Exchanges in vogue?

Derivatives exchanges around the world saw record trading volumes in 2002, due largely to skyrocketing commodity, interest rate and equity volatilities.

Derivatives exchanges, especially in the US, gained a poor reputation in recent years, as their pit-versus-screen debates and wrangling over demutualisation caused many of them to take their eyes off the product ball. The listed markets were seen as moribund, compared with the dynamic over-the-counter markets. But that was never really the case, and it has becom e clear in the past year that the listed markets are often at the cutting edge of product development and risk management.

The new