Despite their lacklustre start, single stock futures are still at the heart of some of the burning issues in the industry. More than any other product, they illustrate the convergence of the cash and derivative products, and the thorny issues that convergence throws up in the US.
The issues raised by SSFs were so problematic that, rather than tackle them, the US regulators chose to set them to one side. And there they stayed, for 18 long...