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No looking back for exchanges after entering the Internet age

Bourses can prosper and expand only if they are constantly mindful of the potential of change in economics and world markets and willing to adopt innovations as necessary, says the founding father of futures markets

Published Mon, Feb 9, 2015 · 09:50 PM
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LEO Melamed has been described as the founding father of futures markets, a label that might sound like a bit of hype but is in fact not far off the mark. His role in developing the Chicago Mercantile Exchange (CME) as a premier futures market and in the setting up of the International Monetary Market (IMM) is the stuff of legend in financial markets, and the part he played in elevating Simex (Singapore International Monetary Exchange), now part of Singapore Exchange (SGX), into a world-class Asian market for derivatives deserves to be more widely publicised.

Now CME Group's Emeritus Chairman, he shares his thoughts on the past, present and future of futures trading with BT's R Sivanithy via an email interview.

RS: You were instrumental in Simex developing from a fledging organisation into a world-class futures exchange when you helped set up the historic CME-Simex link in 1983 to trade your Eurodollar contract. Also critical in the success of that link was the revolutionary mutual offset system. What made you pick Singapore?

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