Futures commission merchants once again took the opportunity of the FIA/FOA conference in London last week to air their grievances against exchanges. Among the areas of complaint were costs, lack of standardisation and the wasting of resources.
Speaking on a panel on clearing efficiency, Marc Huglin, head of operations at ABN Amro Futures, questioned why exchanges were not feeling the same pressures as their member firms. The graph of falling commissions for FCMs continues to go down, he said, while exchange costs continue to rise. Both exchanges and their member...