FOW


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FOW (Futures & Options World)

Founded	1982
Headquarters	London, United Kingdom; New York, United States; Hong Kong
Key People	Guy Dunn (CEO, Derivia Intelligence), David Calver (Chief Product Officer, FOW)
Employees	Part of Derivia Intelligence (~200+ employees globally)
Products	Magazine, Newsletter, Events
Twitter	@FOWgroup
LinkedIn	Profile
Website	www.fow.com
Releases	Company News

FOW (Futures & Options World) is a global business-to-business media and data intelligence company specializing in exchange-traded derivatives markets. Founded in 1982 and originally developed by Metal Bulletin, FOW provides reference data, market intelligence, news, and industry events for the international futures and options community, covering over 115 exchanges globally with detailed contract specifications, trading calendars, volume data, and analytical content.^[1]

FOW operates under Derivia Intelligence, itself part of the Delinian group, and serves major banks, asset managers, hedge funds, proprietary trading firms, institutional investors, exchanges, and technology vendors. The company has maintained a core position in the derivatives industry for over four decades, providing tools for trade execution, clearing, settlement, compliance, and risk management.^[2]

History[edit]

Founding and Early Years (1982-2000)[edit]

FOW was launched in 1982 at the beginning of the introduction of financial futures trading in London, a period that witnessed significant growth in exchange-traded derivatives globally. John Parry, who had previously worked as an editor at Metal Bulletin, became the founding editor of FOW. The publication initially focused on documenting and analyzing the nascent European derivatives markets, particularly the London International Financial Futures Exchange (LIFFE) and other emerging venues.

During this period, derivatives markets underwent transformative changes. The Chicago Board of Trade (CBOT) and Chicago Mercantile Exchange (CME) pioneered exchange-traded futures in the United States throughout the 1970s and early 1980s, and European exchanges followed with their own products. FOW's editorial coverage provided critical intelligence to market participants navigating these new instruments, contract designs, and regulatory frameworks.^[3]

The magazine was initially developed by Metal Bulletin, a specialist publisher for the metals and commodities industries founded in 1913. Metal Bulletin's expertise in commodity price reporting and market data made it a natural parent for FOW as financial derivatives markets emerged as a distinct asset class.

Expansion and Euromoney Ownership (2000-2022)[edit]

Metal Bulletin PLC, FOW's parent company, was acquired by Euromoney Institutional Investor PLC in 2006 for approximately £221 million.^[4] This acquisition brought FOW into a larger global financial media portfolio that included titles covering banking, capital markets, asset management, and structured finance.

Under Euromoney's ownership, FOW expanded its coverage to include comprehensive reference data services, daily news updates, online platforms, and a global conference and awards program. The company enhanced its data aggregation capabilities, tracking volume and open interest statistics from exchanges worldwide and providing symbology, trading hours, and contract specifications essential for front, middle, and back-office operations.^[5]

During the 2000s and 2010s, FOW navigated a period of significant regulatory change driven by the 2008 global financial crisis. Dodd-Frank in the United States and the European Market Infrastructure Regulation (EMIR) mandated central clearing for many derivatives, increased transparency, and imposed new reporting requirements. FOW's data and intelligence services became increasingly valuable to market participants managing compliance, margin, and operational challenges.^[6]

Notable alumni from FOW's editorial team during this era include John Parry, Simon Rostron, Emma Davey, Jim Kharouf, Laurence Davison, David Setters, and Luke Jeffs, who served as editor and later managing editor of the Global Investor Group within Euromoney.^[7] Will Mitting left as publisher of FOW in 2019.

Private Equity Ownership and Formation of Derivia Intelligence (2022-Present)[edit]

In July 2022, Euromoney Institutional Investor PLC agreed to a £1.7 billion takeover by private equity firms Astorg and Epiris. The transaction, completed in November 2022, involved the company delisting from the London Stock Exchange and changing its name to Delinian in January 2023.^[8]

Under the new ownership structure, Epiris assumed control of Euromoney's financial and professional services divisions, including FOW. In January 2024, Derivia Intelligence was formally launched as a holding company for FOW and Structured Retail Products (SRP), two complementary data and intelligence businesses serving niche derivatives sectors.^[9]

Guy Dunn, previously chief operating officer at ISI Emerging Markets and CEO at EMIS, was appointed chief executive officer of Derivia Intelligence in June 2023. Under his leadership, the company has focused on subscription-based recurring revenue, product development, and market expansion. Both FOW and SRP reported 95% net renewal rates in 2023, reflecting strong client loyalty.^[10]

In November 2024, FOW launched FOW Professional, a unified online platform consolidating reference data, market intelligence, and daily analysis into a single digital interface accessible across devices.^[11] David Calver, formerly head of economic data at S&P Global, joined as chief product officer for FOW to lead this platform development and broader data strategy.^[12]

In November 2025, Derivia Intelligence announced a merger with GlobalCapital, a provider of data and intelligence for primary debt capital markets, further expanding the group's coverage of specialist financial sectors.^[13]

Products & Services[edit]

Reference Data[edit]

FOW provides comprehensive reference data for exchange-traded futures and options covering more than 115 exchanges and over 110,000 contracts globally. Data sets include contract specifications, trading calendars, exchange details, margin requirements, tick sizes, and settlement procedures. These datasets support operational accuracy across trade execution, clearing, settlement, and regulatory reporting.^[14]

The company offers customized data delivery, integrating with clients' internal systems and workflows. Data is available via APIs, file feeds, and the FOW Professional platform, supporting use cases in front-office trading systems, middle-office risk analytics, and back-office operations.

Volume Data and Market Statistics[edit]

FOW aggregates and publishes daily traded volumes, open interest, and average daily volume statistics for derivatives exchanges worldwide. This data enables market participants to assess liquidity, identify trading trends, and benchmark activity across asset classes including interest rate products, equity indices, commodities, energy, metals, and cryptocurrencies.^[15]

News and Market Intelligence[edit]

FOW's editorial team produces daily news coverage, analysis, and commentary on developments in global derivatives markets. Content includes regulatory updates, exchange announcements, product launches, technology innovations, and market structure changes. Experienced financial journalists provide insights on topics affecting banks, asset managers, hedge funds, proprietary trading firms, exchanges, central counterparties, and technology vendors.^[16]

Regional reports cover market developments in the United States, Europe, Asia-Pacific, and the Middle East and North Africa (MENA), with analysis tailored to each region's regulatory environment, trading activity, and strategic priorities.

Conferences and Events[edit]

FOW operates a global events program that brings together industry leaders from the derivatives trading and investment communities. Conferences feature panel discussions, keynote presentations, and networking opportunities focused on market structure, regulation, technology, and trading strategies.^[17]

Major events include:

FOW International Conference (London)
FOW Asia Pacific Conference (Hong Kong)
FOW MENA Conference (Dubai)
Trading London Conference

Awards Programs[edit]

The FOW Awards recognize excellence, innovation, and achievement in the global derivatives industry. Winners are selected by independent expert judges with extensive experience across derivatives markets. Award categories include trading systems, market surveillance solutions, risk management platforms, exchanges, clearing houses, market makers, and individual leadership.^[18]

Annual awards ceremonies include:

FOW International Awards (London)
FOW Asia Pacific Awards (Hong Kong)
FOW MENA Awards (Dubai)

Recent award winners include Trading Technologies (Derivatives Trading System of the Year), IMC (Market Maker of the Year), and other leading firms across technology, liquidity provision, and market infrastructure.