BM&F Bovespa and Hong Kong Exchanges and Clearing (HKEx) have seen a huge growth in market capitalization in 2009.
HKEx has seen a 62.3% rise year-to-date, with the BM&F rising 124%. The two exchanges are also the third and fourth biggest exchanges respectively (HKEx USD16.474 billion; BM&F USD11.686 billion). Only the CME Group and Deutsche Bourse having a greater market cap.
The report from the monthly FTSE Momdo Visione Exchanges Index highlights the growth of regional exchanges. The Philippine Stock Exchange has grown 117.6% YTD, with the New Zealand and Hellenic exchanges being the other big movers.
The only exchange in the report not to grow in 2009 is NASDAQ OMX Group, with a 14.6% YTD fall.
Herbie Skeete, Managing Director, Mondo Visione and also Co-founder of the Index said: “Shares of listed exchanges are up across the board from their lows of 2008. Derivatives markets are leading the pack, in-part on hopes that the US and European regulators plan to regulate over-the-counter derivatives, which could help exchanges and hurt the dealers who have fought hard to keep their opaque market private.
These changes in regulation should help fuel growth for exchange operators, particularly those who have the capacity to provide clearing services.
But there is one potential problem looming for the integrated exchanges and the derivative exchanges in particular, and this is the threat by regulators to force separation of clearing from trading. At the moment the threat is a small cloud on the horizon it may blow away or it may turn into a serious storm.”