I visited Paris for the first time last month and fell in love with it. What a beautiful city. What an interesting place to live. I can see why it attracts people from all over the world, including the US, who want to live there. Count me as one of them.
My entrepreneurial spirit led me to want to set up a business there. The guys in the office think I am crazy? Crazier? But, I have a plan. You see, I got very excited about Euronext and their growth prospects. And all I heard about was people, including the banks, leaving Paris. My gut says that in a vacuum, in that beautiful city full of interesting people, there is opportunity.
Some of that opportunity comes from my excitement about Euronext. I feel like they have pent up innovation just ready to burst out all over. An example of that is the products they will launch tomorrow. I also loved the entrepreneurial spirit of the people I met in the company.
Tonight, Euronext is celebrating the 20th anniversary of their Rapeseed contract in Paris by launching a full Rapeseed derivatives product line. Now an independent company, Euronext is wasting no time in reaching out to market users with new products.
Tomorrow, Friday, Euronext will begin trading on futures and options on Rapeseed meal and oil, giving them a complete complex to trade the products and the crush. It also opens the door for biodiesel market participants to use the oil contracts as hedging tools.
I visited with Euronext in October with my colleague Doug Ashburn following our London MarketsWiki World of Opportunity event and came away impressed with the energy and passion of the Euronext team. They have bombarded my team with press releases with their latest new listings, IPOs and the like. They put up impressive growth numbers in October.
Last month the exchange posted its second best volume month for commodities with an average daily volume of 66,398 contracts, and now they are adding to their commodity futures offering. I see opportunity there and I would not mind spending some more time in Paris.
I even have ideas on how to avoid, I mean minimize, the high French personal income taxes. It is called deferred compensation.
Anyway, I am still trying to think up the business I want to set up. I was thinking of a brokerage and trading school called “Trade Like an American.” Everyone would tell me I am crazy about that too, which is why I like it.