The fixed-income markets are a perverse place - bad news for the economy is good news for them, and vice-versa. This holds true in derivatives as well, where the buoyant world economy is causing serious problems for exchanges trading fixed-income products.

Analysts warn that since government bonds are the main engines for global derivatives exchanges, reduced issuance in the US and Europe could seriously dent their income as traders look to other fixed-income investments and bond issuance benchmarks.