Downfall of a dynasty

Downfall of a dynasty

The last days of Ricardo Salgado and Banco Espírito Santo

Middle East: Special focus

Middle East: Special focus

Exploring the challenges and opportunities

Single-stock futures: Eurex hopes for SSF boom

Ucits III opens the door to sustainable growth of single-stock futures. Over the past five years the exchange’s USF market has grown by an average of 57% a year, and there may be more to come.

By John Ferry

The market for single-stock futures could finally be about to take off, according to Eurex, the latest big exchange to list the products. Volumes have jumped month on month since the Frankfurt-based exchange premiered its SSF products in October. Ralf Dreyer, director and head of Eurex’s equity derivatives product design section, says the market might be about to bid farewell to several years of slow growth.

“We always said that as soon as we could see market demand for single-stock futures from our clients or their end clients, then we would be willing to set up that product segment,” says Dreyer. “That happened over the course of the last year, and that’s why we came up with the product in October.”

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Final days of Ricardo Salgado and Banco Espírito Santo

Euromoney Pulse Survey: Renminbi’s internationalization continues apace
When BES collapsed earlier this year, markets briefly feared a return of the crisis to Portugal and to Europe. Even after the bank's bailout, investigators still pore over bank documents, transfers and deals, trying to make sense of Salgado’s last days battling to keep his empire afloat. The backstory is of an extraordinary decades-long rivalry between the country's two pre-eminent business families.