TAIFEX's conference bid succeeds

The Taiwan Futures Exchange (TAIFEX) has succeeded in its bid to host the Third Futures Industry Association (FIA) Asia Derivatives Conference, which will be the largest international futures seminar to be held in Taiwan since the establishment of TAIFEX in 1998, a TAIFEX official said yesterday.

According to the official, TAIFEX's bid to host this year's conference was approved by the FIA's board on Wednesday mainly thanks to lobbying efforts by TAIFEX Chairman Wu Rong-i (吳榮義), who led a delegation on Monday to attend the 32nd Annual International Futures Industry Conference held in Boca Raton, Florida.

The Second FIA Asia Derivatives Conference took place in Mumbai, India, last year and since then TAIFEX has been seeking to win the right to host this year's conference, the official said, adding that immediately after their arrival in Boca Raton, Wu and his entourage began to lobby actively on behalf of TAIFEX.

The FIA's approval of TAIFEX's bid to host the conference, tentatively set for November, reflected its recognition of efforts to promote international exchanges and is also a milestone in the internationalization of Taiwan's futures market, the official said.

With the brisk development of regional derivatives markets over the past few years, Asia has recorded one of the fastest growth rates in terms of derivatives trading volume, which now accounts for one-third of the global total, according to the official.

Because differences in the structures of national laws in Asia and the differing operations of the region's markets efficient cooperation among regional futures exchanges had been hindered. So in 2004 the FIA began to organize derivatives seminars in Asia to establish mechanisms designed to boost the development of the region's futures markets, the official explained.

While the US, Wu also met with New York Mercantile Exchange (NYMEX) general manager James Newsome to exchange views on NYMEX's recent introduction of the GLOBEX trading system from the Chicago Mercantile Exchange and a planned listing of TAIFEX contracts on the NYMEX.

In addition to expressing his support for TAIFEX's planned listings, Newsome also accepted Wu's invitation to visit Taiwan in the near future to share his professional experience with local futures dealers.