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Futures
The futures industry is in the midst of several long-term trends
which are changing the face of the market place and requiring industry
participants to be progressive and nimble.
- Globalization: Over the past 20 years, the futures business
transacted on U.S. exchanges has dropped from 90% to 40% as new
exchanges have sprung up at an accelerating rate. Exchanges compete
for trading volume; some U.S. exchanges are becoming "for
profit" corporations in an attempt to compete more efficiently
and effectively; strategic alliances between exchanges allow contracts
to be opened on one exchange and closed on another.
- Computerization: Since the Deutsche TerminBörse
(DTB) was launched about 10 years ago as the first fully electronic
futures exchange and began garnering substantial trading volume,
the drive has been on to automate and electronically service futures
trading. The DTB merged with the SOFFEX (Swiss futures exchange)
to become the Eurex--the world's largest futures exchange. For
the first time, the United States was no longer home to the world's
largest futures exchange.
- Regulation: The pressure is on "old line" regulatory
agencies bound by laws which did not anticipate technology changes.
Recently in the United States, the Commodity Exchange Act was
overhauled, enhancing opportunities for U.S. exchanges. This is
sure to change the way futures business is conducted in the years
to come.
- Product Mix: There has been an explosion in the variety
and number of financial futures contracts, with a wide selection
of interest rate and index futures contracts, many of which are
cash settled. In addition, options on futures contracts are relative
newcomers and have taken on an important role in the markets.
Throughout the course of these tremendous changes, the Center for
Futures Education, Inc. has been serving the industry with high
quality educational materials. Our customers around the world prize
our publications for their clarity and succinctness.
"I am pleased to advise you that I passed the Series 3....
I would like you to know that I found the Futures Broker Home
Study Course (Series 3) was well prepared. I had no previous
knowledge of the subject, or the terms used, and I relied solely
on your instruction papers. The language of the course is very
understandable, especially for me as English is my second language.
The tests at the end of each section & two final exams were
really very helpful for me."
A. M., Spain
"Just wanted to let you know that on October 25th I took
the Series 3 examination and had an overall passing grade of 95%.
I used no study material other than your course. Evidently you
guys did a great job covering all the relevant information. I'm
impressed. Thanks and best of luck."
William Smith
As competitiveness became the watchword for the futures industry,
the Center forged ahead to provide the industry's first electronic
calendar and reference guide, available for unlimited usage through
exchanges and brokerage firms around the world. Also available online
is our Guide to Futures and Options
Terminology, in English, Spanish, Portuguese, and Japanese.
Watch our site for additional electronic offerings bringing you
our traditionally high quality educational materials in new, more
innovative ways as we embrace the future. |
