THE
SHAPE OF MARKETS
TO COME… A personal review of one possible…future…
My apologies for stealing & adapting H.G. Wells title for my own title…but I thought it appropriate to call it so as it is a review of the recent Futures Industry Association (‘FIA’) & Acuiti Management Intelligence report, on the state of the European Derivatives, titled (unimaginatively) ‘State of the Market: European Listed Derivatives in 2024’(1)
.
This was a survey done of senior executives in more than 100 firms active in Europe. 24% were banks, 14% were brokers & non-bank FCMs (Futures Commission Merchants), 20% were buyside, 10% principal trading firms, 16% exchanges & 15% software vendors. I don’t know what the other 1%
were...they do not say! Of these, 53% were in the EU, 40% in the UK & 7% elsewhere in Europe. Before I go into some of the details, I would like to comment on just this information. I think it is a valid attempt at deciphering & interpreting the current state of the European market and will be useful in many ways. However, (…there’s always a ‘However’ with me), I note some things that could be improved, helped, even taken with a pinch of salt. Firstly, I was somewhat surprised at what to me, seemed to be the limited size of the sampling. ‘…more than 100 firms active in Europe, (1)
looks to be quite a low constituency
sample. Now, I grant you, this may be due to the survey being limited to primarily FIA members and we do obviously have a bias as some firms asked to voice their opinions would not necessarily have wished to participate…but a larger sample would have been more interesting and added to the authority and gravity of the results. Additionally, possibly extending the survey to look at the opinions, for example, of organisations supporting retail trading, however small an input they may have, would have been useful
5 | ADMISI - The Ghost In The Machine | Q3 Edition 2024
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