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ICE to launch Singapore platform in Nov with 5 new contracts

Posted on 10 September 2015 by VRS  |  Email |Print

Intercontinental Exchange will launch its Singapore platform on Nov. 17, with five new contracts, the bourse said on Wednesday. The contracts are one-kilogramme gold futures and “mini-Brent” futures that ICE announced earlier as well as mini gasoil and mini onshore and offshore renminbi futures. ICE’s mini-Brent contract will be for 100 barrels each, a tenth of the size of its Brent crude oil benchmark.
Atlanta-based ICE earlier planned to launch its Singapore platform in March. But China’s Zhengzhou Commodity Exchange complained against the use of its settlement prices as references for the cotton and white sugar futures contracts that ICE was initially looking to launch………………………………………..Full Article: Source

CME challenges LME in its metals trading heartland: Andy Home

Posted on 09 September 2015 by VRS  |  Email |Print

When Hong Kong Exchanges and Clearing (HKEx) bought the venerable old London Metal Exchange (LME) back in 2012, it did so with eyes firmly fixed on China. The vision was to leverage the LME’s near monopoly on base metals pricing in the rest of the world to open up the world’s fastest-growing metals market.
That remains the vision, although HKEx’ ambitions in the commodities space have taken back seat to its Stock-Connect bridge between Hong Kong and mainland Chinese stock markets. What HKEx almost certainly wasn’t expecting back in 2012 was a challenge to the LME’s existing franchise outside of China………………………………………..Full Article: Source

A new era begins for commodity exchanges

Posted on 07 September 2015 by VRS  |  Email |Print

The Indian commodity market is yet to recover from the blow delivered by the imposition of commodities transaction tax (CTT). This tax resulted in plunging volumes as higher trading cost made traders move away from commodities — ushering in an era of ‘dabba’ trading. But all this is set to change as SEBI and FMC, the securities and commodities market regulators, merge in September.
PK Singhal, Joint Managing Director of MCX, India’s largest commodity bourse, outlines the opportunities and challenges that open up with this event, in an interview with BusinessLine. The new watchdog’s sharp scrutiny is set to change the commodity derivatives landscape. But he thinks that as the market opens up and new competitors from the securities market debut with a commodity platform, existing players in the commodity exchange business need to gear up………………………………………..Full Article: Source

Why is nickel trading like it’s 2008? Andy Home

Posted on 04 September 2015 by VRS  |  Email |Print

On the London Metal Exchange (LME) benchmark nickel for three-month delivery is currently trading around $10,000 per tonne. Which, as with all the other industrial metals traded on the LME, is the lowest it has been since the Global Financial Crisis in 2008-2009.
But whereas the likes of copper and aluminium are still comfortably above the troughs recorded during the worst of the manufacturing meltdown that followed the financial meltdown, nickel is actually there. Nickel hit a low of $9,100 during its “flash crash” of Aug. 12, within spitting distance of the low of $8,850 recorded in October 2009, the month after the fateful “Lehman Moment”………………………………………..Full Article: Source

National Commodity and Derivatives Exchange awaits FMC merger with Sebi to launch weather ETFs

Posted on 03 September 2015 by VRS  |  Email |Print

Aiming to help hedge risks against adverse weather conditions, National Commodity and Derivatives Exchange (NCDEX) will shortly be launching a set of exchange- traded weather insurance products.
As NCDEX is currently being regulated by Forward Markets Commission (FMC) whose norms don’t allow any such product, it is waiting for the merger of the commodities regulator with Securities and Exchange Board of India (Sebi) to be completed by September end, before it formally unveils the product………………………………………..Full Article: Source

Be Cautious With Commodity Exchange-Traded Products

Posted on 27 August 2015 by VRS  |  Email |Print

Academic research suggests that commodities can play a role in a balanced asset allocation. A track record of providing uncorrelated returns has won the commodities Morningstar Category a place in many portfolios as an attractive diversifier in a mix of stocks, bonds, and cash.
Exchange-traded funds have made a category that was once the realm of large institutional investors accessible to the masses. But, as with everything, investors should be aware of what they are actually buying when they go shopping for a commodity-focused exchange-traded product. A look behind these funds’ labels will show that they are often not what they seem………………………………………..Full Article: Source

Angry investors capture head of China metals exchange

Posted on 24 August 2015 by VRS  |  Email |Print

The head of a Chinese exchange that trades minor metals was captured by angry investors in a dawn raid and turned over to Shanghai police, as the investors attempted to force the authorities to investigate why their funds have been frozen.
Investors have been protesting for weeks after the Fanya Metals Exchange in July ceased making payments on financial investment products. The exchange, based in the southwestern city of Kunming, bought and stockpiled minor metals such as indium and bismuth, while also offering high interest, highly-liquid investment products from its offices in Shanghai and its financing branch in Kunming………………………………………..Full Article: Source

Sebi to discuss norms for commodities derivatives market

Posted on 24 August 2015 by VRS  |  Email |Print

Ready to merge commodity trading regulator FMC with itself, capital markets watchdog Sebi will discuss tomorrow a new set of norms and finer details for its regulation of commodities derivatives market. Sebi expects to complete the merger next month while its Chairman U K Sinha had recently cautioned small investors against coming for quick gains through speculation in the commodities market, saying it is “risky” and requires a lot of technical expertise.
At a board meeting scheduled tomorrow, the Securities and Exchange Board of India (Sebi) would discuss the progress on the merger process, regulatory changes needed in the commodity market and finalised the regulations, sources said………………………………………..Full Article: Source

Routing commodity trades through brokers may push up costs for hedgers

Posted on 21 August 2015 by VRS  |  Email |Print

Capital markets regulator SEBI has directed commodity broking firms to register themselves with it and abide by all norms for market intermediaries, including ‘fit and proper’ criteria once the Forward Markets Commission-SEBI merger becomes effective from September 28.
Once the registration is completed, SEBI may route all the commodity trades through the brokers as it is currently being done in the stock market. Liquidity to dip: This may pose a major challenge for physical market participants, such as large corporates and bullion traders who are registered currently as clearing members with the exchanges………………………………………..Full Article: Source

India: Commodities market to not open to foreign investments for now

Posted on 18 August 2015 by VRS  |  Email |Print

The merger of Forward Markets Commission (FMC) and Securities and Exchange Board of India (Sebi) had triggered hopes that foreign investors would be allowed to participate in the commodities market. However, this may not happen just yet. As per sources the Reserve Bank of India (RBI) has asked Sebi to put a pause on the plan pending an approval from the government.
The investment of foreign portfolio investors (FPIs) in commodity derivatives was given an in-principle nod, as the Finance Bill cleared by the Lok Sabha during the budget session included commodity derivatives in the definition of securities………………………………………..Full Article: Source

Commodity exchange market to begin soon

Posted on 16 July 2015 by VRS  |  Email |Print

The Tanzania Mercantile Exchange (TCX) is expecting to start trading by the end of this year as regulations and dealers will be in place at end-September. The training of the first commodities dealers, about 60, is ongoing and will end this July and licensing them will follow thereafter. While, TCX regulations are expected to be sent to the ministry responsible for endorsement in this quarter.
The Capital Market and Securities Authority (CMSA), Public Relations Manager, Mr Charles Shirima, said that the exchange trading expects to with coffee, cashew nuts, sesames and probably maize—current traded under warehouse receipt system. “It seems all are in place………………………………………..Full Article: Source

World’s first diamond exchange will go live in Singapore in September

Posted on 02 July 2015 by VRS  |  Email |Print

The Singapore Diamond Investment Exchange Pte Ltd (SdiX) on Wednesday announced it will launch the world’s first commodities exchange in physically settled diamonds in Singapore. The exchange is targeted to go live in September 2015.
The SdiX said in a statement that the SDiX platform will utilise proven exchange technology to create a new marketplace for the global diamond trade. The platform is designed to deliver price transparency and liquidity to the diamond market through a real-time price discovery mechanism, allowing diamonds to be traded as a commodity, thus enabling the creation of a new asset class, it added………………………………………..Full Article: Source

Upside Momentum for Gold Looks Strong in Second Half of the Year

Posted on 30 June 2015 by VRS  |  Email |Print

The Shanghai Gold Exchange is expected to receive approval from its central bank for a yuan-denominated gold fix soon, according to Reuters. If the yuan fix takes off, China could draw buyers in the mainland and foreign suppliers to pay the local price, making the London fix less relevant in the world’s biggest bullion market.
Additionally, the Shanghai Gold Exchange is in discussions with the CME Group about listing each other’s contracts on their respective exchanges, according to the exchange’s vice-president. Trading volume on the Shanghai Gold Exchange for the benchmark contract soared this week to the highest on record, according to data on Bloomberg, going back to 2002. The Shanghai Composite Index dropped more than 10 percent in the last two trading days of this week and is down nearly 20 percent from its highs………………………………………..Full Article: Source

India: Commodity Exchanges’ Turnover Up 20% Till June 15 of This Fiscal

Posted on 30 June 2015 by VRS  |  Email |Print

Turnover of the commodity exchanges rose by 20 per cent to Rs 13.97 lakh crore between April 1 and June 15 period of this fiscal on increased trade in farm and energy items. The turnover stood at Rs 11.66 lakh crore in the year-ago period, commodity market regulator Forward Markets Commission (FMC) said in a statement.
As per the FMC data, the turnover from energy rose by 57 per cent to Rs 4.02 lakh crore till June 15 of this fiscal, as against Rs 2.55 lakh crore in the year-ago period. Agri-commodities’ turnover increased by 24 per cent to Rs 2.95 lakh crore from Rs 2.38 lakh crore, while turnover of metals rose by 16 per cent to Rs 2.94 lakh crore from Rs 2.54 lakh crore during the period under review………………………………………..Full Article: Source

China to launch yuan-denominated gold fix this year

Posted on 26 June 2015 by VRS  |  Email |Print

The Shanghai Gold Exchange will launch a yuan-denominated gold fix by the end of the year, a bourse official said on Thursday, in a move aimed at giving China more influence over the pricing of the precious metal.
“We will be introducing a renminbi-denominated fix at the right moment, we are hoping to introduce by the end of the year,” Shen Gang, vice president of the Shanghai Gold Exchange said at the LBMA Bullion Market Forum in Shanghai………………………………………..Full Article: Source

Shanghai Gold Exchange Says in Talks With CME Group on Contracts

Posted on 26 June 2015 by VRS  |  Email |Print

The Shanghai Gold Exchange is in discussions with the CME Group Inc. about listing each other’s contracts on their respective exchanges, according to Shen Gang, vice president of the SGE. The Shanghai gold bourse will list its contracts and prices on the CME in the first phase of the cooperation, Shen said Thursday at a conference in Shanghai. The CME’s contract will then be available to members of the Chinese exchange during a second phase, she said.
An agreement will be signed in August and trading may begin in the first quarter of next year, according to Shen. Shen’s comments on the CME talks come as China is pushing to add liquidity to the country’s gold trade and broaden its influence on global commodity and currency markets. The SGE is preparing to start its own yuan-denominated gold fix while China’s largest banks are seeking to join the London price- setting process………………………………………..Full Article: Source

LBMA to start reporting OTC gold trade soon

Posted on 25 June 2015 by VRS  |  Email |Print

The London Bullion Market Association (LBMA) could soon take steps to report trades of the over-the-counter gold market, but the prospect of higher costs makes an exchange-traded model unattractive to participants for now, its chief executive said.
The LBMA had commissioned consultancy EY, formerly known as Ernst & Young, to review the London gold market and recommend further developments including the possibility of creating an exchange for gold trading in the city………………………………………..Full Article: Source

Ghana Commodities Exchange launched

Posted on 25 June 2015 by VRS  |  Email |Print

President John Mahama has announced that government has approved a consolidated security industry scheme, to ensure the legal framework that would allow Security and Exchanges Commission to regulate commodity exchanges in the country.
He said the Ministry of Trade and Industry has disbursed funding ahead of all private sector investments to begin designing the project and to ensure safety and security at the warehouses. “The framework will propel the processes of implementation of Ghana Commodities Exchange (GCX) to give an impetus to the…economy.” President Mahama announced this when he launched the Ghana Commodities Exchange project on the theme: “Trade with trust,” in Accra………………………………………..Full Article: Source

HKEx faces uphill battle with China commodities ‘connect’ plan

Posted on 24 June 2015 by VRS  |  Email |Print

Hong Kong Exchanges & Clearing (HKEx) is eager to wring value from its $2.2 billion purchase of the London Metal Exchange but the chances of it emulating in metals its success in connecting with stock traders on the mainland may be slipping away.
Shares in HKEx have risen 65 percent this year, making it the world’s biggest bourse operator, as volume soared through the stock trading link with Shanghai and a related programme that lets mainland funds buy Hong Kong shares………………………………………..Full Article: Source

Ghana Commodity Exchange takes off in June 2016

Posted on 17 June 2015 by VRS  |  Email |Print

Trading on the proposed Ghana Commodity Exchange (GCX), which is aimed at providing ready market for grains and cereal producers is set to commence in June 2016, the Project Coordinator, Mr Robert Dowuona Owoo, has said.
Mr Owoo, speaking in an interview with the GRAPHIC BUSINESS in Accra on June 10, said the project would be launched later this month with the commencement of the design face of the project. He said the project office had been working behind the scenes for the past two years, setting the grounds for the implementation of the project and had put in place structures to ensure its successful completion………………………………………..Full Article: Source

India: Commodity Exchanges’ Turnover Up 17% in April-May

Posted on 15 June 2015 by VRS  |  Email |Print

Commodity exchanges’ total turnover rose 16.63 per cent to Rs 11.11 lakh crore in the first two months of the current fiscal year on account of higher trade volumes in energy and agri-commodities, according to the Forward Markets Commission (FMC).
These exchanges had done business worth Rs 9.52 lakh crore in the April-May period of last fiscal year (2014-15), commodity market regulator FMC said in a report. The maximum volumes were generated in energy items like crude oil, followed by agricultural and metals………………………………………..Full Article: Source

Currency Exchanges to Begin as Zimbabwean Dollar Dies

Posted on 12 June 2015 by VRS  |  Email |Print

Zimbabweans will start exchanging “quadrillions” of local dollars for a few U.S. dollars next week as President Robert Mugabe’s government discards its virtually worthless national currency, the central bank said Thursday.
The southern African country started using foreign currencies like the U.S. dollar and South African rand in 2009 after the Zimbabwean dollar was ruined by hyperinflation, which hit 500 billion percent in 2008. At the height of Zimbabwe’s economic crisis in 2008, Zimbabweans had to carry plastic bags bulging with bank notes to buy basic goods like bread and milk. Prices were rising at least twice a day………………………………………..Full Article: Source

LME puts its foot on the high-speed pedal to attract volume

Posted on 10 June 2015 by VRS  |  Email |Print

In the global race among bourses to attract trading volume, metals exchanges are increasingly dealing with a counterparty that has become controversial in equity markets: the “black box”, or computer-driven, trading programme.
The London Metal Exchange wants to broaden access to its electronic trading platform, and recently outlined plans to make it easier for non-UK based traders to access the system. To encourage participants to trade in greater volumes, the exchange is offering fee rebates………………………………………..Full Article: Source

Sebi not keen on forming separate division to regulate commodities

Posted on 05 June 2015 by VRS  |  Email |Print

The Securities and Exchange Board of India (Sebi) is not in favour of creating a separate department to regulate the commodities market after commodity market regulator Forward Markets Commission (FMC) is merged with the capital market regulator. According to two persons directly involved in the discussions, the proposed merger is likely to be completed by September and the departments of Sebi that monitor brokers and exchanges would be utilized to oversee commodity brokerages and bourses, respectively.
“The view within Sebi is that a separate division will only lead to duplicity of work related to brokerages and exchanges. The better approach would be to seamlessly integrate these commodity market entities with their securities segment counterparts to best utilize the regulatory resources,” said a person on condition of anonymity as he is not authorized to speak to the media………………………………………..Full Article: Source

Reliance Cap to set up global commodity exchange at GIFT City

Posted on 04 June 2015 by VRS  |  Email |Print

In yet another major fillip to Gujarat International Finance Tec-City (GIFT), the Gujarat government has alloted five lakh square feet of space to the Anil Ambani-led Reliance Capital. The space, alloted in the IFSC SEZ area of GIFT, fast on its way to becoming India’s first greenfield smart city, is the largest taken by any private sector company till date.
he company will set up its business including global alternate investment funds, commodity exchange and other international businesses in the GIFT city subject to requisite approvals from the regulators.The total space allocated for commercial purpose in the GIFT city is worth Rs 6,000 crore………………………………………..Full Article: Source

China energy exchange targets market gap

Posted on 03 June 2015 by VRS  |  Email |Print

China may have become the world’s largest importer of crude oil in April, but there is one thing it still lacks: its own oil market. That could change this year if the Shanghai International Energy Exchange Ltd., also known as INE, launches a long-planned oil-futures contract in Shanghai’s free-trade zone.
Yang Maijun, the chairman of the Shanghai Futures Exchange, one of the partners in INE, said earlier this year that trading in the new oil contract could begin in 2015. The establishment of an oil-futures market in China could prove another milestone in what analysts at Macquarie Group Ltd. recently called a “seismic shift in futures-trading firepower from West to East” in commodities markets………………………………………..Full Article: Source

China Energy Exchange Targets a Market Gap

Posted on 02 June 2015 by VRS  |  Email |Print

China may have become the world’s largest importer of crude oil in April, but there is one thing it still lacks: its own oil market. That could change this year if the Shanghai International Energy Exchange Ltd., also known as INE, launches a long-planned oil-futures contract in Shanghai’s free-trade zone.
Yang Maijun, the chairman of the Shanghai Futures Exchange, one of the partners in INE, said earlier this year that trading in the new oil contract could begin in 2015. The establishment of an oil-futures market in China could prove another milestone in what analysts at Macquarie Group Ltd. recently called a “seismic shift in futures-trading firepower from West to East” in commodities markets………………………………..Full Article: Source

NCDEX launches “Gold Now”- the new national market for Gold

Posted on 29 May 2015 by VRS  |  Email |Print

NCDEX, the leading national commodity exchange, today announced the launch of a new national market for gold. The “Gold Now” platform is the first transparent and convenient online market for buying and selling gold. Aligned with the “Make in India” campaign of the government, the platform will accept gold recycled in exchange-approved refineries as Good Delivery. This is intended to reduce the dependence on imports.
Samir Shah, MD & CEO, NCDEX, said, “With the launch of the Gold Now national marketplace, we are creating an ecosystem that is at par with international standards and which will help the bullion and jewellery industry improve its efficiencies.”………………………………..Full Article: Source

Aluminum market eyes SHFE, LME arbitrage as support for premiums

Posted on 27 May 2015 by VRS  |  Email |Print

Some traders in Asia are closely monitoring the spread between Shanghai Futures Exchange and London Metal Exchange aluminum contract prices, as a wider spread may see more of the metal head to China. Front-month SHFE June aluminum traded at Yuan 13,150-Yuan 13,160 ($2,152-$2,153)/mt Tuesday, while the most recent LME settlement on May 22 was $1,726/mt.
Platts assessed spot Chinese import premium for Western grade aluminum at $150-$200/mt Monday. On the basis of LME at $1,726/mt, the $175/mt import premium, port handling charges of Yuan 100/mt and China’s value added tax of 17%, the Chinese import price is equivalent to Yuan 13,689/mt — higher than the traded level for SHFE June aluminum contract, Platts calculation shows…………………………………..Full Article: Source

LME’s Owner Seeks Commodities Trade Link to Mainland China

Posted on 21 May 2015 by VRS  |  Email |Print

Hong Kong Exchanges & Clearing Ltd. is in the early stage of creating a commodities trading connection with mainland China. HKEx, owner of the London Metal Exchange, the world’s biggest metals bourse, aims to make international benchmark commodity futures available to traders in China while offering mainland contracts to overseas traders, Chief Executive Officer Charles Li said Wednesday.
The country opened its stock market to foreign investors through the Shanghai-Hong Kong exchange link in November and authorities are planning a similar equity link between Hong Kong and Shenzhen later this year. “We are trying to see whether we can connect the international product to domestic liquidity and the domestic product to international liquidity,” Li said in an interview with Bloomberg………………………………………..Full Article: Source

Ethiopian Commodity Exchange gets new CEO

Posted on 08 May 2015 by VRS  |  Email |Print

The Board of Directors Office of the Ethiopian Commodity Exchange today announced the appointment of Ato Ermias Eshetu as Chief Executive Officer of the ECX. Ato Ermias has held a range of leadership positions locally and abroad. Since 2007, he has served as an Executive Management Member at Zemen Bank, most recently as Vice President for Marketing & Corporate Services.
He received his Masters in International Business from Manchester School of Management and a Bachelor degree in Computation at UMIST, in the United Kingdom. Over the past 20 years, Ermias has worked at multi-national organization such as IBM, Alcatel, Orange and MicroStrategy………………………………………..Full Article: Source

NY issues licence for Bitcoin exchange

Posted on 08 May 2015 by VRS  |  Email |Print

New York’s powerful banking regulator has announced its first licence for a Bitcoin exchange, extending its influence over the growing but little-regulated virtual currency industry. New York City-based itBit Trust Co. was the first company dealing in so-called crypto-currency to receive a trust licence from the state Department of Financial Services (DFS) on Thursday.
ItBit immediately announced it was accepting US retail and institutional Bitcoin trading customers, and said it had recruited to its board the respected former chair of the Federal Deposit Insurance Corporation, Sheila Bair………………………………………..Full Article: Source

Carbon Trade Exchange Launches Platform for Allowances from RGGI

Posted on 07 May 2015 by VRS  |  Email |Print

The Carbon Trade Exchange (CTX) announced the start of a new centralized exchange platform that will allow users to buy and sell allowances from the Regional Greenhouse Gas Initiative, the first mandatory cap-and-trade program in the US to limit carbon dioxide from the power sector.
CTX RGGI Exchange offers intra-day spot trading of RGGI units and is electronically connected with Wells Fargo. The announcement shows the continued progress CTX has made in less than a year………………………………………..Full Article: Source

Zinc and copper rally on the LME

Posted on 06 May 2015 by VRS  |  Email |Print

Zinc hit its highest price in eight months on Tuesday and copper its loftiest since mid-December thanks to a combination of concern about supply shortfalls and optimism over the global economy. All the metals on the London Metal Exchange (LME) attracted buying, which also pushed nickel to a six-week high, as the market reopened following a British public holiday on Monday.
‘Commodities are bouncing back up, led by oil and iron ore. Base metals seem to be following the herd,’ said Richard Fu, director of Asian commodities trading for Societe Generale Newedge in London………………………………………..Full Article: Source

LME strives for ‘evolution’ not ‘revolution’: LME CEO

Posted on 22 April 2015 by VRS  |  Email |Print

The London Metal Exchange has seen a number of significant changes since Hong Kong Exchanges and Clearing completed its acquisition of the exchange in 2012, Garry Jones, CEO, LME said in a briefing late Monday. “Over the last couple of years since the Hong Kong Exchange bought the LME we continue to see significant changes and I think the important thing is that it’s evolution not revolution…we’re not changing the entire exchange, we’re moving things forward considerably,” Jones said.
He said the starting point of this ‘evolution’ was looking at the ‘underpinnings’ of the exchange in order to strengthen its core functions in IT, risk management, regulation, compliance, internal audit and market surveillance…………………………………..Full Article: Source

World Gold Council considers creation of new London exchange

Posted on 14 April 2015 by VRS  |  Email |Print

The way gold is traded in London may be set for a shake-up as the World Gold Council (WGC), the industry’s leading trade body, along with half a dozen banks, have agreed to explore the idea of launching a new bullion exchange in London. The idea of a new exchange comes as existing markets continue to fall while facing greater regulation, and increased competition.
The newspaper, citing people close to the discussions, claimed that the WGC, a trade group which consists of 19 gold miners, alongside at least five banks, has begun initial discussions which could result in a move away from the London Bullion Market Association’s bilateral over-the-counter gold market that has been criticized for its lack of transparency, to a centrally regulated market………………………………………..Full Article: Source

Shanghai Gold Exchange says to introduce new pricing products

Posted on 13 April 2015 by VRS  |  Email |Print

China’s state-run Shanghai Gold Exchange said on Sunday it was working on launching new price benchmark fixing products as a new service to market participants. “We are planning to provide new services to market participants so a lot of new products including price benchmark fixing products are on the way,” Song Yuqin, Vice President of the exchange, told the Dubai Precious Metals Conference through a translator.
Sources had told Reuters in February that the exchange would launch a yuan-denominated gold fix this year as the world’s top producer of gold seeks to gain more say over the pricing of the precious metal………………………………………..Full Article: Source

Shanghai Gold Exchange says to introduce new pricing products

Posted on 13 April 2015 by VRS  |  Email |Print

China’s state-run Shanghai Gold Exchange said on Sunday it was working on launching new price benchmark fixing products as a new service to market participants. “We are planning to provide new services to market participants so a lot of new products including price benchmark fixing products are on the way,” Song Yuqin, Vice President of the exchange, told the Dubai Precious Metals Conference through a translator.
Sources had told Reuters in February that the exchange would launch a yuan-denominated gold fix this year as the world’s top producer of gold seeks to gain more say over the pricing of the precious metal………………………………………..Full Article: Source

Dubai Gold and Commodities Exchange records 32% MoM volume growth in March; Q1 “strong”

Posted on 13 April 2015 by VRS  |  Email |Print

The Dubai Gold and Commodities Exchange (DGCX) released March metrics today along with Q1 performance updates, monthly volumes showed healthy double digit growth, which we have seen become the norm in March across many different trading venues. First quarter volumes on the Dubai Gold and Commodities Exchange (DGCX) grew 11% from the Q4 2014, trading more than 3.3 million contracts valued at over US $97 billion.
The key drivers for the year-to-date growth were the Indian currency and equity products and the hydrocarbon segment. DGCX’s Indian product suite which includes the Indian Rupee and Sensex Futures registered a year-to-date growth of 11% and 20% respectively. Growth in the hydrocarbon sector was led by WTI Futures which rose by 54%, much due to the latest oil plunge which saw massive volumes as a result. (Press Release)

Commexes’ turnover dips by 39% in FY15 due to CTT

Posted on 10 April 2015 by VRS  |  Email |Print

The turnover of Indian commodity exchanges dropped 39 per cent to Rs 61.68 lakh crore last fiscal due to higher transaction costs and decline in prices of bullion and metals. The business at these bourses was at Rs 101.44 lakh crore in the previous fiscal, 2013-14, according to the data released by the Forward Markets Commission (FMC).
The turnover of bullion fell by over 49 per cent to Rs 21.88 lakh crore in 2014-15, from Rs 43 lakh crore a year-ago. Similarly, the turnover of energy commodities declined by 34 per cent to Rs 16.46 lakh crore, from Rs 24.72 lakh crore, while that of metals dipped by 28 per cent to Rs 12.74 lakh crore from Rs 17.61 lakh crore in the review period………………………………………..Full Article: Source

World Gold Council quiet on reports of London-based exchange

Posted on 08 April 2015 by VRS  |  Email |Print

The World Gold Council would not comment Tuesday on reports that it and a group of banks have been in talks about opening an exchange in London — where about 70% of the world’s bullion trade takes place over the counter — to try to increase market transparency.
“We are constantly exploring potential market development initiatives,” a WGC spokeswoman said. “So, it is in the normal course of business that we are engaged in discussions with a number of individuals and organizations regarding the operation of the global gold market.”……………………………………….Full Article: Source

Government forms panel for Sebi-FMC merger

Posted on 08 April 2015 by VRS  |  Email |Print

The government has set up a committee to oversee the merger between commodities market regulator Forwards Market Commission (FMC) and the Securities and Exchange Board of India (Sebi).
The committee is headed by Ajay Tyagi, additional secretary, finance ministry and has representatives from both the regulators and the ministry. It met last month for the first time to sort out various issues involved in the merger process………………………………………..Full Article: Source

Deutsche Boerse to invest in Indian commodity exchange

Posted on 01 April 2015 by VRS  |  Email |Print

Deutsche Börse Group intends to acquire a minority stake in a new commodities exchange in India. While the German exchange has declined comment, a spokesperson for the Bombay Stock Exchange (BSE) told ShareCast on Tuesday that Deutsche Börse’s planned stake could be in the region of 5%, as the Indian exchange moves to set-up a new commodities trading outfit at a special economic zone in India’s Gujarat state.
The move, should it materialise, would not be the first Indian foray for Deutsche Börse. In 2007, it took a 5% stake in the BSE. Both the BSE and Deutsche Börse already have a wide-ranging technological partnership. The BSE currently deploys Deutsche Börse’s N7 trading network synced to its equity and derivatives platforms………………………………………..Full Article: Source

India: Commexes’ turnover drops 41% till March 15 of FY15

Posted on 30 March 2015 by VRS  |  Email |Print

The turnover of commodity exchanges fell by 41 per cent to Rs 58.68 lakh crore till March 15 of 2014-15 on sharp fall in trading volumes in bullion and other commodities, according to Forward Markets Commission (FMC).
Their business stood at Rs 98.57 lakh crore in the same period of the corresponding year. Much of the fall in turnover was seen in bullion, followed by energy, farm and metals items in the said period, as per commodity markets regulator FMC………………………………………..Full Article: Source

Shanghai to Match London Metals as China Seeks Commodities Sway

Posted on 27 March 2015 by VRS  |  Email |Print

The Shanghai Futures Exchange will start trading nickel and tin on Friday, offering the same main contracts as the world’s biggest metals bourse in London, as China seeks to extend its influence over commodities prices.
They join Shanghai’s existing futures for aluminum, copper, lead and zinc. Nickel and tin are the worst performers on the London Metal Exchange this year, partly on concern that demand in China may weaken. Mainland traders can use both LME and SHFE contracts to hedge or profit from the difference in prices………………………………………..Full Article: Source

India: Special commodity markets for perishable commodities proposed

Posted on 24 March 2015 by VRS  |  Email |Print

In order to develop the prospect of onion and other perishable commodities like vegetables in the domestic and international market, the ministry is proposing to set up special commodity markets with processing units for perishable vegetables.
These commodity markets will be developed through the state APMCs by providing special incentives and subsidies by ministry of agriculture. This discussion has taken placed between State of Maharashtra, Government of India and National Horticultural Research and Development Foundation (NHRDF) in the context of development of onion and garlic market………………………………………..Full Article: Source

Merger Process With Commodity Regulator to be Smooth: Sebi

Posted on 23 March 2015 by VRS  |  Email |Print

Securities and Exchange Board of India (Sebi) on Sunday said the action plan for proposed merger of Forward Markets Commission (FMC) with itself is under works and expressed hope that the process would be “smooth”.
The Finance Ministry along with capital market watchdog Sebi and commodity market regulator FMC are in dialogue for the merger process, Sebi Chairman U K Sinha said here. “We discussed the proposed merger of FMC with Sebi (Securities and Exchange Board of India) and the plan of action in this regard,” he said after its board meeting, which was addressed by Finance Minister Arun Jaitley………………………………………..Full Article: Source

Singapore Fostering Commodity Trade as Clearing Units Expand

Posted on 13 March 2015 by VRS  |  Email |Print

Singapore’s financial regulator will work with commodity exchanges, investors and producers to support the development of the city-state as a trading center, including the expansion of clearing houses in Asia.
The entry of new clearing houses can boost liquidity and encourage the development of products, the Monetary Authority of Singapore said in an e-mailed response to queries. Clearing houses help improve risk management in derivatives markets during Asian hours, the MAS said………………………………………..Full Article: Source

Nasdaq Expands Global Commodities Initiative With Energy Derivatives

Posted on 13 March 2015 by VRS  |  Email |Print

Nasdaq announced the establishment of a new energy futures market with the support of leading commodities participants. Nasdaq Futures (NFX) will offer competitive pricing, an innovative clearing solution and high-performance technology for futures and options based on key energy benchmarks including oil, natural gas and US power, which will launch mid-2015 pending regulatory approval.
Nasdaq has secured support from prominent trading firms, inter-dealer brokers, and futures commission merchants (FCMs) to facilitate broad product distribution and early liquidity. Founding market participants include ABN AMRO Group, Advantage Futures, Goldman Sachs, JP Morgan, Morgan Stanley1 and Virtu Financial………………………………………..Full Article: Source

Singapore Exchange in early talks for regional rubber bourse

Posted on 12 March 2015 by VRS  |  Email |Print

The Singapore Exchange (SGX) is in preliminary talks to be part of a South-east Asian rubber exchange that would bring together the top three producing nations, industry sources said on Tuesday.
SGX held a meeting late last month with the International Tripartite Rubber Council (ITRC), an industry body comprising Thailand, Indonesia and Malaysia, which together produce 70 per cent of the world’s rubber………………………………………..Full Article: Source

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