Nothing significant was agreed to this day

The same causes may produce the same effects. Patrice Blanc, the CEO of Newedge, a world heavy weight of the brokerage, is convinced. "A very low rate environment and the"carry trade"on the dollar are the first reason for the increase in the financial markets", he says. The risk, continues, is that "it falls to term issues identical to those that caused the crisis." As "the real economy is still not very well even if the worst appears to be well behind us". Monetary policy very accommodating - "be likely maintained for much of 2010" - affected listed derivatives exchanges and especially the contracts on rates in the short term. Symmetrically, the volumes processed on actions and Exchange have increased.

NEWEDGE has not suffered from these changes. Its share of the global listed derivatives market rose slightly in 2009, at 12, 11.5 last year. "Our business model emerged strengthened after the merger of two major brokerage companies, Fimat and Calyon Financial", welcomed Patrice Blanc, the author of the announced consolidation early 2008. The two shareholders to égales shares of Newedge, Société Générale and Calyon Credit Agricole CIB, were guaranteed independence, "a key asset. The new entity now "completed the integration of the products listed in the execution of orders, compensation and computer systems". The merge already carried out for the most part completed end 2009début 2010, provides the Director général.

The crisis Newedge course proceeded to the reduction of its costs but "without endangering our operational profile, our industrial plan.In this context, the critical size acquired by the union of Fimat and Calyon Financial plays a crucial role. The success of the development of Newedge plan is subject to a genuine single unknown: the regulatory framework which will emerge from the world debate committed since the outbreak of the crisis. Especially that at this stage the contours of the overall reform of standards to govern the markets remain very unclear. Nothing significant was agreed to this day. "Newedge supports the efforts of regulators to create a more efficient regulatory environment of the negotiations," said Patrice Blanc. The company believes to have "good positioning and strategy in the current regulatory framework". Newedge pattern does however not fail to point out the difficulties and dangers inherent in the approach. The heart of its comments regarding the issue of compensation for contracts processed by mutual agreement. "The clearing of OTC products will work only on the condition that it offers participants a viable economic model." Model which does not yet exist.

The model of pure brokers

Tighten the rules on own funds dedicated to transactions not offset on over-the-counter derivatives "does not constitute a sufficient incentive for all the participants resort to compensation". In revanche, "meet the threshold of the own funds required by the clearing houses of OTC contracts might be a better and more secure tool". On the standardization of contracts at whim, necessary to compensate via ad hoc organizations, it also is not without problems of Patrice Blanc said. The questions it raises relate to access to the compensation of the management companies. "It must be set rules for the opening of access to this service for this category of operators," he says.

Last theme burning of the reform of the regulation, segregation and the fungibility between countervailing duties of the positions of the investors. NEWEDGE believes that the optimal approach for most stakeholders would be that of the individual segregation of collateral contracts. What it advienne, it is certain that future changes in the regulation will result in a new consolidation in the brokerage sector. The model will prevail, judge Patrice white, is pure brokers. The Newedge precisely.