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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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From: TFF	11/10/2006 6:13:58 PM
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NYSE eyes expansion into futures trading: CEO Thain (Crain's) — The chief executive of the New York Stock Exchange indicated he would like to expand his operation into futures trading once the proposed merger with Euronext is completed. “The futures business is a great business and we would like to be in it, sure,” said NYSE Group Inc. CEO John Thain after speaking at the Securities Industry and Financial Markets Association’s conference in Boca Raton, Fla. Futures trading volumes have soared in recent years and the top player in the field — the Chicago Mercantile Exchange — has a market value of over $17 billion, or $5 billion more than the NYSE. The CME’s pending merger with the Chicago Board of Trade will put even more distance between the futures giant and the world’s largest stock exchange. The NYSE has dabbled in futures trading before. In 1979, it opened the New York Futures Exchange but sold the business in 1993. Although futures trading and stock trading are overseen by separate regulators, Mr. Thain said that difference wouldn’t hinder the NYSE’s foray into futures when it takes place. “We could work out the regulatory framework,” he said. He added that it’s difficult to capture business from exchanges that already trade and clear popular futures contracts, so the NYSE could create new contracts or acquire another exchange. One possibility would be for the NYSE to acquire the New York Mercantile Exchange, the world’s largest marketplace for energy futures that’s also preparing to take itself public next week. Mr. Thain declined to comment on that scenario. In the meantime, Mr. Thain is busy trying to win investor and regulatory approval for his proposed merger with the Paris-based Euronext. He said the NYSE would send documents to shareholders by the end of this month spelling out the formal rationale for the deal. He hopes a shareholder vote will be held by the end of the year and, assuming it’s approved, the deal to close by the spring.

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