|
|
|
| |
| Additional information |
| |
| Swiss Futures and Options Association (SFOA) |
| |
| |
Overview:
The Swiss Futures and Options Association (SFOA) -previously Swiss Commodities, Futures and Options Association- was founded in 1979 as a non-profit professional association for the purpose of promoting derivative financial instruments, particularly standard futures and options contracts on financial instruments and commodities, to the widest possible audience, and to serve the interests of its members. SFOA serves users of commodity and financial derivatives, as well as professionals, their institutions and the exchanges. |
|
 |
|
History:
SFOA is a Swiss, professional, non-religious, non-political, non-profit association of institutions interested in and concerned with all aspects of the futures and options (derivatives) industry and their related underlying assets. Public or non-public associations as well as institutions are meant to respond to the needs arising into the industry with which they are connected and to evolve within that environment by recognizing or even anticipating trends that might require some form of regulation or rules of conduct.
Thes Swiss Futures and Options Association - or SFOA, as currently known within the international financial community, regulatory agencies and specialized press - was set up in 1980 under the name of Swiss Commodities Industry Association (SCIA), for the purpose of representing Swiss-based businesses dealing with commodities traded on established exchanges. Its name changed two years later to include futures (SCFA), then added options (SCFOA), to finally drop the word commodities in 1997 (SFOA).
The inaugural assembly was held at the Carlton Elite Hotel in Zurich, on January 18, 1980, and was attended by over one hundred participants. For the first time in Switzerland, brokers, bankers, top executives from international trading companies and other interested parties gathered to discuss commodities in general, and futures in particular. They were committed to bringing into Switzerland and Europe the philosophy, the experience, techniques and the operational methods of the English and American futures and options markets, where such trading had been going on for some 120-150 years.
The number of participants showed the growing interest in these markets and contributed to the objectives of the new association. The creation of the association was indeed the result of the extensive preparatory- and consulting work done by an ad'hoc committee (the CFTC International Advisory Committee), formed as early as 1978 on the suggestion of the then American Ambassador in Bern.
Although the increase in volumes traded, the volatility of prices and ultimately the collapse of the markets – more precisely those of gold and silver in the early 80’s -, created the need to confront the issues brought about by this roller-coaster situation witnessed in the capital markets. The association's birth met with very little public interest, not to say outright suspicion, by those in charge of domestic public order and morality. Futures markets were then considered to be the preserve of a special breed, the speculators.
Suspicion was far from being confined to Switzerland though. All over Europe, with the exception of the UK, these investment vehicles were, by law, associated with gambling.
Thus, in the absence of any effective legal framework save for the gambling laws, traders and futures commission merchants were asked to adopt and implement a self-regulatory scheme intending to better protect investors. The drafting of the initial Code of Ethical Conduct for members initiated in 1980 resulted in the adoption of several Gentlemen Agreements by the members the same year. To better reflect the changing conditions in the industry, these agreements were replaced by a simple "Code of Ethical Conduct", accepted and implemented by unanimous vote of the General Assembly of the Association in March 1992.
The gap between the trading community's activities and vision and the perception the authorities and the general public had of "derivative" markets and their uses, resulted in the decision by the board of the newly founded association to allow its resources, even though modest, to provide information, education and training not only to market professionals, but to the public at large.
Information luncheons and educational seminars were organized; the regular publication of a bulletin was to become the complement and also the link between the board of the association and its members.
While initially the bulletin was addressed to 1,200 individuals, it has since developed into a bright, four-color quarterly special, the "Swiss Derivatives Review", sent to more than 10’000 addresses in Switzerland and abroad. SDR is now not only the official publication of SFOA, but also of other sister organizations/associations, which goals are similar or equivalent to those adopted by our members.
For many years now, SFOA has enjoyed strong support from the Federal Authorities in Bern. In 1991, the Board of Directors of the Swiss Bankers Association accepted the membership application of the Association; this was a great step forward in our search for synergies and dialogue with partners not directly linked with our industry and trade.
In the past, SFOA’s membership included brokers, bankers, investment fund managers, market information providers and service companies established in Switzerland, as well as exchanges and clearing houses, from all over the world.
The SFOA general assembly, in its meeting of September 2000, voted and approved the new By Laws and Code of Conduct, abolishing the Swiss restriction for all membership categories.
Ever since 1980 – except for one year -, Bürgenstock Resort, a privileged and beautiful earthly paradise, hosted what is known as one of the most important yearly industry events. Initially meant to be the meeting point for the Swiss derivatives industry and its international partners, Bürgenstock now hosts, early in September, three of the most important gatherings of the world’s industry leaders.
The international forum for derivative markets, commonly known as the Bürgenstock Meeting, has attracted most prestigious names from the economic, academic and political worlds.
Attendance has grown not only in numbers, but foremost in the quality of the debates and presentations offered, and has become the perfect place to meet, exchange views and experience and to initiate new ventures and alliances.
Since 1984, the International Regulators’ Meeting, organized by SFOA during its annual Bürgenstock Symposium (yet another initiative), not only allows for the standardization of regulatory frameworks, but improves co-operation and communication between all parties involved for the benefit of the ultimate user of derivative markets.
In 1999, on the association’s initiative and in co-operation with UNCTAD, the first Emerging Markets Meeting also took place at Bürgenstock. The idea was to provide new markets with an opportunity to discuss issues of their own concern but also to meet and exchange views with members of established markets and international regulatory authorities. |
|
|
|
Formerly known as:
Swiss Commodities, Futures and Options Association |
|
|
|
|
|
|
|
 |
|
 |
|
|
