Credit Market Woes Spark Interest in Securities Futures
OneChicago reports new market makers
Neglected by most of Wall Street's major brokerages, OneChicago, an exchange that since 2002 has listed single-stock and other securities futures, may be regaining some of its luster as new regulations and risk concerns curb firms' financing and securities lending businesses.
Twenty-four firms lined up to make markets at OneChicago when it began operations, including giants such as Bear Stearns, Deutsche Bank and Goldman Sachs' Spear Leeds & Kellogg. However, brokerages cited a lack of demand for the products and their activity soon lapsed. Proponents of single-stock futures (SSFs) argue that they were never adequately promoted by brokers, who feared that the instruments would eat into the revenues generated by their financing and traditional short-selling services.
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