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Rofex enjoys strongest month post-crisis
13 July 2010
The Rosario Futures Exchange has enjoyed its strongest month since the advent of the financial crisis, with 5.8m contracts changing hands, up from 5.5m traded in June 2009.
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Rofex
Rosario Futures Exchange
agricultural
agri-commodity
Matba
Argentina
dollar index
FX
peso
Trading was once again dominated by the bourse’s hugely successful dollar index futures, an index contract launched in 2002 following the Argentine fiscal crisis, which tracks the exchange rate between the US dollar and the Argentine peso. Some 5.7m of the contracts were traded last month, up from 5.5m over the same period last year.
Trading in options on the index continued their slide, however, with a mere 322 changing hands – down from 10,555 last June.
Trading in soybean derivatives accounted for most of the remaining contracts, with 11,950 soybean index futures trading, as well as 6,600 soybean futures and 1,300 options. Trading was roughly on a par with last year’s figures. However, 70 corn futures aside, none of the bourse’s other financial or agricultural contracts traded – including Brazilian real and euro index futures.
A merger with the bourse’s Buenos Aires neighbour Mercado a Término de Buenos Aires, which enjoys far more liquid agri-commodity trading, has been mooted recently, with the pair entering advanced talks in March.
Later that month, Rofex started conversations to merge with its sister cash market, Mercado de Valores de Rosario, a move designed to create synergies between the complementary products offered on either bourse. The two already shared some brokers and shareholders and both exchanges works under the Rosario Board of Trade. The RBoT, a non for profit organization, is in turn owned by its members, many of whom are the largest market players on either bourse.
Tom Osborn +44 207 779 8361 tosborn@fow.com