But executives of the two derivatives markets said Tuesday that global competition made their merger compelling.
In equity derivatives, for example, there are the options exchanges and the blossoming industry of electronic-traded funds.
Last month, Arnaud Apffel joined Lehman Brothers as managing director and co-head of European equity corporate derivatives.
Derivatives were freed to run havoc in 1999 in an inappropriate and sneaky way.
Inflation, because costs for fuel, transportation and petroleum derivatives (plastics, glues and the like) would jump.
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Firms and investors in developing countries also need the risk-sharing derivatives developed by Anglo-Saxon finance.
Otherwise, the buying and selling of credit derivatives has been completely invisible to the investing public.
Standardized derivatives will also have to be handled by central clearinghouses, another layer of risk management.
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India is one of the world's largest importers of crude oil and its derivatives.
Moscow is a top 10 derivatives market and a top 20 equities trading market.
For the past two decades, the most interesting rivalry involving these cities has been in derivatives.
"She's my virtual wingman, " says Mr. Hendelman, a junior equity-derivatives broker in New York.
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Now those same products, known as derivatives, are pushing the world closer to another financial crisis.
JPMorgan is eagerly hiring commodity and energy traders, and mortgage-backed securities and equity derivatives specialists.
Randy Frederick is director of trading and derivatives at the Schwab Center for Financial Research.
Fortunately there is hope for consumers in the form of a market in mooncake derivatives.
The numbers involved in the market in secret trading derivatives are now truly mind-boggling.
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Thus the ongoing secret trading in derivatives is too large and too complex to manage.
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"They used the derivatives to make bets on the performance of the sector, " she added.
But the bonds and probable derivatives depended on people like Roger Rodriguez paying his mortgage.
Regulators are said to be examining how banks accounted for derivatives exposures held off balance sheet.
The subprime mortgage meltdown and Wall Street's losses on mortgage-related derivatives have become personal.
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Derivatives were a huge source of liquidity that swamped the money created by the world's banks.
Ron Paul voted against the repeal because it included taxpayer backing of wild-bet derivatives.
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The proposed treatment of derivatives, in particular, could cause big swings in their accounts.
It also builds on earlier proposals to rein in over-the-counter derivatives, such as credit-default swaps.
In the U.S., Nasdaq offers trading in derivatives including options on equities, indexes and currencies.
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Futures and other derivatives contracts are proxies, and they are temporary contracts that expire.
In 2008 traders making huge bets with over-the-counter derivatives helped stall the financial system.
Swaps are among the most profitable types of financial derivatives carried out by the banks.
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