Stoxx Ltd., the European equities index compiler and affiliate to Dow Jones Indexes, thinks it is winning the market share battle in Europe for pan-European and Eurozone (i.e. EU countries only) derivatives trading. As several European bourses mull a single European trading platform, Stoxx, said its indexes are now the biggest among international index rivals, such as Morgan Stanley Capital International and London's FTSE International. As of Nov. 19, the Stoxx 50, at EUR1.8 billion, was well ahead of the FTSE Eurotop 100 index, a Europe-wide index which saw half as much traded value at EUR974 million. The MSCI Pan-European index was at EUR44.2 million. The Stoxx 50 is also much bigger than the related MSCI Europe index, which saw futures worth EUR195.9 million traded,
Stoxx said its Dow Jones Euro Stoxx 50 index of the eurozone's 50-largest companies, is also the second-biggest futures contract in Europe overall, in terms of open interest, behind the Paris Bourse's CAC-40 Index.
The STOXX 50 was also fourth in terms of notional value against all single-country, domestic indexes. Stoxx said the notional value of Dow Jones Euro Stoxx 50 futures traded was EUR51.9 billion, compared to domestic market frontrunner FTSE 100 Index in London, which had EUR97.6 billion; Frankfurt's DAX 30, at EUR80 billion; and the CAC-40 at EUR79.6 billion. Zurich's SMI was EUR40.8 billion.
"We think that our providing data free to investors and being more commercially minded has paid off in the 18 months since Dow Jones Stoxx was set up," said Scott Stark, regional director, U.K. and Ireland, for Stoxx.
MSCI Vice President Simon Midgen said, gamely, "Stoxx has demonstrated the need for European derivatives products. But these products are one of several business initiatives we're also committed to. Globally we remain the dominant provider of index benchmarks to institutional funds."