1. Financial Derivatives in Emerging Markets: The Challenge of Keeping Markets Locally
(Growth in the domestic derivatives market, non-resident transactions, DMA access, algorithmic and HFT)

2. JSE: Johannesburg Stock Exchange
Stock exchange founded in 1887 during the first South African gold rush
Derivatives exchange through SAFEX established in 1989, JSE acquired the business in 2001
84 different listed contracts in 8 categories
Agriculture
Bonds
Currency
Energy
Equity Index
Individual Equity
Interest Rate Derivatives
Metals (Precious and Non Precious)
Number 14 in the FIA top exchanges ranking 2016, among 81 exchanges
-1.9% drop respect 2015
Equity Derivatives growth in % in value traded
Category
Contracts / Deals
2015
2016
% Change
Equities
61,925,150
71,218,497
15%
Equity Derivatives
448,040,993
427,449,339
-5%
Bonds
454,285
461,299 2%
Interest Rate Derivatives
5,692,757
9,435,718
66%
Currencies
45,168,690
48,324,320 7%
Commodities
3,500,065
3,426,080
-2%

3. ROFEX: Rosario Futures Exchange
Founded 1909 as an agricultural futures exchange
2001: started trading FX futures, first financial futures in the country (currency, ARG-USD)
99% of the volume counts for one currency futures
Number 6 top FX contract
14 different listed contracts in 6 categories FX
Interest rate
Equity index
Precious metals, Energy
Agricultural commodities
Number 25 in the FIA top exchanges ranking 2016, among 81 exchanges
53.5% growth respect 2015
2016 (Jan-Dec)

4. TAIFEX: Taiwan Futures Exchange
Founded 1998 as a financial futures exchange
Almost 70% of the volumen traded counts for options on TAIFEX (stock index future)
Number 11 top equity contract
27 different listed contracts in 5 categories
Individual equity
Equity index FX
Interest rate
Precious metals
Number 21 in the FIA top exchanges ranking 2016, among 81 exchanges
-8.6 drop respect 2015

5. How did our exchanges grow?
Successful stories
Lessons learned from failures
The role of education

6. The challenge of diversification
What do we need to expand futures trading?
Which products are more easy to build liquidity on?
Do these products have a common characteristic?

7. How can we build liquidity?
Participants profile: market makers, proprietary traders, retail investors, etc.
Technology: DMA, HFT, algorithmic trading

8. How regulation affects trading?
Non-resident transactions
The trade off between regulation and burocratic cost
Which should be the driver of regulation?