European exchanges have a policy of not releasing clearinghouse volume, but we can get a feel for who the dominant players are by calling trading desks in London and Frankfurt. Over the years, as exchanges have clumped together, regional players have given way to global players, and this year’s consensus is no different, with Deutsche Bank, Newedge, Fortis Bank, and Goldman Sachs on everyone’s list of top clearers. Gone from the list is Man Financial, leaving Newedge as the only entity in the top five that is primarily a futures powerhouse.
Both JP Morgan Chase and Barclays Bank were mentioned as good candidates to replace Man in the top five – largely because of JPM’s purchase of the remnants of Bear Stearns and Barclays’ purchase of the remnants of Lehman Brothers.
Meanwhile, the top contracts at the continent’s two powerhouse futures exchanges remain Nyse.Liffe’s Euribor futures contract and Eurex’s Euro STOXX 50 futures contract – but the STOXX 50 options has been gaining on futures.
Futures, Euro STOXX 50:ADV 2008 (Jan-Oct) 1,7 millionADV 2007: 1,29 millionOptions, Euro STOXX 50: ADV 2008 (Jan -Oct) 1,6 millionADV 2007 994,000
Futures, Three-Month Euribor:
ADV 2008 (Jan-Oct): 956,961
ADV 2007: 868,280
Options, Three-Month Euribor:
ADV 2008 (Jan-Oct): 460,332
ADV 2007: 315,548