ParisBourseSBF SA is therefore the only exchange to market futures on the Dow Jones STOXXSM indexes in the United States, thus complementing its leadership position in the euro-zone equities and derivatives markets.
The Dow Jones STOXXSM indexes were launched in 1998 by STOXX Limited, owned equally by ParisBourse, Deutsche Börse AG, SWX, and Dow Jones. The Dow Jones STOXXSM indexes have become benchmarks for European equities, particularly in the blue-chip category, with the Dow Jones STOXXSM 50 index of fifty blue chips selected from the 15 countries of the European Union and the Dow Jones Euro STOXXSM 50 index of fifty stocks chosen from the 10 euro-zone countries.
With ParisBourseSBF SA quoting the STOXXSM index futures contracts, US investors can implement European investment strategies and optimize the management of institutional portfolios.
Since US trading hours overlap with ParisBourse's trading hours of 8 a.m. to 10 p.m. (Paris time), US investors can trade the contracts at the same time as US index derivatives, thereby broadening the opportunities for arbitrage.
US investors will benefit from the favorable terms offered by ParisBourse on this range of products, including interest on deposits and the reduced deposit requirement for intercontract spreads on combined futures groups on the CAC40, Dow Jones Euro STOXXSM 50 and Dow Jones STOXXSM 50 indexes.
ParisBourseSBF SA already holds an authorization from the US Securities and Exchange Commission to market options on these same indexes. In August 1999, ParisBourseSBF SA received CFTC authorization to offer direct electronic access to futures for all members of regulated exchanges. The CFTC also authorized futures commission merchants to install routing screens on client sites.
