The addition of the Spanish derivatives market to the GLOBEX Alliance enlarges the global trading link providing access to many of the world's most actively traded financial futures products. The GLOBEX Alliance spans the three major time zones. Officials of MEFF noted that the Exchange´s relationship with many of the existing Alliance partners (as a partner of the Euro GLOBEX Alliance, and through various other bilateral agreements) is long-standing and has already produced visible results in the past, notably in the form of cross-access for members. Joining the GLOBEX Alliance is, thus, a natural step forward in the same direction, they added.
Under the GLOBEX Alliance, members of each exchange will benefit from trading privileges and direct access to all of the Alliance markets through one single technical access point, along with cross-margining of positions in order to reduce the capital requirements of their customers and members. In addition, the Alliance partners are establishing a harmonized set of electronic trading rules and policies. CME Chairman Scott Gordon said: "We are delighted to welcome MEFF to the GLOBEX Alliance, further broadening the scope of products and capital efficiencies for our members and customers."
"Being part of this global alliance will considerably expand the range of products and markets available to MEFF´s members, at the same time making our products more accessible to international players", said Josep M. Basañez, MEFF´s Chairman. "As markets and financial institutions worldwide are fast moving to seize the opportunities and respond to the challenges raised by globalization, the solution offered by the GLOBEX Alliance, building on its partners' existing assets and capabilities, is extremely appealing and efficient. It gives me great pleasure that MEFF joins in this collective venture, as I know it will be of great benefit to our members and to the complete Spanish financial community," he added.
"ParisBourse welcomes MEFF to the Globex Alliance. The French and Spanish derivatives markets teamed up within EuroGlobex in June 1998; this move takes that European partnership a step further in the international arena," said Jean-François Théodore, Chairman and CEO of ParisBourseSBF SA. SGX CEO Thomas Kloet said, "The Alliance's strength - that of offering trading and capital efficiencies - will be further augmented by MEFF's entry as its sixth member. It will enable members to offer their customers a broader range of products to trade and deepen market liquidity."
BM&F Chairman Manoel Felix Cintra Neto said, "Several financial and telecom groups from Spain have invested heavily in Brazil and other Latin-American countries in recent years. Joining the GLOBEX Alliance, MEFF may open new opportunities for integration and cooperation, particularly in the Mercosul area."
"The inclusion of the Spanish derivatives market in the GLOBEX Alliance is yet another confirmation of the truly global nature of this alliance, providing efficient, mutual access to derivatives markets in Asia, Europe and the Americas," said Jacques O. Nadeau, Chairman of the Montreal Exchange.
MEFF trades futures and options on interest rates and stock indexes and options on equities. The CME trades futures and options on interest rates, stock indexes, foreign currencies and agricultural commodities. BM&F trades futures and options on interest rates, exchange rates, stock indexes and agricultural commodities. ParisBourseSBFSA trades futures and options on interest rates, commodities, stock indexes and options on equities. SGX-DT trades futures and options on interest rates, stock indexes and energy. The Montreal Exchange trades futures and options on interest rates and stock indexes and options on equities.
