Kofex in clover over Kospi control

22 Dec 2003

Korea Futures Exchange (Kofex) will take over management of the world's most heavily traded contract, the Kospi 200 options, from Korea Stock Exchange (KSE) on 4 January 2004.

The transfer of the contract, as well as Kospi futures, is mandated by the country's Futures Trading Act but...

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“A lot of banks have spent a lot of money calculating the cheapest way to collateralise their positions, and they’ve hired some very bright mathematicians to do it. Why would they gamble all of that by using the cheapest clearing house?”

Senior rates players believe fears of a race to the bottom among clearing houses has been overstated.