美国期货协会年报.pdfVIP

Annual Volume Survey 2008 A Wild Ride Global Futures and Options olume Rises 13.7%, But Credit Crisis Damages Liquidity in the Core Markets By Galen Burghardt and Will Acworth For the global future and option indu try, 2008 wa The Big Chill a wild year. Several major Af ter shooting upward for several years , the growth in global futures and options trading decelerated sharply in 2008 . market participant , includ- ing ome of the large t player in the market , van- i hed from the cene. Counterparty credit ri k hot to the top of market u er worrie . Volatility ky- rocketed and liquidity evap- orated, e pecially after Lehman Brother declared bankruptcy in September, and volume for ome of the indu try’ bigge t and be t- known contract took a definite turn for the wor e. 16 Futures Industry espite all the turbulence, the overall More importantly, the relatively benign Long-term interest rate futures were espe- growth trend was still positive. The total overall numbers mask some sharp divergences cially hard hit. Ten-year Treasury futures D number of futures and options contracts traded among the different categories of products, trading tumbled 26.5% from 2007; Euro on the 69 exchanges tracked by the Futures especially in the U.S. Trading volume on the bund futures fell 23.8%; and GB futures slid Industry Association rose 13.7% over 2007. U.S. futures exchanges rose only 4.4% over 21.5%. Short-term interest rate products Volume in the U.S., the epicenter of the credit 2007. What a contrast to the volume on the were mixed, with Euribor futures up slightly, crisis, rose 14.0% from 2007, and Europe and U.S. opt