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Yes and no. No market has really established themselves as being a serious
contender in this product. My view is the reason the industry isn't rushing
is the lack of success -- so far -- in the markets where they trade. The
other issue is can a market really establish good price discovery when the
primary market is not available.
The current delay relates to have to bear the cost of the price reporting
systems. A new system has to be built and funded. The way it works is that
if one exchange will trade them .. they pay the whole development cost.
When exchange two comes in it pays exchange 1 back 50% of the cost and so
on. No exchange has yet raised their hand as exchange one .. ready to go..
and fund the project.
They are a money loser for the exchanges that trade them now.
Candidly I think the exchange decision makers have always had a wait and see
attitude about them and any delay is "somewhat" welcome. It has nothing to
do with any regulatory roadblocks .. the regulation stuff is pretty much
done .... it's just time to pull the trigger and write some big checks ...
which will eventually get written.
-----Original Message-----
From: rmac@xxxxxxxx [mailto:rmac@xxxxxxxx]
Sent: Wednesday, October 17, 2001 3:11 PM
To: realtraders@xxxxxxxxxxxxxxx
Subject: [RT] Re: SingleStockFutures further delay
Doesn't that put us further behind Europe. I would think that we
would be giving up a considable amount of this business to them
because of the delay?
Ron
--- In realtraders@xxxx, "Jacobson, Alex" <AJacobson@xxxx> wrote:
> SSF's have been put back until at least the end of March 2002. If a
> securities exchange doesn't start the tech work ASAP ... and none
have yet
> raised their hand to start .... they will be put back till probably
June at
> the earliest.
>
> Alex Jacobson
> Vice President Business Development
> I S E
> 212 897 8125
> 212 425 4926 (FAX)
> 877 7209918 (SKYPAGE)
> ajacobson@xxxx
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