Korea is #1 !

First, a little humour:


I think this is a comic about skin cream or something (emphasis on the 'or something').

Ok, now for the story. I finished my latest book and found a stat that I learned when I was in Korea, but didn't have the real numbers until now. If you're into finance, here is a question for you: Which market in the world would you expect to find the largest exchange-traded derivatives turnover in 2002? New York? London? Tokyo? Nope...Seoul (although I remember a lot of derivatives, and perhaps the futures & options exchange being in Pusan).

From page 220 of the book:

Exchange-traded derivatives turnover, 2002
Country: Annual number of contracts (mil) / Market share (%)
South Korea 1,947 / 32
U.S. 1,845 / 30
Germany 801 / 13
France 358 / 6
U.K. 357 / 6
Brazil 187 / 3
Japan 178 / 3
Others 428 / 7
Total 6,101 / 100%
(Unfortunately, I have no idea how to make a nice little table in blogger....waaaaaaaa.)

These stats don't tell the whole story, though, because it shows number of contracts, not total value of amounts traded. The thing is, Korean traders are usually individual punters (speculators) in the markets trying to make back the losses they sustained in the cash markets (normal stock markets, futures and options markets are non-cash markets).

In terms of Asset Management centres Seoul is in the "Others" catgory after: London, New York, Tokyo, Boston, San Francisco, Los Angeles, Paris, Philadelphia, Zurich and even Denver (!).

Well, better get to work...more fun and exciting stuff later.