FCMs to campaign for exchange standardisation

At FOW’s 17th annual derivatives conference in London the FCM consensus was that exchanges should standardise procedures. As a result, FCMs along with the UK’s Futures and Options Association (FOA) and the US’s Futures Industry Association (FIA) are to conduct a survey on clearing and related risks at exchanges around the world.FIA chairman Richard Berliand told delegates that the survey would take the form of roundtable sessions in the first instance to determine areas of the industry to explore further. He explained that the initial areas of concern are concentration and liquidity risk.He added that the aim of the study is to obtain “a statement of best practice” – and by way of example said that some clearinghouses don’t even publish open interest data. The issue of OI was crucial to...