Page 16 - 期货和衍生品行业监管动态（2025年3月刊）

期货和衍生品行业监管动态

The survey also asked for feedback on a potential move towards vertical

integration in the derivatives markets. Historically, executing brokers and clearing

brokers have operated independently of exchanges and clearinghouses, but in recent

years a few companies have combined these functions within a single ownership

structure. Roughly half of the survey respondents viewed it negatively for the industry,

one quarter positively and the balance held a neutral opinion.

Another recent trend has been the growth of prediction markets in the US. The

survey asked for feedback on how the growth of these markets might affect

conventional futures markets. Only one third of the survey respondents think the

growth of prediction markets will benefit the futures industry. The rest dismissed

these markets as either irrelevant or pernicious.

Turning to technological trends, the survey asked respondents to rank several

emerging technologies in terms of their potential impact on the trading and clearing

workflow. The most noteworthy finding was that attitudes towards generative AI have

changed. A year ago, when FIA conducted a similar survey, GenAI ranked third after

the development and adoption of operational standards and the application of

tokenisation in collateral management. This year, GenAI ranked first, with

tokenisation a close second.

Survey methodology

The survey was conducted during the month of January and the first week of

February in partnership with Crisil Coalition Greenwich, a consulting firm focused on

the financial services industry. The survey was conducted on a confidential basis, and

the names and company affiliations of the respondents were not disclosed. More than

260 people responded, with 56% in North America, 27% in Europe, and 17% in the

rest of the world. Forty one percent of the respondents work at clearing firms,

executing brokers and other intermediaries. Twenty one percent work at asset

managers, hedge funds or principal trading firms, and the remainder work in other

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