membership WFE - 45 Members trade derivatives 4

6 Overview of Total Worldwide Derivative Volume 6 Billion Contracts 2,104,777,716 3,912,848,295 Futures Options 6

7 2002 Derivative Volume Growth 7, % Contracts (million) 6,000 5,000 4,000 3,000 2,000 1, % +47% Futures Options Total Total Worldwide Derivative Volume by Asset Class Commodity Currency 5% 1% Interest 11% Stock 23% 2002/2001 Equity Index +11% Stock -5% Gov Debt 13% Equity Index 47% 8

8 Option Volume by Asset Class, Contracts (millions) 4,000 3,500 Commodity Currency 3,000 Gov't Debt 2,500 Interest Rate 2,000 Equity Index 1,500 Equity 1, Total Worldwide Options Volume by Asset Class Currency Interest 0% 4% Gov Debt 2% Commodity 1% Stock 33% 2002/2001 Equity Index +14% Stock 12% Equity Index 60% 10

9 2002 Total Worldwide Futures Volume by Asset Class Commodity 13% Currency 2% Stock 3% Equity Index 25% 2002/2001 Equity Index +6% Commodities 7% Stock +2% Interest 25% Gov Debt 32% Total Derivatives Volume by Region Europe 28% North America 32% South America 3% Asia-Pacific 36% Africa/Middle East 1% 12

10 Busiest Exchanges of Top Ten Derivatives Exchanges by Volume 2,000 1,800 1,600 Contracts (millions) 1,400 1,200 1, Korea Stock Exchange Eurex CBOE AMEX ISE NYMEX/COMEX Bovespa 14

11 2002 Top Ten Options Exchanges by Volume 2,000 1,800 1,600 Contracts (millions) 1,400 1,200 1, Korea Stock Exchange CBOE Eurex AMEX ISE Bovespa PHLX PCX Top Ten Futures Exchanges by Volume Contracts (millions) Eurex NYMEX/COMEX MexDer LME Korea Stock Exchange 16

12 2002 Top Ten Stock Derivative Exchanges by Volume Contracts (millions) CBOE ISE AMEX Eurex Bovespa PHLX PCX Stockholmboersen BME Top Ten Stock Index Derivative Exchanges by Volume Contracts (millions) 2,000 1,800 1,600 1,400 1,200 1, Korea Stock Exchange Eurex CBOE AMEX TASE OSE JSE Stockholmboersen 18

13 2002 Top Ten Bond Derivative Exchanges by Volume Contracts (millions) Eurex Korea Stock Exchange TSE MexDer Stockholmboersen SGX Top Ten Interest Rate Derivative Exchanges by Volume Contracts (millions) MexDer SGX TIFFE Stockholmboersen 20

14 2002 Top Ten Currency Derivative Exchanges by Volume Contracts (millions) TASE Korea Futures Exchange NYBOT PHLX MexDer Bolsa de Buenos Aires Top Ten Commodity Derivative Exchanges by Volume Contracts (millions) NYMMEX/COMEX LME NYBOT Zhengzhou Comm JSE Malaysian Derivs.Ex 22

15 Year on year Volume Changes by Exchange

16 /2001 % Change Volumes All Derivatives 200% 150% 100% 50% 0% -50% -100% NSE of India RTS MexDer ISE HEX Korea SE TAIFEX Athens Malasian Deriv. Ex. ALL EXCHANGES NYMEX/COMEX Bovespa Korea Futures Ex TASE Zhengzhou Comm. Ex. Australian SE Eurex OSE NYBOT Montreal BME TSE FUTOP SGX HKEX Italian Exchange LME Stockholmsboersen Warsaw SE AMEX PHLX CBOE JSE PCX Oslo Wiener Borse NZFOE TIFFE % change Budapest NSEI +615% RTS +477% MexDer +368%

17 /2001 Change in Volumes All Derivatives 160 Korea SE + 1,078m Korea SE Eurex ISE MexDer MYMEX/COMEX Bovespa RTS NSE of India TASE Bunoes Aires BME Zhengzhou Comm. Ex. TAIFEX Korea Futures Ex OSE NYBOT Australian SE Montreal SGX Athens HEX TSE HKEX Malasian Deriv. Ex. Italian Exchange FUTOP Warsaw SE NZFOE Wiener Borse LME Oslo Budapest Stockholmsboersen TIFFE Jse PHLX PCX AMEX CBOE Change (contracts m)

18 /2001 % Change Volumes Equity Derivatives 200% 150% NSEI +615% RTS +477% 100% 50% 0% -50% -100% -150% NSE of India RTS ISE HEX Korea SE TAIFEX Athens NYBOT MexDer TSE ALL EXCHANGES Eurex Bovespa Australian SE Montreal OSE BME SGX TASE HKEX FUTOP Italian Exchange Stockholmsboersen Warsaw SE AMEX PHLX CBOE PCX JSE Korea Futures Ex Malasian Deriv. Ex. Oslo Wiener Borse Budapest NZFOE % change

19 /2001 Change in Volumes Equity Derivatives Korea SE +1,078m Korea SE Korea SE Eurex Eurex ISE ISE MexDer MYMEX/COMEX Bovespa RTS NSE of India TASE Bunoes Aires BME Zhengzhou Comm. Ex. TAIFEX Korea Futures Ex OSE NYBOT Australian SE Montreal SGX Athens HEX TSE HKEX Malasian Deriv. Ex. Italian Exchange FUTOP Warsaw SE NZFOE Wiener Borse LME Oslo Budapest Budapest Stockholmsboersen Stockholmsboersen TIFFE TIFFE Jse Jse PHLX PHLX PCX PCX AMEX AMEX CBOE CBOE Change (contracts m) Change (contracts m) 0

20 /2001 % Change Volumes Interest/Bond Derivatives 400% 300% 200% 100% 0% -100% -200% MexDer Malasian Deriv. Ex. JSE Korea Futures Ex ALL EXCHANGES CBOE Eurex Montreal SGX TSE Stockholmsboersen NZFOE TIFFE HKEX BME % change

21 /2001 Change in Volumes Interest/Bond Derivatives MexDer Eurex Korea Futures Ex SGX Montreal Malasian Deriv. Ex. JSE CBOE BME HKEX NZFOE TSE Stockholmsboersen TIFFE Change (contracts m)

22 /2001 % Change Volumes Currency Derivatives 100% 80% 60% 40% 20% 0% -20% -40% -60% -80% -100% TASE NYBOT ALL EXCHANGES Korea Futures Ex HKEX PHLX Warsaw SE MexDer RTS % change Budapest TIFFE

23 /2001 Change in Volumes Currency Derivatives TASE NYBOT Bunoes Aires HKEX TIFFE Warsaw SE RTS PHLX MexDer Budapest Change (contracts m) Korea Futures Ex

24 /2001 % Change Volumes Commodity Derivatives 120% 100% 80% 60% 40% 20% 0% -20% JSE Malasian Deriv. Ex. NYMEX/COMEX Zhengzhou Comm. Ex. ALL EXCHANGES NYBOT LME % change

25 /2001 Change in Volumes Commodity Derivatives NYMEX/COMEX Zhengzhou Comm. Ex. NYBOT JSE Malasian Deriv. Ex. LME Change (contracts m)

26 Focus on Equity Products 2002 Exchanges Trading Significant Volumes* of Equity Derivatives by Region and Product Index futures Stock options Stock futures North America South America Europe Africa and Middle East Asia Pacific Index options * More than 1 million contracts in the product during

27 2002 Equity Derivative Trading by Product/Region Asia/Pacific 1,903m Contracts (m) Stock options Stock futures Index options Index futures North America South America Europe Africa and Asia Pacific Middle East Concentration of Equity Derivative Trading by Product/Region Next 10 14% Rest 4% Top 1 46% Next 5 36% 50% 40% 30% 20% 10% Equity Index Futures Equity Index Options Stock Future Stock Options 0% Top 1 Next 5 Next 10 Rest 37