SWISS DERIVATIVES. Editorial ISSUE 56 JANUARY Official publication of the Swiss Futures and Options Association - SFOA. Contents Focus 2/3

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1 SWISS DERIVATIVES ISSUE 56 JANUARY 2015 Editorial Dear Members of SFOA, colleagues and friends, Contents Focus 2/3 Switzerland exits the Eurozone Regulation 4/5 Update on FinFraG Opinion 6/7 An Intangible Community by Patrick Young Research 8/9 Featured Article: Professor Hanke constructed a Misery Index through the simple sum of the inflation, unemployment and lending rates minus year-on-year per capita GDP growth. Read more about his World Misery Index that comprehensively ranks 108 countries based on misery. Official publication of the Swiss Futures and Options Association - SFOA

2 Focus 2 Switzerland exits the Eurozone With the Swiss National Bank scrapping its peg on the Swiss franc/euro exchange rate, Switzerland effectively exited the Eurozone. This article looks at why this happened as well as at consequences in the short run and long-term. Special consideration is given to the impact on the commodity trading industry. Was the Swixit inevitable? Is the ECB to succeed? Structural changes needed Swiss Derivatives Review Issue 56

3 Focus 3 Euro? What Euro? The Swiss tourism industry is likely to suffer from the Swixit. Photo: Skier in Zermatt The trading community s real worries Source: Peak Performance by Andrew Sutherland, flickr.org

4 Regulation Update on FinFraG Switzerland s financial regulation is going through a small revolution. While the new Financial Market Infrastructure Act (FMIA) is still a work in progress, some key aspects are worth a closer look. 4 The new Financial Market Infrastructure Act...with some exceptions Leaning towards EMIR Swiss Derivatives Review Issue 56

5 Regulation 5 Further discussions Will it make us safer? before implementation The new law brings together all the relevant regulations covering financial market infrastructure. Photo: (left page): SIX Swiss Exchange headquarters in Zurich.

6 Opinion An Intangible Community Patrick L. Young, former SFOA board member and publisher of the market infrastructure daily Exchange Invest on the power of networks, evolution in capital markets and Artificial Intelligence. And he calls for a renewed focus in SFOA. 6 The power of the modern networks Old rules are often the best It s the human interaction Swiss Derivatives Review Issue 56

7 Opinion 7 An intangible commodity Patrick L Young Patrick L. Young is CEO of the crowdfunding platform HanzaTrade and an active entrepreneur and investor as well as the publisher of the market infrastructure daily Exchange Invest. He was a Member of the SFOA board of directors from 2002 to 2007 and edited and published the Association s 25 th Anniversary Book An Intangible Commodity. Contact: Patrick@DerivativesVision.com

8 Research Steve Hanke's letter from America Every country aims to lower inflation, unemployment, and lending rates, while increasing gross domestic product (GDP) per capita. Professor Hanke constructed a Misery Index through the simple sum of the former three rates (inflation, unemployment, lending rates), minus year-on-year per capita GDP growth. His World Misery Index comprehensively ranks 108 countries based on misery. 8 Steve H. Hanke Steve H. Hanke is Professor of Applied Economics at the Johns Hopkins University in Baltimore, MD. He is also a Senior Fellow and Director of the Troubled Currencies Project at the Cato Institute in Washington, D.C. You can follow him on Swiss Derivatives Review Issue 56

9 Research 9 Advertise in the Swiss Derivatives Review and reach 6000 readers globally! info@sfoa.org Swiss Derivatives Review Issue 56 - January 2015 SAVE THE DATE FOR BÜRGENSTOCK 2015 Geneva, Switzerland, 22/23 September 2015 Official Publication of SFOA - Swiss Futures and Options Association 18b rue du Gothard, P.O. Box 325 CH-1225 Chêne-Bourg Phone Publisher Weber-Thedy AG Zeltweg 25, CH-8032 Zurich Official publication of the Swiss Futures and Options Association - SFOA