The morning sessions for Day two at RMC are over. Here is a recap of what was covered:
William Brodsky, CBOE Chairman, welcomed attendees to the first RMC Europe. He shared his outlook on the upcoming US Presidential election (5 key swing states), and the state of financial regulatory reform (only 123 of the 398 required rules have been finalized, Dodd-Frank "not negative to exchange markets").
He noted that total option volume last year rose 17%. Several recent studies have shown that option use among different customer segments is growing. SPX ytd volume is above 100 million contracts.
He also announced that the CBOE will launch 24-hour trading of VIX Futures in 2013 (pending regulatory approval) and a planned CBOE London Hub, also in 2013.
Dierdre Somers, CEO of the Irish Stock Exchange was a special addition to the program. She gave a warm Dublin welcome to the RMC attendees. In her remarks she noted that the Irish economy was recovering, but still faces many challenges, including a difficult climate for the banking sector.
Dr. David Blitzer, Managing Director and Chairman of the S&P Dow Jones Index Committee was the final keynote speaker. Dr Blitzer predicted that: America would avoid going over the fiscal cliff; the Euro wouls survive; the economic growth of China would slow; and global debt levels would not fall much over the next two years.
Later this afternoon we will recap what the attendees saw and heard in the RMC breakout sessions.