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MERCHANDISER


Exchange-Traded Commodity Derivatives Growth Slows


THE GROWTH IN global exchange-traded derivatives slowed to 11% last year as Chinese commodity trading dropped by almost a third. Almost 25 billion futures and options traded on regulated exchanges in 2011 (up from 22 billion the previous year) according to the World Federation of Exchanges (WFE). Worldwide, 11.9 billion futures traded last year and 12.9 billion options were bought and sold, according to WFE. The slowdown stemmed from a decrease in commodity trading, said Peter Clifford, deputy secretary general at the Paris-based association that represents 54 exchanges worldwide. “This increase in volumes seems logical given the high volatility of


markets in 2011, which may have driven the need for hedging upwards. The relative preference for derivatives built on underlying indices or ETFs, as compared to single stocks, could also factor into the increase.” Commodities derivatives were the only asset class to decrease in overall


volume last year, to 2.8 bn from 2.9 bn. Chinese commodity trading dropped by 34% last year causing a global 6% decrease in commodity derivatives. When the figures from mainland Chinese exchanges are excluded, the 2011 global growth rate increased to +24%. For the second consecutive year, the WFE also gathered statistics from


clearinghouses. In these statistics, there is a distinction made between Exchange Traded Derivatives (ETD) and OTC trades cleared by a CCP. For commodity derivatives, volumes of OTC cleared contracts are significant on two Exchanges, namely CME Group and ICE. In regard


Worldwide Derivatives Volume (bn contracts)


25 Americas 20 4.7 15 Asia Pacific 10 9.0 5 Europe &


Middle East 8.7


0 2010 9.8 2011


to CME Group, the number of OTC commodity derivatives cleared contracts in 2011 increased more slowly (+2%) than on-exchange traded contracts (+12%).


The WFE will release more details in April. www.world-exchanges.org


9.7 5.3


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