- 1997: Volume 6, No. 2 Industry Data Now Available In a Variety of Formats

As the size and scope of the futures and options markets grow, so too does the value of accurate and accessible information concerning derivative contracts and the exchanges on which they trade. For over 15 years, the Futures Industry Institute, an industry-sponsored, non-profit educational foundation, has published the Futures & Options Fact Book as a source of reliable; current data on exchange traded derivatives. Subscribers represent a cross-section of the industry that includes trading, operations, information systems, legal, compliance and research functions.

Seventy futures and options exchanges are represented in the 1997 Fact Book, and more will be added as emerging markets establish themselves. Information is arranged alphabetically by exchange, with key facts about each organization followed by detailed contract specifications. Key exchange information includes senior officers, home and foreign office locations, fax and phone numbers, contracts traded, exchange history and, for the majority of exchanges, e-mail and web-site locations.

Contract specifications listed in the Fact Book include the major terms and conditions for each product such as trading hours, contract size, delivery months, position limits, minimum ticks and, where applicable, grade specifications and delivery points. Appendices for the Fact Book include year-end international and U.S. volume and open interest data (listed by exchange and by contract), and a listing of exchange holidays. Volume data, particularly used in combination with individual contract specifications, provide market analysts with detail as to the relative size and structure of futures and options markets and products. Figures are posted from year-end and can be used to chart volume, compare markets and support other market research. The "Synopsis of Regulatory Actions Concerning Non-U.S. Futures and Options Contracts" lists the eligibility for sale in the U.S. of foreign futures and options contracts (as determined by the Commodity Futures Trading Commission) and is relied upon by traders, risk managers and other industry participants to evaluate trading strategies and transactions.

Among the advantages of the Fact Book's presentation is that specifications are presented in a consistent order and format, making data easy to retrieve and compare. Also, updated information is obtained and distributed three times per subscription year. (The first issue is published in March with updates following in May and September). Originally designed as a desk reference, the Fact Book currently is distributed in hard-copy, P.C. diskette and network formats. The share of subscribers opting for electronic delivery continues to increase, and in 1996 diskettes comprised nearly 40 percent of single-user subscriptions.

Going forward, the Institute expects further growth in Fact Book distribution based, in part, on the developing technologies that allow for more sophisticated electronic formats. Currently, the FII's multi-user licenses allow access by an unlimited number of users at a given site. This year, network licenses allowing for intranet access to Fact Book information through in-house web-sites will be arranged, and the Institute will go on-line with a web-site Fact Book subscription. Unlike existing multi-user formats, the web-site version will be offered in three installments that allow viewers to test the product without committing to a full year's subscription. Additionally, the web-site format will allow users to view information in standard and split-screen presentations. Standard screens will show single pages, while split-screens will allow users to view exchange and contract information simultaneously. For details on accessing the Fact Book on the Web, in hard-copy or disk format, please call the FII at (202) 223-1528 or see the Institute's web-site at www.fiafii.org.

Leslie P. Mitchell is Director of Sales and Marketing of the Futures Industry Institute.