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Contents Contents SWISS FUTURES AND OPTIONS ASSOCIATION SFOA – <strong>Swiss</strong> <strong>Futures</strong> <strong>and</strong> <strong>Options</strong> <strong>Association</strong> Ms. Carol Gregoir, Secretary General 18b, rue du Gothard, P.O. Box 325 CH-1225 Chêne-Bourg, Switzerl<strong>and</strong> Phone +41 22 860 21 03 Fax +41 22 860 21 15 AFM – <strong>Association</strong> of <strong>Futures</strong> Markets Ms. Krisztina Kasza, Head of Secretariat Robert Karoly krt. 61–65 Budapest 1134, Hungary Phone +36 30 34 35 370 Fax +36 1 477 0455 kkasza@axelero.hu, www.afm-org.hu ACI SUISSE – The Financial Markets <strong>Association</strong> Mr. Otto Amberg, Secretary General c/o Schroders & Co. Bank AG P.O. Box CH-8021 Zürich, Switzerl<strong>and</strong> secretariat@acisuisse.ch www.acisuisse.ch IFRI Foundation – International Financial Risk Institute Mr. Peter Guidolin, Executive Manager 2, cours de Rive CH-1204 Geneva, Switzerl<strong>and</strong> Phone +41 22 312 56 78 Fax +41 22 312 56 77 info@riskinstitute.ch www.riskinstitute.ch SAMT – <strong>Swiss</strong> <strong>Association</strong> of Market Technicians c/o ISFB, attn: Ms. Brigitte Wicht-Ricci 7, route de Drize CH-1227 Carouge, Switzerl<strong>and</strong> Fax +41 22 827 23 15 SAMT@ifta.org, www.ifta.org/SAMT Editorial Paul Meier, Chairman SFOA 5 Focus The Birth of the CFTC 6 William T. Bagley, First Chairman, CFTC Regulatory Innovation in a Changing Global Environment 8 Sharon Brown-Hruska, Acting Chairman, CFTC European Regulation – Quo Vadis? 12 Anthony Belchambers, CEO, FOA Kick off for China’s Risk Regime 14 Nick Sawyer, Editor, Asia Risk Magazine Special The Metals Markets Are Still Roaring Along 20 James E. Newsome, President, NYMEX Leveraging Precious Metals Experience 22 Interview with Bernard W. Dan, President & CEO, CBOT Interview Oil Prices: Hostages of Baghdad or a Sign of Long-term Shortage? 24 Amory B. Lovins, CEO, Rocky Mountain Institute Event Review of the 25 th Bürgenstock Meeting <strong>26</strong> Legal & Compliance The Taxation of Specific Hybrid Instruments 32 Thierry De Mitri, Partner, Piaget & Associés Hedge Funds Risk in Alternative Investments 34 Luca Celati, co-Founder, Abraxas Capital Management Education Commodities: Bubble or Emerging Secular Uptrend? 40 Bruno Estier, President, SAMT Emerging Markets The Emerging Markets Forum on Bürgenstock 44 A Perspective on Eastern European Exchanges 46 Liliana Paraipan, Director Marketing & PR, RCE Book Review The Dark Side of Risk Management 47 Profile IFRI – The International Financial Risk Institute 48 Urs Schneider, IFRI 3 SWISS DERIVATIVES REVIEW <strong>26</strong> – NOVEMBER 2004