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Chapter Twenty-Four
Stephan Benger:
Look Out, Chicago, Here Comes the Guru |
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Stephan Benger is chairman of PMB. While Stephan and I don't always agree, his predictions on Chicago markets are positively bone-chilling. |
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Neal: Stephan, how important will the Chicago markets be in the year ahead? |
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Stephan: The Chicago markets will definitely face a diminishing importance in the global marketplace. The concentration process within Europe will strengthen the appeal of the European exchanges. Due to the introduction of the Euro and the underlying principles behind it, some of the European derivatives traders who only, or mainly, traded U.S. markets will now increase the allocation of their portfolios into Europe. We are already experiencing this phenomenon within our firm; some of our bigger customers are increasingly focusing on European markets and decreasing their U.S. derivative exposure. |
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Neal: How would you contrast the trading styles of European and Chicago traders? |
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