1 analysis of the income of futures exchanges in developed markets
From the perspective of influence, market value and income level on the global derivatives market, CMEGroup, ICE and DBAG are well-deserved giants.
Development course and income analysis of CMEGroup
CMEGroup was formed by the merger of Chicago Mercantile Exchange (CME) and Chicago Board of Trade (CBOT) in 2007. Since its establishment, through continuous innovation, evolution and mergers and acquisitions, it now has derivative sequences covering many fields such as finance, bulk commodities and alternative products. Product categories include futures and derivatives based on traditional products such as interest rate, foreign exchange, stock index, agricultural products, energy and metals, as well as alternative products such as weather and emission rights.
The income of CMEGroup mainly comes from clearing and transaction fees, market data and information services, access and communication fees and other projects. Among them, more than 80% revenue comes from clearing and transaction costs, and about 13% revenue comes from market data and information services.
In terms of product categories, financial products account for the largest proportion in the liquidation and transaction costs of their main income sources, with interest rate and equity derivatives accounting for 70% in 2008. After CMEGroup merged into NYMEX, COMEX and KCBT, this income structure changed. The proportion of interest rate and equity income decreased year by year, while the proportion of agricultural products, energy and metals increased year by year, especially the income of energy products increased rapidly. 20 13 years accounts for 23% of clearing and transaction fee income, second only to interest rate products. The income structure of CMEGroup tends to be diversified and balanced gradually.
Development course and income analysis of intercontinental exchange
ICE was established in 2000 and successfully listed on the new york Stock Exchange in June 2005. Subsequently, through a series of mergers and acquisitions and expansion, the product lines such as agricultural futures, OTC options, credit derivatives and carbon emission derivatives were expanded. On October 20 13, 165438+ 10, ICE acquired NYSEEuronext and became the world's leading exchange, covering major asset categories such as interest rate, equity, equity derivatives, credit derivatives, bonds, foreign exchange, energy, metals and agricultural products. The income of ICE mainly comes from transaction and clearing fees, market data and others. Among them, about 80% revenue comes from transaction and clearing expenses, and about 10% revenue comes from market data, and the proportion of revenue brought by market data has an obvious growth trend.
The main business of ICE is energy derivatives trading. In 20 13 years, the trading income of energy derivatives accounted for 4 1%. After the acquisition of NYSEEuronext, ICE strives to seek new revenue growth points in interest rate futures and options, stock derivative futures and options, spot stocks and listing services. In addition, ICE also collects market data service fees by providing various market data services and products (such as publishing indexes and inquiring historical data) for futures and OTC market participants. The service income has increased year by year, accounting for 65,438+02% in 2065,438+03.
Development course and income analysis of DBAG
Founded in the early 1990s, DBAG has experienced more than 20 years of integration and development. It has an advanced European securities trading platform Xetra, two derivatives exchanges-Eurex and ISE, the world's advanced risk control technology clearing house (EurexClearingAG) and the world's leading post-transaction service provider-ClearStream, which integrates trading, clearing and settlement.
The revenue of DBAG mainly comes from four parts: Eurex, Xetra, Clearstream, market data and services. The European Futures Exchange was formerly known as the German Futures Exchange (DTB) and the Swiss Financial Futures and Options Exchange (SOFFEX).
Eurex trading products include money market products, equity products and index products. , and set up a wholly-owned subsidiary EurexClearingAG as the clearing institution for its transactions, mainly providing centralized clearing services for most products including futures, derivatives and spot markets, and providing central counterparty services for Frankfurt Stock Exchange, Eurofutures Exchange bond market and Eurofutures Exchange repo market.
The income of the European Futures Exchange is the largest source of DBAG income, accounting for about 40%. Clearstream provides securities depository and settlement services to more than 2,500 customers (including securities companies, international financial institutions, commercial banks and central banks) in more than 65,438+000 countries. At present, Clearstream has developed into the world's leading post-transaction service provider, accounting for about 35% of the revenue, and is the main source of DBAG's revenue. In recent years, the proportion of market data and service income has also been increasing, exceeding 18% in 20 13 years.
2 emerging market futures exchange income analysis
Russia, Brazil, India and China are also called BRIC countries. As representatives of emerging market futures exchanges, the evolution of income composition of Moscow Stock Exchange, Brazil Stock Futures Exchange and India Multi-commodity Exchange has important reference significance for the development of domestic futures exchanges.
The Development Course and Income Analysis of Moscow Stock Exchange
In the development of Russian futures market, there are two important derivatives exchanges-Moscow Interbank Money Market (MICEX) and Russian Trading System (RTS). 2011/On February 20th, MICEX and RTS merged into the Moscow Stock Exchange (MICEX-RTS), creating a one-stop trading platform for local and international market participants.
After the merger, the income scale of the Moscow Stock Exchange has been expanding. From the perspective of income structure, the income of Moscow Stock Exchange mainly comes from stock market and foreign exchange market. Although the proportion of derivatives market revenue is small, it is growing rapidly, and the proportion is increasing year by year. In addition, the information services, software sales and technical services provided by the Moscow Stock Exchange have also brought diversified income structures.
Development course and income analysis of Brazilian stock and futures exchange
The Brazilian Stock and Futures Exchange (BMCMEGroup and ICE) not only covers rich product lines such as finance, energy and agricultural products, but also develops alternative products such as weather and emission rights. As an emerging market exchange, Moscow Stock Exchange has also set foot in securities, currency, foreign exchange, derivatives and other markets.
M&A is an effective way to realize diversified expansion.
Looking at the development of exchanges in developed markets, we can find that M&A is the most important and effective way to expand, and all major exchanges actively expand their income sources and enhance their competitiveness through M&A.. Even the Moscow Stock Exchange and the Brazilian Stock and Futures Exchange, as emerging market exchanges, are diversifying through mergers and acquisitions.
With the deepening of China's financial market opening to the outside world, domestic futures exchanges can take mergers and acquisitions as an important way of diversified development, quickly become bigger and stronger, and improve international competitiveness.
There is a huge room for value-added benefits of information products and services.
In recent years, the development and utilization of information resources in developed market exchanges are characterized by the continuous improvement of communication facilities, the continuous reduction of data delay and the continuous improvement of the depth and breadth of data services. High-quality data and information have brought them more value-added benefits, and with the continuous increase in the breadth and depth of data services, the proportion of information service income to total income has increased year by year.
Three developed market exchanges, CMEGroup, ICE and DBAG, all obtain value-added service income by providing various information products and services such as real-time, delayed and historical market data to the market, and the proportion of this part has shown an overall upward trend in recent years. Emerging market exchanges such as MICEX-RTS and BM & ampFBOVESPA have also started this business. At present, the proportion of domestic futures exchange business income from data business and technical services is still low, which can expand related income.
The business space of futures and derivatives is broader.
For exchanges with securities business, futures and derivatives business, futures and derivatives business has developed more rapidly. DBAG, Moscow Stock Exchange and Brazil Stock and Futures Exchange have been engaged in securities and stock business, futures and derivatives business for many years. From the changes of income structure in recent years, it can be seen that the proportion of income from securities and stock business is decreasing, while the proportion of income from futures and derivatives business is increasing steadily. At present, the stock exchange and futures exchange in China are operated separately. From the international experience, China Futures Exchange has a broader space for future development.