Meff, which started operations in 1989, anticipates that closing volume for its single stock futures (SSFs) in 2005 will be over 18m contracts, an increase of 57% compared to last year. Year-to-date exchange trading volume in the products stood at 14.2m contracts at the end of October, compared for example to 10.1m contracts traded on Euronext Liffe or 4.28m on OneChicago.
Meanwhile, Borsa Italiana's total equity derivatives had traded 21.2m contracts year-to-date, compared to 18.2m total for last year. Open interest on derivatives offshoot Idem achieved a record 3.37m positions on 20 October.
Attracting new international members has been the primary focus at Meff. Deputy chief executive officer Fernando Centelles believes that this continuing drive has been vital in attaining the new volume levels. Domestic trading in SSFs was up 40% whilst remote membership trading has increased fourfold. Meanwhile, total open interest across the...