Connamara Technologies joins AFM as a new Full Member. For details please check:


TAIFEX Reported Steady Volume Increase in March


Sign up and join the following impressive list of participating organisations!


AFM welcomes the Dubai Gold and Commodity Exchange as a new member of the Association.

AFM organises its 25th Annual Conference in the Budapest Marriott on June 6-7, 2023. Main topics include:


The AFM/GMEX "Digitalization Transformation and the Future of  Financial and Commodity Markets Workshop" was organised on January 26, 2023 in Dubai.


On behalf of our members, partners and associates AFM is pleased to present its 2022 AFM Bulletin. Happy reading!


AFM Workshop on Jan 26

AFM in cooperation with GMEX is organising a technical workshop on Digital Transformation on January 26 in Dubai


Exberry joins AFM



Exberry joins AFM as a Full Member as of August.

Exberry delivers a deep-tech trading infrastructure that offers turnkey solutins for exchanges, banks, digital securities and digital assets marketplaces.



On June 28, 2022 a new TAIFEX CEO, Mr. Chien-Lung Chou took office


Matba Rofex Group acquires Lumina Americas, expanding its technology offerings in Latin America

Through the acquisition of Lumina Americas, MtR accelerates its strategy to provide infrastructure and solutions to the capital markets in the region.


IDX Charity Gala

IDX Charity Gala - AFm donation to Futures for Kids

The IDX charity gala on June 8 on behalf of Futures for Kids was a success, raising over £40K, including tAFM Chairman Pat Kenny, exceeding his goal of £10K for the Kilt Challenge. A donation from the AFM put Pat over the £10K mark. Congratulations!

AFM Annual Conference

The 23rd AFM Annual Conference took place on June 8 in London. If you missed the event, you can follow the conference sessions via the following link:

On behalf of our members, friends and associates AFM is pleased to present the first edition of the AFM Bulletin.



Members of AFM will gather on May 6th to give updates on recent developments at their organisations such as volumes, new products, new projects and outlook to the future. Join us!


Development of Grain Derivatives Exchange in Russia

Read an article by Alex Belozertsev on the possible development of a derivatives grain exchange in Russia.


The next AFM webinar organised on February 26 will tackle Technology Innovation!


Connamara Launches RFQ Functionality for EP3 Platform. For more info:


FEAS interviews Paul Constantinou, President of AFM! Watch video!


AFM organised a Commodity Product Development Webinar on October 29 called Running on empty - the need for innovation in commodity derivatives product development and how to achieve it. Creating attractive commodity derivative products.

View video recording on this link


AFM's 2020 General Assembly and Annual Conference took place on September 11. Read our summary!


Dr. Máytás Vajta is appointed as CEO of HUPX Hungarian Power Exchange Ltd. New CEO of CEEGEX is Dániel Garai. More information at:

Welcoming a New Member!

AFM welcomes Planetagro Mexico as a new member of the Association! For more information on the new member please refer to:

AFM entered the Zoom generation on 18th May with our inaugural online roundtable discussion group


AFM 23rd Annual Conference postponed to September 2020


Belarussian Universal Commodity Exchange scored records in 2019


The 2018 Annual Report of the Iranian Mercantile Exchange is available at: 2018 Annual Report

Ziyoviddin Badriddinov assumes chairman position of Uzbek Commodity Exchange


2018 Annual Report of TGE (POlish Power Exchange) is available on the AFM website


BUCE Welcomes New Chairman

On August 1, 2019, in accordance with the decision of the Supervisory Council, Alexander Osmolovsky officially assumed the office of the Chairman of the Board of the Belarusian Universal Commodity Exchange (BUCE). 


Meet AFM New Members: American Financial Exchange and Connamara Systems!

The AFM network is getting bigger and bigger! On the occassion of its 22nd Annual Conference (May 9-10 in Chicago) AFM is welcoming two new member organisations: The American Financial Exchange and Connamara Systems.

Click here to download the newsletter!

Nairobi Stock Exchange Begins Future Trading

The Nairobi Securities Exchange (NSE) NEXT Derivatives Market has successfully conducted its first futures trades. The initial trades were executed by Standard Investment Bank and Kingdom Securities who cleared through the Co-operative Bank of Kenya.


NIBA/DePaul University Annual Symposium - July 11th



AFM 2019 Chicago our 22nd Annual Conference has been acclaimed as one of the most successful, if not the most successful, on record.


AFM 22nd Annual Conference Agenda (Chicago, May 9-10) is final, all moderators and panelists are confirmed.


Terry Duffy (CME Group), Walt Lukken (FIA), Leo Melamed and Richard Sandor - Confirmed Keynoters of AFM 22nd Annual Conference organised in Chicago on May 9-10.


CME as Gold Sponsor

AFM welcomes CME Group as a Gold Sponsor of the AFM 22nd Annual Conference


New AFM Member

AFM welcomes the Uzbek Commodity Exchange!


After their approval in both extraordinary meetings, ROFEX and MATba merge into a single futures exchange.

As it was expected, the MATba extraordinary meeting was held. With a substantial and massive shareholders’ attendance, which reached almost the 80%, the approval for the MATba ROFEX merge was obtained with the 67.55% votes in favor. It is worth mentioning that on 11th December the ROFEX meeting was held with an almost unanimous voting in favor of the merge and an 80% attendance record.

Thus, an integration process which started two years ago with the interconnection of trading platforms continues, and in the next months the actions to complete the unification process which is expected for early May 2019 will be intensified.


BUCE and UZEX team up

BUCE and UZEX team up to boost mutual trade

An electronic trading platform of Uzbek Commodity Exchange (UZEX) started operating at Belarusian Universal Commodity Exchange (BUCE) following a solemn unveiling ceremony held on December 11 in Minsk (Belarus).


TGE Celebrations

15 years ago Towarowa Gield Energii (TGE) obtained a permit to operate a commodity exchange



On 12 December 2018 the Warsaw Commodity Clearing House (IRGiT) became a member of the Association of Futures Markets (AFM).



AFM represented at ConFEAS 2018 Abu Dhabi, 29/30 October.

Paul Constantinou attended the recent ConFEAS Conference “Augmented Reality of Trading and Settlement Ecosystems” hosted by Abu Dhabi Securities Exchange on behalf of AFM. AFM and FEAS have reciprocal memberships and a strong relationship is developing.


MATBA and ROFEX signing integration commitment

Authorities from both markets have held a meeting at the MATba head office and have formally initiated the merger process.

Buenos Aires, 25th October 2018. Mercado a Término de Buenos Aires S.A. (MATba) and ROFEX S.A. have signed a previous merger commitment in order to continue operating as a single integrated market.


Technology Workshop

AFM Workshop on Blockchain and Crypto

On 12th September, AFM in conjunction with GMEX Group conducted a 1 day workshop in London attended by 70 delegates. The theme of the workshop was the way forward for blockchain and cryptos with an assessment of where they are today. After opening remarks by Pat Kenny, AFM Chairman and Hirander Misra, GMEX Group Chairman and CEO, the 2 keynote speakers. Valerio Roncone, Head of Product Management and Development at SIX Securities Services  and Jeremy Kemp, COO Eqitrade, gave us an insight into real applications of the new technologies exploring both the digital exchange and digital bank. A framework presentation of where we are heading with cryptos by Dimitry Kaminsky set the scene and the day moved onto a series of wide ranging panel discussions. Panel topics addressed included “where are we now with cryptos”, “regulation” and “threats to established business practices”. The closing session was a joint presentation by Kristian Moller, CEO ACE Africa and Rory O’Brien, Project Director FinComEco that explored the ACE Chithumba model as it is today and then discussed the likely impact of the use of blockchain and tokens to modernise this market. Throughout the day there was extensive interaction between speakers and delegates which ensured a lively and meaningful discussion both in the room and also during lunch and refreshment breaks. Overall reaction was that the workshop was a success and had not chairman for the day Paul Constantinou closed proceedings at 17:15 we could have carried through into the late evening.

Thanks to all who attended both speakers and delegates. Presentations of the workshop are available at: conference proceedings

FIA has been admitted as a full member of AFM in August 2018. It is an honour for AFM to list FIA, the leading global trade organisation of for the futures, options and centrally cleared derivatives markets, as a new member of the association.


Mr. Yu-Jer Sheu assumes Chairmanship of TAIFEX


Mr. Sheu assumed Chairmanship of Taiwan Futures Exchange (TAIFEX) on July 23, 2018. Prior to assuming his current position, he served as Minister (2016-2018) and Administrative Deputy Minister (2013-2016) in the Ministry of Finance, with principal responsibilities for enforcing national fiscal policies, designing tax policies and the taxation system as well as devising customs policy and tariff system.

On behalf of the government, Mr. Sheu led Taiwan delegation to attend multiple international conferences, including APEC Finance Ministerial Meeting, the annual meeting of the Central American Bank for Economic Integration (CABEI) and the annual meeting of the Asian Development Bank (ADB) from 2017 to 2018. He has been actively engaging in information sharing and bilateral talks with representatives of other countries, successfully boosting Taiwan's image and international profile.

From 2007 to 2013, Mr. Sheu was Director-General of the Taxation Agency. During that period, he oversaw drafting and revision of tax regulations; planning and evaluating the levy and collection of tax administrations; directing and supervising the anti-corruption efforts of all levels of tax administration, among others.

Mr. Sheu received Master of Laws (LL. M) from Harvard Law School in the US in 1986 and earned a Master's degree in the field of Public Finance from National Chengchi University in Taiwan in 1978.



BUCE and PMEX sign a Memorandum of Understanding


Futures on the ROFEX 20 Shares Index start being operated 

ROFEX continues with the trading of futures on the shares index.

ROFEX launches its new future contract on the equity index, thus offering the investing public an outperforming tool as regards the currently traded futures. It may be traded as of this Monday 16th April through the ROFEX trading platform by including, like the rest of the products, the operations via the DMA (Direct Market Access), the possibility of algorithmic trading and options contracts.



AFM at the 13th World Exchange Congress and the 77th FEAS Working Committee

Our President, Paul Constantinou, has been busy in the past week representing AFM at the 13th World Exchange Congress and the 77th FEAS Working Committee in Oman between 26th February and 2nd March.


Trading in ROFEX is available through Bloomberg

Rosario, 20th February – ROFEX and Primary announced today that they have connected their electronic trading platform (Primary Trading Platform, PTP) to the Bloomberg Execution Management System (EMSX) and that the service is already available.


AFM announces New Chairman

January 26, 2018
Bangkok, Thailand

The Association of Futures Markets (AFM) elected Patrick Kenny, Senior Vice President of CQG as Chairman of the Board of Directors during its 21st Annual Conference organised in Bangkok. Pat replaces Chris Sturgess of JSE who retired from the Board.


AFM 21st Annual Conference, Bangkok

The Association of Futures Markets (AFM) is organising its 21st Annual Conference in Bangkok hosted by the Thailand Futures Exchange, a full member of the Association. The Conference was opened by AFM Chairman, Chris Sturgess and Dr. Chaiyawat Wibulswasdi, Chairman of the Thailand Futures Exchange.



CEO of MEX Nepal Honored with Brand Leadership Award

In a glitzy ceremony held at Soaltee Crown Plaza on 18 December 2017, CEO of MEX Nepal, Mr. Jitesh Surendran was honored with the Brand Leadership Award at the Nepal Brand Leadership Awards 2017.

The award was presented by the Finance State Minister, Mr. Udaya Shamser Rana. On the behalf of CEO of MEX Nepal, Mrs. Sonu Jain, General Manager, received the award. The event was organized by CMO Asia.

CMO Asia is a global community of partners and affiliates who are dedicated to a high-level knowledge exchange through leadership and networking among senior CMOs and decision makers across industry segments.

The Nepal Brand Leadership Awards identified and celebrated outstanding brand building & marketing by organizations, individuals and teams. With this recognition, MEX Nepal has added yet another milestone in its long list of achievements and wishes to thank all the stakeholders for being instrumental in receiving such a momentous accolade.

#MEX #MEXNepal #MEXAwards #BrandLeadershipAwards #Nepal

Cryptocurrencies are transitioning into a recognized financial asset class while exchanges are developing their own offerings. This new session of the 21st AFM Annual Conference will provide the overview of cryptocurrencies, its evolution, the response of derivatives market, and the future of this asset class.

Please join us for the 21st Annual Conference of AFM organised in Bangkok on January 25-26, 2018. The conference is hosted by the Thailand Futures Exchange. Please check the conference website for the agenda, list of speakers and social programs!



ICDA Burgenstock Conference, Lucerne
12th &13th September 2017

On behalf of the AFM, Paul Constantinou attended the recent ICDA Burgenstock Conference.

The conference had 2 parallel streams; a general series of discussions focussed on the international derivatives markets and a parallel closed stream for international regulators. With MiFID 2 now less than 4 months away regulation also found its way into the general discussions with input from compliance and IT practitioners who are vested with the responsibility of getting their organisations ready on time.

The 2 conferences came together for opening plenary sessions and also for the Gala Dinner which together with the regulators conference took place in the newly reopened Burgenstock Resort. The dinner also saw a keynote speech from Commissioner Giancarlo, Chairman of CFTC.

With its usual spread of discussion topics including the regular exchange leaders panel and other panels looking at a wide range of topics including clearing/CCP, fintech, market infrastructure, emerging markets and global commodity trends these were 2 full and interesting days.

Delegates at the conference came from across the derivatives industry and included a number of AFM members who all found the event of interest and are looking forward to meeting again in Bangkok in January 2018.

Commodity Market Bill passed by the Parliament of Nepal

In a historic declaration, the Parliament of Nepal passed the bill related to the Commodity Market on 30th July 2017. The bill will be effective from 91 days after certification from the President of Nepal. In hindsight, the bill was submitted in the house 4 months back. The current regulator of the Nepal Stock Exchange i.e. Securities Board of Nepal (SEBON), has been given the responsibility to regulate the commodity market too. The history of the Commodity Market in Nepal dates 10 years back with the establishment of the first commodity exchange. However, words related to the regulation of the commodity market had been in priority in the budget speeches every year since 2009 (the year MEX Nepal went Live). SEBON has expedited the work related to the regulatory framework of the commodity market. In this regards, SEBON had invited the stakeholders for an interaction program on 4th August 2017 and encouraged suggestions on the regulatory framework. The news was met with positive vibes among the market practitioners and the interest from the general public has increased many folds since the historic declaration.

AFM 20th Anniversary

AFM 20th Anniversary Publication

The book reflects on many good memories AFM members had not only building their own markets but also knowing they are able to do so sharing experiences with each other.

Click here to download.

Mr. Jitesh Surendran, CEO of Mercantile Exchange Nepal Limited (MEX Nepal), has been elected as the Vice Chairman of the South Asian Federation of Exchanges (SAFE) for the term 2017-2019 at the 13th General Assembly Meeting of SAFE held at Bombay Stock Exchange, India.


Buenos Aires, April 2017.- After the signing of the interconnection agreement between ROFEX and MATba last January 4, 2017, the technical teams of both markets continue working to implement the integrated trading, which will begin next month. From that moment on, ROFEX´s Agents will be able to trade MATba´s Soybean contracts and MATba´s Agents will be able to trade ROFEX´s US dollar futures. The rest of the products will be incorporated in the following weeks and it is estimated that in 60 days the integrated trading of Argentine futures will be complete.

The joint efforts and actions regarding connectivity of platforms and their interfaces, product standardization and synchronization of clearing and settlement processes, are advancing in accordance with the agreement.

Thus, the long-standing wish of having access to all Argentine futures and options in a unified and simple manner will come true for many generations of intermediaries and participants of futures markets in Argentina.

Together, the markets have more than 200 agents and a high potential of product complementation, aiming at synergy between both institutions and the consolidation of futures and options markets in Argentina as an effective tool for hedging against price fluctuations. 

Representing the AFM, Paul Constantinou chaired the Emerging Markets stream at the 2017 World Exchange Congress. The focus of the stream was the Indian market and more generally innovation in commodity derivatives.

The stream opened with a discussion of the developments in the Indian market. First up was Nehal Vora, Chief Regulatory Officer of Bombay Stock Exchange who gave an isight into the technology developments being made for Surveillance and Compliance at the BSE.

Parveen Kumar Singhal, President Multi Commodity Exchange of India followed and talked about the evolution of derivatives in India and highlighted the position of the now reformed MCX in the market.

Finally Edward Woodford co-founder of Seed Commodities eXchange Chicago looked at the challenges that need to be overcome by innovators in the global commodities markets. This combined a broad view of the hurdles, regulatory and otherwise, faced in the USA interlaced with the Seed Commodities story.

Belarussian Universal Commodity Exchange scores record turnover in 2019


There are two more weeks left before AFM member and partner organisations gather in Argentina to celebrate the Association's 20th anniversary. The first day of the conference takes place in Buenos Aires with the host being MATba, AFM's founding member. Delegates will travel onto Rosario to enjoy the fantastic hospitality of ROFEX and to conduct the second conference day in the capital city of Sante Fé. We hope to meet as many of our members and partners on this special occassion. For more details please visit:

AFM 20th Anniversary Annual Conference takes place on March 9-11, 2017 Argentina hosted by MATba in Buenos Aires and by ROFEX in Rosario.  For more information see:

In 2016, Taiwan Futures Exchange (TAIFEX) continued to launch new products in order to meet maket demands and expand its product suite. F orFmore information please refer to the following press release.

December 2016

AFM congratulates its two member organisations (KELER CCP and BRM) for their partnership. See attached press release.

September 14, 2016

Patrick J. Kenny of CQG was elected as a member of AFM's Executive Board on April 18, 2016 replacing Paul Constantinou formerly with Trayport.

AFM is proud to list the Thailand Futures Exchange and the Nepal Mercantile Exchange as new members of the Association.

April 18, 2016

AFM organises its 19th Annual Conference on April 18-19 in Istanbul. The event is hosted by Borsa Istanbul. The conference will feature panel discussions on the host country, commodity derivatives (agriculturals and oil/gas), regional cooperation and islamic finance. For more information please visit:

Please join us in Istanbul!

March 7, 2016

The Swiss Futures & Options Association (SFOA) today announced a change of name to the International Commodities and Derivatives Association (ICDA). The change has been made to support the latest requirements of the Association's members, who include global brokers, bankers, investment fund managers, commodities trading firms, market information providers and service companies, as well as exchanges and clearing houses. From now, ICDA is also accepting individual members for the first time in its long history.

To see the full press release: Press release

February 15, 2016

Read Press Release

February 1, 2016

National Bank of Hungary acquired shares of the Budapest Stock Exchange. New management at the Stock Exchange. Please read relevant Press Release.

December 16, 2015


Minsk played the host organisation to the annual General Meeting of IAE CIS. The event gathered top managers of 15 largest exchanges from 6 countries as well as representatives of the Eurasian Economic Commission. Valentin Chekanov, Minister of Trade of Belorussia, Arkady Salikov BUCE Chairman and Alexei Kuprin, IAE CIS Executive Director opened the meeting.

November 2, 2015



Dalian Commodity Exchange and Bursa Istanbul sign MoU

Dalian Commodity Exchange (DCE) and Borsa İstanbul signed a memorandum of understanding (MoU) on October 23 in Istanbul, Turkey, with an aim to seek to cooperate in information sharing, product promotion and staff exchange.

DCE Chairman Li Zhengqiang said that DCE had been attaching high importance to globalization and opening-up. The “One Belt and One Road” strategy of the Chinese Government provides a new opportunity for cooperation among all the relevant exchanges.


VIOP launches its first interest rate product: Overnight Repo Rate Futures


September 22-23, 2015, Geneva


  • Kristian Schach Möller, CEO, Agricultural Commodity Exchange for Africa (ACE) Malawi;
  • Muammer Cakir, Head, Derivatives Market - VIOP, Borsa Istanbul, Turkey;
  • Chris Sturgess, Director, Commodities, JSE, South Africa;
  • Ismael Caram, Deputy CEO, Rosario Futures Exchange, Argentina;
  • Patrick Kenny, SVP Client Relationships, CQG
  • Louisjan Bonthuys, STT

Please download summary of the panel discussion here.