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ICE Seeks Participants in Commodities Warehousing Survey

Posted on 22 September 2014 by VRS  |  Email |Print

Intercontinental Exchange Inc. on Friday said it was asked by a U.S. regulator to solicit responses from market participants to a survey on the effect of warehousing on commodity prices.
The survey is being conducted by the International Organization of Securities Commissions, a global body of securities regulators. The organization is researching how storage affects the price of commodity derivatives, the contracts that underpin the prices for raw materials and agricultural products ranging from oil, corn and copper………………………………………..Full Article: Source

International gold trading launched in Shanghai free-trade zone

Posted on 19 September 2014 by VRS  |  Email |Print

The Shanghai Gold Exchange officially launched its international trading platform in the city’s free-trade zone (FTZ) last night, the first such board in the zone, with hopes of setting benchmark prices for the precious metal in Asia. It could pave the way for the launch of crude oil futures and other key commodities including iron ore in the testing ground for mainland economic reform.
Premier Li Keqiang made an inspection tour of the 28 square kilometre zone yesterday following a no-show on September 29 last year, when it was inaugurated. “The free-trade zone in Shanghai will have a brighter future and Shanghai will have a brighter future,” the premier told officials and others during the tour, Xinhua reported. “I wish the FTZ to be prosperous and developed.”…………………………………….Full Article: Source

Tokyo Commodity hopes cut costs with Osaka Exchange

Posted on 15 September 2014 by VRS  |  Email |Print

The Tokyo Commodity Exchange is considering sharing a new system with the Osaka Exchange, a unit of Japan Exchange Group Inc., it has been learned. The Tokyo exchange hopes the move will help reduce costs as it faces the need to save system expenses and overcome its business difficulties caused by a slump in trading volume, sources said. It is expected to switch to the new system in autumn 2016.
The Tokyo Commodity Exchange plans to make a formal decision at an extraordinary board meeting on Sept. 24 and is currently working out the details………………………………………..Full Article: Source

London Metal Exchange to Launch Premium Contracts for Metals in 2015

Posted on 12 September 2014 by VRS  |  Email |Print

The London Metal Exchange on Thursday said it would launch premium contracts in the second quarter of 2015, which could allow market participants to protect themselves from spikes in costs that arise on top of the cost of the metal.
The move is part of the LME’s effort to reduce those costs. It has also proposed changing the rules related to storage of metals in LME warehouses, as severe backlogs are one of the reasons why the additional costs have risen so high. The LME said, to make the system work, it is planning to let warehouses opt in to the system for premium contracts………………………………………..Full Article: Source

London Metal Exchange to push for reform after US judge dismisses suits

Posted on 01 September 2014 by VRS  |  Email |Print

The end of class action lawsuits in the United States against the London Metal Exchange will open the way for a long-promised reform of the aluminium warehousing issue and allow the bourse to focus on its expansion in Asia, according to brokers.
An LME spokeswoman told the South China Morning Post the London-based commodities exchange was pleased to have been granted immunity from the aluminium class action lawsuits and would continue to carry out its warehouse reform plans………………………………………..Full Article: Source

Commodities trading the latest move by Shanghai to talk up free trade zone

Posted on 29 August 2014 by VRS  |  Email |Print

Commodities exchanges the latest idea for city’s free trade zone, and part of its plan to establish itself as a hub for international commerce. In the latest attempt to raise the profile of its Hong Kong-style free port, Shanghai has unveiled ambitious plans to create a clutch of international commodity trading platforms in its free-trade zone (FTZ).
According to an action plan to develop the city into a centre for international commerce, major commodities including iron ore, cotton and copper will be traded on the internationalised markets inside the 28.8 sq km FTZ by 2015. The announcement follows long-heralded plans to establish international boards for crude oil futures and gold trading in the zone………………………………………..Full Article: Source

Egypt in talks with Chicago Merc to build biggest commodities exchange in MENA

Posted on 29 August 2014 by VRS  |  Email |Print

Egypt plans to get benefit from the Chicago Mercantile Exchange (CME)’s wide expertise, seeking to establish its first and biggest commodities exchange in the Middle East. Egypt’s Minister of Supply Khaled Hanafy announced Wednesday that his country, represented in officials from the Armed Forces, Cabinet and Arab Contractors Company, will start a number of meetings with CME chairman and board members.
The meetings aimed to review means of technical cooperation and support between the two countries to build the first commodities exchange in Egypt and the Middle East, dedicated for the grains and wheat………………………………………..Full Article: Source

London Metal Exchange dismissed from U.S. price-fixing lawsuits

Posted on 27 August 2014 by VRS  |  Email |Print

A judge has dismissed London Metal Exchange Ltd as a defendant from U.S. antitrust litigation accusing banks and commodity companies of conspiring to drive up aluminum prices by restricting supply, hurting manufacturers and purchasers.
In a decision made public on Tuesday, U.S. District Judge Katherine Forrest in Manhattan concluded that the LME was an “organ” of the UK government, and therefore immune from the lawsuit under the Foreign Sovereign Immunities Act………………………………………..Full Article: Source

Egypt seeks to have first, biggest commodities exchange in MENA

Posted on 26 August 2014 by VRS  |  Email |Print

Egypt plans to launch the first and biggest commodities exchange in the Middle East in the coming period, said Minister of Supply Khaled Hanafy. The Egyptian minister further elaborated in a telephone interview with Al-Hayat TV channel on Saturday, that Cairo city would be the hub of contracting, trading, receiving and distributing the grains.
Such new accumulative markets will prevent monopolies and provide more transparency in the cost of goods………………………………………..Full Article: Source

Korea: No rush of investors at gold exchange

Posted on 25 August 2014 by VRS  |  Email |Print

Although business is transacted, there are no records and the government can’t levy taxes. This is the character of the underground economy in Korea, where gold is the commodity of choice. Transactions are made through a direct exchange of bullion or by cash, and the total value not subject to taxation is estimated at 300 billion won ($294.8 million) a year.
In an attempt to tap into that source of revenue, the government in March opened the nation’s first gold exchange market. After five months, are there signs of progress toward making the underground market more transparent?……………………………………….Full Article: Source

Commodity trading in India on the rise as investors return

Posted on 20 August 2014 by VRS  |  Email |Print

A year after a US$920 million payment default at a spot commodities bourse cut trading from gold to soya beans futures, jolting India’s biggest brokerages, investors are returning as newer regulations buoy confidence.
The volume of commodities traded on the Multi Commodity Exchange Ltd, India’s biggest commodity bourse, has rebounded from a five-year low after the regulator tightened warehousing and shareholding norms in response to the payment crisis that unravelled at the National Spot Exchange Ltd (NSEL). Volumes on the National Commodity & Derivatives Exchange of India Ltd, the second largest bourse, have recovered from a 10-year low………………………………………..Full Article: Source

Merge NSEL with FTIL, says commodity market regulator to government

Posted on 18 August 2014 by VRS  |  Email |Print

The commodity market regulator has told the government that the fraudridden National Spot Exchange (NSEL) should be merged with the parent Financial Technologies (FTIL) - an unprecedented proposal which could be bitterly resisted by various stakeholders of FTIL, a listed, profitable company.
A merger would transfer NSEL’s liabilities of more than Rs 5,000 crore to FTIL that has so far financially ring-fenced itself from the scam at the spot exchange which defaulted and stopped operations a year ago………………………………………..Full Article: Source

Asian exchanges eye Hong Kong-Shanghai trading link

Posted on 13 August 2014 by VRS  |  Email |Print

Exchanges in Asia are nervously eyeing a new trading link between Hong Kong and Shanghai, and mulling how to stay competitive on worries it will soak up funds from global money managers.
Amid already tepid trading volumes across the region, officials at exchanges in Asia are worried the Hong Kong-Shanghai link will leave less money for them if it proves successful and they don’t take measures to keep up. The trial programme is due to launch in October and would create a combined market capitalisation of $5.5 trillion, according to data from the World Federation of Exchanges………………………………..Full Article: Source

China’s Zhengzhou Commodity Exchange starts trading ferro-alloys futures

Posted on 12 August 2014 by VRS  |  Email |Print

China’s Zhengzhou Commodity Exchange (ZCE) started trading ferro-silicon and silico-manganese futures on Friday August 8. The most-traded January ferro-silicon contract on the ZCE closed at 5,804 yuan ($943) per tonne on the first trading day, after opening at 5,892 yuan per tonne. The contract’s listing reference price was 6,600 yuan.
The most-active January silico-manganese contract on the ZCE closed at 6,482 yuan per tonne, down from its opening price of 6,560 yuan on Friday……………………………………Full Article: Source

CME to Start EU Gas Futures as Trayport Remains Independent

Posted on 06 August 2014 by VRS  |  Email |Print

CME Group Inc. plans to start U.K. and Dutch natural gas futures while keeping the energy trading platform it agreed to buy from GFI Group Inc. independent. The world’s biggest derivatives exchange may offer gas trading at the U.K.’s National Balancing Point and the Title Transfer Facility in the Netherlands as early as next month, Martin Fraenkel, CME’s managing director for International Energy, said.
The expansion means the Chicago-based bourse will rival other exchanges that feed prices into the Trayport Ltd. system it agreed to buy last week………………………………………..Full Article: Source

CME Group to Acquire Trayport and FENICS from GFI Group

Posted on 31 July 2014 by VRS  |  Email |Print

CME Group, the world’s leading and most diverse derivatives marketplace, and GFI Group Inc., a leading intermediary and provider of trading technologies and support services to the global OTC and listed markets, today announced that they have entered into definitive agreements to create value for their respective stockholders through a two-step transaction through which:
CME Group will acquire Trayport and FENICS. CME Group will purchase these businesses by first acquiring all of the outstanding shares of GFI Group in exchange for $4.55 per share in CME Group Class A Common Stock which represents a 46% premium above yesterday’s closing price of $3.11 per share of GFI Group common stock………………………………………..Full Article: Source

Shanghai FTZ will launch a commodities exchange; will debut with copper

Posted on 30 July 2014 by VRS  |  Email |Print

The Shanghai free trade zone (FTZ) will get a physical commodity trading exchange towards the end of this year, and copper will be its first product, market sources told Metal Bulletin.
“This new platform is likely to debut towards the end of this year,” a source with government connections said. “With this new exchange, investors will be able to trade cargoes in the bonded zone - for example, copper warehouse receipts - more freely, transparently and efficiently.”……………………………………….Full Article: Source

The Japan Exchange to break into commodities and OTC

Posted on 29 July 2014 by VRS  |  Email |Print

The Japan Exchange plans to build a new derivatives trading system with Nasdaq OMX and Japanese software vendor NTT Data Corporation, as part of a medium-term strategy to grow trading and prepare for swap market reforms.
The exchange group said in an announcement that it plans to replace its current system, also supplied by Nasdaq OMX, in 2016. According to the Japan Exchange its new derivatives exchange will improve risk management functions and allow it to list a wider range of products than is currently possible………………………………………..Full Article: Source

India: Commodity Exchanges’ Turnover Down Over 62% as of July 15

Posted on 24 July 2014 by VRS  |  Email |Print

Commodity exchanges’ turnover declined over 62 per cent to Rs. 17.25 lakh crore till July 15 of the current fiscal year due to poor trading volumes in almost all commodities, the Forward Markets Commission (FMC) said on Wednesday.
The business at these bourses stood at Rs. 45.53 lakh crore in the same period of last financial year, the regulator said in a statement. The maximum fall in the turnover was seen in bullion followed by energy, metals and agricultural commodities………………………………………..Full Article: Source

What’s commodities exchange?

Posted on 24 July 2014 by VRS  |  Email |Print

One of the biggest shocks in markets and trading last year in India had to do with an exchange called the NSEL, or the National Spot Exchange Ltd. Investors and traders in the NSEL lost nearly Rs 5600 crore because the exchange was mismanaged.
While you might be unfamiliar with the scam, you might find the idea of a commodities exchange slightly intriguing and definitely different from the stock exchanges that are usually discussed in this space………………………………………..Full Article: Source

Is Nat’l Multi Commodity Exchange looking to wind-up ops?

Posted on 23 July 2014 by VRS  |  Email |Print

It is tough times for the commodities market - after the levy of Commodity Transaction Tax (CTT), and the NSEL fiasco , volumes in the commodity space have dropped by more than 40%. This has forced two commodities exchanges - Anil Ambani promoted ICEX, and Ketan Seth promoted United Commodity Exchange to shut their trading operations over the last one year.
Now, the country’s third largest commodity exchange, the National Multi Commodity Exchange or NMCE, famous for its rubber trade is also facing threat of a possible closure. NMCE, which was under the FMC scrutiny over related party trades few years back, has been served with a tax penalty of around Rs 15-20 crore. For NMCE whose volumes dropped by 60%, over the last one year, this tax impact will be a major concern as its net worth stands at just Rs 19 crore………………………………………..Full Article: Source

HKEx’s takeover of LME is ‘risky bet’ that could yet pay off

Posted on 21 July 2014 by VRS  |  Email |Print

While the Hong Kong Exchanges and Clearing has been busy getting into bed with former rival Shanghai to develop cross-trading of stocks, some brokers wonder whether the local bourse was wise to cut a big cheque to buy the London Metal Exchange.
“It is hard for the HKEx to break even by paying such a high price to buy the LME. The takeover is a short cut for the HKEx to expand into commodity trading but the high price means it is a risky bet,” said Joseph Tong Tang, executive director of Sun Hung Kai Financial………………………………………..Full Article: Source

UCX suspends trade within 18 mths of launch

Posted on 17 July 2014 by VRS  |  Email |Print

Within 18 months of commencing operations, IT People-promoted Universal Commodity Exchange (UCX), India’s sixth nationwide commodity futures trading platform, has suspended trade in all commodities, with immediate effect. With this, UCX became the second exchange to suspend futures trade in commodities. Early this year, MMTC-Indiabulls-promoted and Reliance Group-anchored Indian Commodities Exchange (ICEX) had suspended trade.
In a circular, UCX said, “Due to prevailing market conditions, it has been decided to suspend the trading activities of the exchange temporarily, subject to the approval of the regulator Forward Markets Commission (FMC) till the time a renewed plan is put in place.”……………………………………….Full Article: Source

India: Commodity exchanges Q1 turnover drops 65%

Posted on 16 July 2014 by VRS  |  Email |Print

The turnover of commodity exchanges fell by 65% to Rs.14.55 trillion in the first quarter of the current fiscal due to poor volumes in most commodities, the Forward Markets Commission (FMC) said. The turnover at these commodity bourses stood at Rs.41.45 trillion in the same period last year.
Much of the fall was seen in bullion, followed by energy, metals and agricultural commodities, FMC data showed. According to the FMC, the turnover from bullion fell by 73% to Rs.5.23 trillion in April-June this year, against Rs.19.38 trillion in the same period a year ago……………………………………….Full Article: Source

As silver fix decision nears, LME joins hands with Autilla

Posted on 10 July 2014 by VRS  |  Email |Print

The London Metal Exchange and technology firm Autilla joined forces yesterday to propose an electronic system for setting the global silver price benchmark as the deadline neared for replacing London’s century-old silver fix.
The 117-year-old price benchmark, or fix, will come to an end on August 14, operator London Silver Market Fixing said in May, as regulatory scrutiny of price-setting intensifies across markets………………………………………..Full Article: Source

LME eyes July launch for silver fix pricing

Posted on 02 July 2014 by VRS  |  Email |Print

British market is one of a number of firms vying to run the silver price mechanism. The London Metal Exchange (LME) is planning to launch its silver price settlement solution and test trade sessions on July 14, one month before the London Silver Market Fixing stops running the benchmark.
Speaking at briefing, a number of LME executives said on Tuesday market participants want an electronic solution and it is targeting a July launch date to ensure banks and other participants have time to prepare for the LME’s launch if it is successful in its bid………………………………………..Full Article: Source

Zimbabwe: ‘Set Up Commodity Exchange’

Posted on 02 July 2014 by VRS  |  Email |Print

The Zimbabwe Government should expedite the operationalisation of the commodity exchange which was first mooted in the early 1990s with the aim of providing an orderly and transparent platform for marketing agricultural products.
A commodity exchange facilitates the orderly trading of any agricultural product in the country. Agricultural products traded on commodity markets across the world include wheat, barley, sugar, maize, cotton, cocoa, coffee, milk products, pork bellies and oil………………………………………..Full Article: Source

NCX To Launch E-Trading System

Posted on 25 June 2014 by VRS  |  Email |Print

The Nigeria Commodity Exchange has revealed plans to inaugurate an electronic warehouse receipt system on July 10, 2014. The Managing Director of the Exchange, Mr. Yusuf Abdurrahman, said this in Lagos on Monday in company with the MD and Chief Executive Officer, Bank of Agriculture, Dr. Mohammed Santuraki; and the MD/CEO, Stanbic IBTC Bank, Mrs. Shola David-Borha.
The NCX, previously called Abuja Commodities and Securities Exchange, is collaborating with both banks, the Central Securities Clearing System Plc and the Federation of Agricultural Commodity Association of Nigeria on the project. Stanbic IBTC is the settlement bank………………………………………..Full Article: Source

Europe’s biggest stock-exchange group becomes independent

Posted on 20 June 2014 by VRS  |  Email |Print

It looked an ambitious project when the bourses of Paris, Amsterdam and Brussels joined forces in 2000 to create a pan-European union of stock exchanges. They then acquired the London International Financial Futures and Options Exchange (LIFFE) and Portugal’s Bolsa de Valores.
After seven years of independence, Euronext disappeared into the maw of the New York Stock Exchange, which in turn was bought by IntercontinentalExchange (ICE) in November 2013. ICE has now spat out Euronext, minus LIFFE and its derivatives business. Defining its new role is almost as big a challenge as Euronext faced in the heroic days of its founding………………………………………..Full Article: Source

Forward Markets Commission working on single clearance for commodity exchanges

Posted on 17 June 2014 by VRS  |  Email |Print

The Forward Markets Commission has set up a working group to prepare a roadmap and a structure for a common clearing system for all commodity exchanges in the country in order to reduce transaction costs of market participants and strengthen risk management systems.
The commodity markets regulator announced this in an office memorandum on Monday. The move comes in the backdrop of the payment crisis involving the National Spot Exchange Ltd that broke out in July last year when the exchange could not settle contracts………………………………………..Full Article: Source

Euronext, Dalian exchanges to cooperate on commodities

Posted on 13 June 2014 by VRS  |  Email |Print

European market operator Euronext announced on Thursday plans to develop ties with China’s Dalian Commodity Exchange in a move to boost its agricultural derivatives business following its spin-off from IntercontinentalExchange.
Euronext, which kicked off an initial public offering on Tuesday, operates Paris-based agricultural derivatives and has stressed innovation in derivatives as a focus for the company after its IPO………………………………………..Full Article: Source

FMC sets new norms for commodity exchanges

Posted on 13 June 2014 by VRS  |  Email |Print

Commodity market regulator Forward Markets Commission has amended regulations for corporate governance and independent director in commodity exchange. The regulator has now aligned the norms in line with the new Companies Act.
The new FMC norms lays emphasise on appointment of different committees to assist the management take decisions. To start with, it has suggested formation of eight committees, including the one on technology………………………………………..Full Article: Source

Gold price benchmark open to manipulation-London Metal Exchange CEO

Posted on 11 June 2014 by VRS  |  Email |Print

The global gold price setting benchmark or “fix” is open to manipulation, said the head of the London Metal Exchange (LME), which is competing to offer an alternative to the silver fix when the system is disbanded in August.
The gold and silver fixes, along with other commodity benchmarks, have come under increasing scrutiny by regulators in Europe and the United States since a London Interbank Offered Rate (Libor) manipulation case last year………………………………………..Full Article: Source

Eurex concentrates commodity trading on one platform

Posted on 11 June 2014 by VRS  |  Email |Print

The European Energy Exchange (EEX) and Eurex Exchange have decided to concentrate trading in agricultural derivatives within EEX, in which Eurex holds a majority stake of 63%. The move is set to give customers access to a large and standardised offering of commodity derivatives contracts via one platform.
Agricultural derivatives currently tradable on Eurex Exchange will be offered on EEX from 2015. Eurex Exchange’s product portfolio comprises futures on potatoes, skimmed milk powder, whey powder, butter, hogs and piglets. All contracts are quoted in Euro and are settled in cash. Market indices which reflect the underlying physical transactions are used as reference prices………………………………………..Full Article: Source

CME And LME Eye Silver Price Fixing

Posted on 10 June 2014 by VRS  |  Email |Print

In April, London Silver Market Fixing Limited announced that it will stop administrating silver prices in August this year. Meanwhile, the prices will continue to be administrated by members of the London Silver Market Fixing Limited – Deutsche Bank, HSBC and Bank of Nova Scotia.
This news came at a time when a number of U.S.-based investors and traders have filed up to 20 different antitrust claims against Deutsche Bank, HSBC, Barclays, Societe Generale and Bank of Nova Scotia, for collaborating to manipulate gold prices. Subsequently, Deutsche Bank resigned from its seat on London gold fixing after failing to find buyers for the seat………………………………………..Full Article: Source

Japan’s Osaka Exchange Looking to Expand Into Commodity Markets

Posted on 04 June 2014 by VRS  |  Email |Print

Japan Exchange Group Inc., the country’s main bourse operator, is considering expanding into commodities and currencies.
“We have the ambition to expand our product base from securities into the other types of products including commodities,” Hiromi Yamaji, chief executive officer of Osaka Exchange Inc., a unit of Japan Exchange, said in an interview in London yesterday. Precious metals, rubber, oil, liquefied natural gas products and foreign-exchange futures and options are possible, he said………………………………………..Full Article: Source

CME Group Among Those In Talks With LBMA On Alternative To Silver Fixing

Posted on 30 May 2014 by VRS  |  Email |Print

CME Group confirmed Thursday that the U.S. exchange operator is in talks with the London Bullion Market Association on trying to help develop a possible alternative to the London silver fixing.
The London Silver Market Fixing Limited said earlier this month that it will stop administering the London silver fixing after Aug. 14. The LBMA quickly stepped up in looking for feedback for an alternative and launched an online market survey last week. Ahead of the long U.S. Memorial Day weekend, the LBMA said it had already received over 250 responses………………………………………..Full Article: Source

Bohai exchange’s new moly trading platform to boost price transparency, trade in China

Posted on 30 May 2014 by VRS  |  Email |Print

China’s Bohai Commodity Exchange, or BOCE, a government-backed online trading platform, has added molybdenum to its list of spot commodities, and this is expected to boost moly trade in the mainland and increase price transparency, industry sources said Thursday.
On May 27, BOCE — which is headquartered at Tianjin city in Hebei province, north China — officially launched moly concentrate and ferromoly spot trade on its trading platform at its new moly trade center at Luanchan city in Henan Province, central China………………………………………..Full Article: Source

China to launch physical gold exchange

Posted on 28 May 2014 by VRS  |  Email |Print

Reuters reports that China has approached foreign banks and gold producers to participate in a global gold exchange in Shanghai, people familiar with the matter said, as the world’s top producer and importer of the metal seeks greater influence over pricing.
The Shanghai Gold Exchange (SGE) got the go ahead from the central bank last week to launch a global trading platform in the city’s pilot free trade zone, a move that could challenge the dominance of New York and London in gold trade and pricing. Beijing’s plans to open up gold trading comes at a time when the benchmark price-setting process for precious metals is under scrutiny………………………………………..Full Article: Source

EEX and Kazakh Commodity Exchange Caspi sign Cooperation Agreement

Posted on 28 May 2014 by VRS  |  Email |Print

The European Energy Exchange (EEX) and the Kazakh commodity exchange Caspi JSC have concluded a Cooperation Agreement. Signed on 15 May 2014 at the International Carbon Forum in Astana, Kazakhstan, both companies expressed their joint commitment to develop exchange-based emissions trading within the Kazakh emissions trading scheme.
“EEX supports the use of market-based instruments in climate policy and the long-term vision of a globally-linked emissions market”, says Peter Reitz, Chief Executive Officer of EEX. “Therefore, we appreciate Kazakhstan’s engagement as the first Asian country to launch a national carbon market and are glad to support the development of Caspi JSC as the Kazakh emissions market.”……………………………………….Full Article: Source

Commex norms to be in sync with Companies Act: FMC

Posted on 28 May 2014 by VRS  |  Email |Print

The Forward Markets Commission is considering a slew of measures to improve the governance of and increase participation in the commodities market. “We will come out with board-of-director norms on the same lines as the current corporate governance norms and the Companies Act,” said a senior FMC official.
As a part of these guidelines, FMC will conduct a performance evaluation of all directors, including independent ones, on company boards. Also, independent directors might hold separate board meetings to decide on board decisions that might serve the interest of promoters alone………………………………………..Full Article: Source

Hong Kong exchange vows to fight new metals lawsuit

Posted on 27 May 2014 by VRS  |  Email |Print

Hong Kong Exchanges & Clearing, owner of the London Metal Exchange, has vowed to fight a fresh legal challenge over its warehouses, this time related to the impact long queues have had on zinc prices.
US-based Duncan Galvanizing Corp filed a lawsuit in New York on Friday alleging that the LME – along with metals warehouse operators such as Goldman Sachs and JPMorgan – has engaged anti-competitive behaviour that has distorted the price of zinc, a metal used to coat steel………………………………………..Full Article: Source

HKEx shareholders benefit from commodities and new listings

Posted on 09 May 2014 by VRS  |  Email |Print

Hong Kong Exchanges and Clearing, which operates the city’s stock and futures markets, reported its profit attributable to shareholders gained 2 per cent in the first quarter. The result was aided by rising fee income from commodities trading and an increase in the number of new listings.
The exchange yesterday said profit for the three months to March stood at HK$1.18 billion, up from HK$1.16 billion a year earlier. The growth was driven by a 5 per cent annual increase in revenue to HK$2.34 billion, which offset a 10 per cent increase in expenses to HK$734 million………………………………………..Full Article: Source

Singapore Exchange hires Citic exec for China derivatives push

Posted on 09 May 2014 by VRS  |  Email |Print

SGX, the Singapore exchange, has hired a top executive at China’s Citic Securities International to head a new office in Hong Kong as part of a focus on drumming up business in Asia amid intensifying competition from exchanges in China.
Ringo Chiu, former chief operating officer at Citic Securities International, will join the Singapore bourse in a newly created job based in Hong Kong that will focus on derivatives, three people familiar with the matter said. SGX has a sales office in Beijing………………………………………..Full Article: Source

SGX beefs up commodities offering

Posted on 08 May 2014 by VRS  |  Email |Print

Singapore Exchange is ramping up its suite of commodities products by offering nine new derivative contracts, a move which underlines the bourse’s aim to cement itself as the region’s leading commodities market.
SGX has announced today that over the next two months it will introduce options-on-futures for iron ore and freight, coking coal derivatives and thermal coal derivatives. The bourse’s new contracts aim to reflect physical commodities flows in the region, allowing producers and consumers of Asian bulk commodities to hedge their positions and trade on a single platform in the Asian time zone………………………………………..Full Article: Source

FMC tightens commodity exchange investment norms

Posted on 07 May 2014 by VRS  |  Email |Print

Tightening shareholding norms of commodity exchanges after the National Spot Exchange (NSEL) crisis, the Forward Markets Commission (FMC), on Tuesday, said no resident individual could hold more than 5 per cent stake in them and scrapped the concept of promoters and anchor investors for such bourses.
In an eight-page document laying out shareholding norms for national-level commodity exchanges, the FMC said at least 51 per cent of the shares of any commodity exchange will have to be held by the public. This is to ensure broader participation in commodity bourses………………………………………..Full Article: Source

India: MoF proposes single clearing platform for commodity exchange trades

Posted on 02 May 2014 by VRS  |  Email |Print

The ministry of finance is working out a roadmap to substantially bring down the transaction cost of trading on the commodity exchanges . According to official sources, in line with the banking system, there is need for common clearing system of the commodity trades. This commonality of clearing of transactions will require a common platform where multiple trades across exchanges can be settled.
In the process, the traders can cut down the transaction cost by becoming the member of a single platform for clearing of trades. At present, a trader will have to pay fees for becoming a member of separate clearing platform floated by different commodity exchanges. This entails heavy cost, multiplicity of trades, cross margining etc………………………………………..Full Article: Source

Shanghai bourse plans to launch base metals index contract

Posted on 25 April 2014 by VRS  |  Email |Print

The Shanghai Futures Exchange (ShFE) plans to launch a futures contract on a base metals index as part of steps to internationalise its business, Chairman Maijun Yang said on Thursday.
ShFE is China’s biggest exchange for base metals, already trading copper, zinc, aluminium and lead. It said last year it also has plans to trade nickel and tin. Yang did not provide a timeframe for the new contracts………………………………………..Full Article: Source

LME to start clearing collateral in yuan as Asia ascends

Posted on 25 April 2014 by VRS  |  Email |Print

The London Metal Exchange will start accepting collateral denominated in Chinese yuan after setting up a clearing house in September as Asia increases its hold over the bourse.
The clearing house will become the “heartbeat” of the LME, the world’s biggest market place for industrial metals, said Chief Executive Officer Garry Jones. Asia’s share of electronic trading at the 137-year-old institution now accounts for 10 percent to 25 percent of the total on any given day, Jones said……………………………………….Full Article: Source

HKEx moves into commodities business

Posted on 23 April 2014 by VRS  |  Email |Print

Hong Kong Exchanges and Clearing took its first step into the commodities business by unveiling plans to list coal and industrial metals futures on its trading platform. HKEx, traditionally a cash equities exchange, expects to offer renminbi-denominated futures for zinc, copper and nickel, and a US dollar contract for thermal coal by the end of this year.
The launch of metals trading marks the first move to establish a commodities platform in Hong Kong, part of a much longer term strategic plan kicked off by HKEx’s $2.2bn purchase of the London Metals Exchange in 2012………………………………………..Full Article: Source

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