From the Top

The year 2011 has been one of anxious anticipation by market participants as they analyze and await proposed reforms from government agencies. In Europe, the legislative process is still largely underway, with detailed rules for financial services trailing behind the timeline in America. But, the question that the world still faces is, "How do we navigate this unpredictable path?"

In our cover story, we explore the rules, regulations and timelines that are being prepared and will ultimately determine what the final picture will look like. We also examine how investors and institutions in an increasingly globalized financial services marketplace will respond to the shifting rules and staggered deadlines. This issue of CME Group Magazine features several trends borne out of post-financial crisis corrections, including:

The private-to-public debt shift taking place in the United States and Europe,
The embrace of new interest rate products by market participants hoping to weather economic conditions,
The globalization of centralized clearing for over-the-counter derivatives,
And the post QE2 environment in the wake of poor economic data and the downgrade of U.S. debt.

We are also pleased to announce an exciting change for CME Group Magazine. Beginning in 2012, the magazine will move to a digital-only format available online. It will merge with our blog and be re-named OpenMarkets. The approach will enable us to provide more timely updates in an environmentally friendly way, while still delivering the in-depth content we always have. We thank you for your readership over the years, and hope that you will continue to engage with us through our new electronic publication. The OpenMarkets site will be live next year, but until then, you can still find us online at www.cmegroup.com/magazine.