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Deutsche Börse deepens push into Asia commodities

Posted on 14 January 2014 by VRS  |  Email |Print

Deutsche Börse is deepening its push into commodities trading in Asia by taking a majority stake in Cleartrade Exchange, the Singapore-based commodity derivatives bourse.
The German exchange operator has bought a 52 per cent stake in Cleartrade via its European Energy Exchange (EEX) subsidiary. EEX paid cash for the controlling stake but further details of the transaction, which closed at the end of December, were not disclosed. Regulators in Singapore and Europe have approved the purchase………………………………………..Full Article: Source

India: Commodities trade dips over 36pct in Apr-Dec

Posted on 14 January 2014 by VRS  |  Email |Print

Commodities exchanges saw a heavy decline in trading during the first nine months (April-December) of the current fiscal. This comes in the backdrop of all-round deceleration in agri and non-agri commodities trade.
According to the latest data from commodities market regulator Forward Markets Commission (FMC), trade was down both in value and volume terms. In terms of volume, the total trade declined to 71.22 crore tonnes in April-November 2013-14, from 112.38 crore tonnes in the corresponding period last year. At the same time, the trade value shrunk to Rs 82.46 lakh crore (Rs 129.62 lakh crore)………………………………………..Full Article: Source

India: Commodity bourses turnover drops by over 36 pct in April-December of FY’14

Posted on 10 January 2014 by VRS  |  Email |Print

The turnover of the commodity bourses fell by 36.38 per cent to Rs 82.46 lakh crore till December of the ongoing fiscal, as against Rs 129.6 lakh crore in the year-ago period, according to regulator FMC.
The business turnover has showed a decline in most of the 17 commodity bourses in the country after the imposition of commodity transaction cost since July 2013 and due to the around Rs 5,500 crore payment crisis at spot exchange NSEL, analysts said……………………………..Full Article: Source

Iran’s Mercantile Exchange up 60pct in 9 months

Posted on 09 January 2014 by VRS  |  Email |Print

Latest official statistics show that the value of Iran’s Mercantile Exchange (IME) has increased by 60 percent in the last 9 months. “Our biggest reason for the past months’ recent success is because of Iran’s extreme increase in national production; our hottest commodities are industry and mine, petroleum, crude oil and agriculture,” said IME Deputy of Operations Mehrzad Namdari.
Since March 2013, trade volume has increased by 19 percent at IME, despite the illegal US-engineered sanctions against Iran, especially those targeting its oil and banking sectors, over the country’s nuclear energy program………………………………………..Full Article: Source

Zimbabwe: Nation aims for commodities exchange

Posted on 08 January 2014 by VRS  |  Email |Print

Zimbabwe’s hopes of establishing an Agriculture Commodity Exchange (ACE) by March 2014 have been dampened by persistent low grain and cereal output, analysts say. The southern African country must address production challenges as part of a broader strategy to revive agricultural production to peak levels and sustain the exchange, said Takunda Mugaga, senior reseacher at Research firm Econometer Capital Global (Econometer).
“A depressed supply does not make setting of a commodities exchange feasible so it has to be addressed,” said Mugaga, who also sits on the board of Zimbabwe’s largest industry body, the Zimbabwe National Chamber of Commerce………………………………………..Full Article: Source

Financial Tech ruled ‘not fit’ to run MCX

Posted on 20 December 2013 by VRS  |  Email |Print

Exchange owner Financial Technologies (India) Ltd was deemed not fit by regulators on Wednesday to run India’s biggest commodities bourse and ordered to sell most of its holding.
Forward Markets Commissions (FMC), which oversees commodities markets, removed its “fit and proper” designation for both Financial Technologies and its chief executive, Jignesh Shah - a status needed to operate an exchange in India………………………………………..Full Article: Source

China’s Bohai exchange to launch rubber, iron ore trading in yuan

Posted on 19 December 2013 by VRS  |  Email |Print

China’s Bohai Commodity Exchange, a local government-backed online trading platform for spot commodities, plans to launch cross-border trading in yuan for natural rubber and iron ore.
It announced the plans in Hong Kong Tuesday during a roadshow to promote the new trading system, an exchange official said in an interview Wednesday. In April, the exchange became China’s first non-financial organization to get approval from the central government to offer yuan-based cross-border trading………………………………………..Full Article: Source

Regulator bars founder from India’s largest commodities exchange

Posted on 19 December 2013 by VRS  |  Email |Print

In a blow to the founder of India’s largest commodity exchange, the country’s market regulator on Tuesday barred Financial Technologies India Ltd. from running Multi Commodity Exchange of India Ltd in the wake of alleged trading irregularities at another exchange.
Forward Markets Commission ordered Financial Technologies to pare down its stake to 2% from 26% in the exchange, saying there was evidence of misconduct at its subsidiary company National Spot Exchange Ltd………………………………………..Full Article: Source

Bohai Commodity Exchange launches online yuan trading platform in Hong Kong

Posted on 18 December 2013 by VRS  |  Email |Print

Bohai Commodity Exchange, the only mainland exchange allowed to do cross-border yuan trading, launched a platform in Hong Kong on Monday – its first step in expanding internationally.
Yan Dongsheng, board chairman of the exchange, told South China Morning Post that its online trading platform would allow Hong Kong and foreign investors who join the bourse to make yuan settlements………………………………………..Full Article: Source

HKEx-owned London Metal Exchange to launch clearing house

Posted on 18 December 2013 by VRS  |  Email |Print

The London Metal Exchange may have a Hong Kong member soon. It also plans to launch a clearing house and new commodity products in the city next year.
The announcement of the world’s largest metal exchange’s expansion plans in the city came as Tianjin-based Bohai Commodity Exchange introduced its online trading platform to Hong Kong companies………………………………………..Full Article: Source

Heirs Chairman Elumelu plans to start Nigeria commodities bourse

Posted on 13 December 2013 by VRS  |  Email |Print

Heirs Holdings Ltd., a Nigerian investment company with interests across Africa in banking, energy, real estate and agriculture, plans to set up a commodities exchange in the continent’s most populous nation.
The Lagos-based investor wants to acquire the state-owned Abuja Commodities Exchange when it is sold, Heirs Chairman Tony Elumelu said in an interview with Bloomberg Africa TV to be broadcast Dec. 14. If it’s unable to buy the exchange, Heirs Holdings will apply to Nigeria’s Securities and Exchange Commission to set up one, he said………………………………………..Full Article: Source

HKEx plans to develop as commodities ‘meeting ground’-CEO

Posted on 05 December 2013 by VRS  |  Email |Print

The Hong Kong bourse plans to build up its commodity business by co-listing global benchmarks in metals and other products and matching them with key contracts traded on China’s exchanges, its CEO said.
By hosting both Chinese and global benchmark contracts, the Hong Kong Exchanges and Clearing Ltd (HKEx) aims to tap opportunities from arbitrage trade and the growing acceptance of China’s renminbi currency internationally………………………………………..Full Article: Source

MCX turnover hits five-year low on CTT, NSEL fallout

Posted on 02 December 2013 by VRS  |  Email |Print

Anew tax on non-food items, a crisis in a promoter group firm, increase in margins and a trading closure of non-farm products on Saturdays have culminated in trading volumes on MCX, the country’s largest commodity exchange and the only listed one, having fallen by a whopping 70% over the past five months.
Average daily volumes during November plunged to Rs 15,369 crore from Rs 48,179 crore in June, a decline of 68.1%. This, in turn, took MCX’s turnover to a five-year low last month………………………………..Full Article: Source

HKEx plans to launch new commodities futures in 2H 2014-company official

Posted on 29 November 2013 by VRS  |  Email |Print

Hong Kong Exchanges and Clearing (HKEx) plans to launch new commodities futures contracts in the second half of next year, an official said on Wednesday. The new contracts HKEx is targeting include iron ore and coking coal, and are designed to feed off the region’s strong physical trade flows as the exchange aims to boost volumes and attract new members, the company official said.
“We do plan to start listing futures products in Hong Kong, probably in the second half of next year,” Romnesh Lamba, co-head of the global markets division, said at a conference………………………………………..Full Article: Source

MCX, Dalian Commodity Exchange tie up

Posted on 21 November 2013 by VRS  |  Email |Print

Multi Commodity Exchange (MCX) and the People’s Republic of China-based Dalian Commodity Exchange (DCE) have signed a memorandum of understanding to boost co-operation. The agreement is designed to facilitate potential collaboration in areas such as knowledge-sharing, research and price risk management.
The move will also foster the development of communication channels for the sharing of information between the exchanges, MCX said in a press statement…………………………………Full Article: Source

Financial Technologies sells Singapore commodities bourse to ICE

Posted on 20 November 2013 by VRS  |  Email |Print

Embattled Financial Technologies (India) Ltd is selling its Singapore Mercantile Exchange (SMX) unit to Intercontinental Exchange Group Inc for $150 million.
Analysts had expected Financial Tech would shed some of its ownerships in exchanges to protect its core trading platforms business as the company faces regulatory scrutiny that has sent its shares down more than 80 per cent this year……………………………………Full Article: Source

Economic offences wing starts probe against commodity exchange

Posted on 20 November 2013 by VRS  |  Email |Print

The economic offences wing (EOW) of the Mumbai Police has initiated an inquiry against the National Commodity & Derivatives Exchange (NCDEX) after Betul Oil, one of the members of the bourse, filed a complaint alleging cheating.
According, the complaint has been filed by Vineet Chopra of Betul Oil who is also one of the members of the Kalimirch Vyapari Association in Madhya Pradesh. The complaint alleged his company had been duped of Rs 237 crore. NCDEX refuted the allegations and said that Betul Oil and some of the members of the association are being investigated for price manipulation on the exchange……………………………………Full Article: Source

Commodity exchanges’ turnover down 30pct in April-October due to CTT

Posted on 18 November 2013 by VRS  |  Email |Print

The turnover of the commodity exchanges fell by 30 per cent to Rs 71,60,162.84 crore in the first seven months of this fiscal due to sharp fall in trading volumes in most commodities, according to the Forward Markets Commission (FMC).
The business at these bourses stood at Rs 101,55,637 crore in the same period last year, the commodity markets regulator FMC said in its latest report………………………………………..Full Article: Source

Boom year for Dubai Gold and Commodities Exchange

Posted on 12 November 2013 by VRS  |  Email |Print

Volumes on the Dubai Gold and Commodities Exchange (DGCX) have surged 56 per cent year on year on the back of strong growth in precious metal contract trades. Gold futures trading surged 60 per cent during October, with 45,928 contracts being traded. Silver futures rose 88 per cent to hit a new monthly high of 2,882 contracts traded.
Precious metals and gold in particular are central to the exchange’s expansion plans, with a spot gold contract to be launched imminently, according to Gary Anderson, DGCX’s chief executive………………………………………..Full Article: Source

China exchange hatches egg future plan

Posted on 07 November 2013 by VRS  |  Email |Print

Recognising that investors should not put all their eggs in one basket, a Chinese commodities exchange is offering a novel futures contract to hedge against risk. The Dalian Commodity Exchange, China’s main market for agricultural product trading, said it will begin trading chicken egg futures on Friday.
Futures are an agreement to deliver or take delivery of a commodity or financial instrument at a set date and price. “As China’s first livestock futures product and fresh agricultural product, the introduction of egg futures has profound meaning for the industry and development of the futures market,” the exchange said in a statement on Wednesday………………………………………..Full Article: Source

Three of seven commodity exchanges in ČR may lose licence

Posted on 01 November 2013 by VRS  |  Email |Print

Three out of the seven active commodity exchanges in the Czech Republic are in danger of losing their licence and administrative proceedings due to breaches of law are under way with them, daily E15 writes Wednesday.
Two of them are exchanges trading in energies so that only one exchange enabling electricity and gas purchases for final consumption would be left. The Industry and Trade Ministry leads proceedings against the Commodity Exchange Profit due to some 20 breaches of the law on commodity exchanges…………………….Full Article: Source

Founder of top India commodity exchange quits amid investigation

Posted on 01 November 2013 by VRS  |  Email |Print

Jignesh Shah resigned from the board of Multi Commodity Exchange of India Ltd., the nation’s biggest commodity trading platform, amid an investigation into the failure of a related spot bourse.
Shah, 46, quit as non-executive vice chairman with immediate effect, according to a filing yesterday from the company he founded in 2003. He said he’s leaving to help ensure investors aren’t harmed by “mud-slinging” over the probe…………………….Full Article: Source

India: Commexes to open Diwali muhurat trading for 2 hrs on Nov 3

Posted on 28 October 2013 by VRS  |  Email |Print

The country’s top six national commodity bourses will open ‘muhurat trading’ session for two hours on Diwali which falls on November 3, according to the regulator Forward Markets Commission (FMC).
The commodity bourses — MCX, NCDEX, NMCE, ACE, ICEX and UCEX — are allowed to fix the muhurat trading session on November 3 (Sunday) from 6 pm to 8 pm in all commodities, FMC said in a circular. The exchanges are directed to inform brokers and traders in this regard, it said………………………………………..Full Article: Source

MCX panel to run top India commodity bourse as probe widens

Posted on 24 October 2013 by VRS  |  Email |Print

The Multi Commodity Exchange of India Ltd. formed a panel to run the nation’s biggest platform for commodities as authorities widened a probe into trading practices at a related spot bourse.
Pravir Vohra and G. Ananth Raman have been appointed as independent directors to the board, Multi Commodity, also known as MCX, said in an exchange filing today. Parveen Kumar Singhal, a deputy managing director, will act as the chief executive until a managing director is named, it said………………………………………..Full Article: Source

Ondo set to establish state commodities exchange

Posted on 23 October 2013 by VRS  |  Email |Print

Ondo State Government has decided to establish a commodities exchange which will help in strengthening the production, marketing and processing of the value chain of cocoa in the state.
Briefing journalists at Cocoa Conference Hall of the Governor’s Office on the decisions taken at the last Executive Council meeting, the State Commissioner for Information, Mr Kayode Akinmade revealed that the commodities exchange will further help in transforming cocoa marketing in the State by ensuring that farmers get adequate rewards on the produce of their farms………………………………………..Full Article: Source

Singapore Exchange to develop commodity products with Shanghai Futures

Posted on 22 October 2013 by VRS  |  Email |Print

Singapore Exchange Ltd (SGX) , the city-state’s bourse operator, is to develop commodity derivatives with the Shanghai Futures Exchange for both markets, the SGX said on Monday.
The two will collaborate on derivatives for energy, metals, chemicals and commodity indexes, it said in a statement, without giving further detail. The Shanghai Futures Exchange, China’s biggest futures market, trades base metals, precious metals, steel products, oil products and natural rubber………………………………………..Full Article: Source

Change is in the air, promises London Metal Exchange chief

Posted on 21 October 2013 by VRS  |  Email |Print

Garry Jones, the new chief executive of the world’s largest bourse for industrial metals, has plans to grow business out of Asia, open a clearing house and develop more options trading.
Change is coming at the London Metal Exchange (LME) says Garry Jones, the new chief executive of the world’s largest bourse for industrial metals who plans to grow business out of Asia, open a clearing house and develop more options trading to modernise the 136-year-old exchange………………………………………..Full Article: Source

China seeks pricing say with iron ore futures

Posted on 18 October 2013 by VRS  |  Email |Print

China’s Dalian Commodity Exchange on Friday will launch the country’s first iron ore futures with physical delivery, to gain more pricing power on the commodity. Chinese steel makers are the world’s biggest iron ore buyers. Volatile iron ore prices have exposed steel makers to risks.
Chinese steel makers suffered losses from volatile iron ore prices and futures provide hedging tools for domestic steel makers and spot traders, said Zhang Yichen, an analyst with Yongan Futures Research Academy. The futures also help Chinese steel makers gain pricing power………………………………………..Full Article: Source

China to trade iron ore futures

Posted on 16 October 2013 by VRS  |  Email |Print

China’s Dalian Commodity Exchange will start trading the country’s first iron ore futures for physical delivery this week, challenging index-backed contracts by CME Group Inc. and Singapore Exchange Ltd. Trading will begin Friday after the securities regulator approved the plan last week, the bourse in the northeastern port city said.
Chinese steelmakers, the world’s biggest iron ore buyers, earlier this year questioned the reliability of a price index provided by Platts that became a benchmark after producers including Vale SA and Rio Tinto Group scrapped annual contract price talks in 2010. China started its own spot trading platform last year, introducing a weighted average daily price in March………………………………………..Full Article: Source

India: Combined turnover of commodity exchanges dips by 25pct in H1

Posted on 11 October 2013 by VRS  |  Email |Print

Combined turnover of commodity exchanges fell by 25 per cent to Rs 65.68 lakh crore in the first six months of 2013-14 due to a sharp decline in trading volumes in most commodities, according to the Forward Markets Commission (FMC).
These exchanges had done business of Rs 87.62 lakh crore in the April-September period of the 2012-13 fiscal, FMC said in a statement. Maximum fall in business was seen in agricultural items, followed by bullion, metals and energy commodities, commodity markets regulator FMC noted………………………………………..Full Article: Source

LME-HKEx deal disappoints as commodities fail to take off

Posted on 08 October 2013 by VRS  |  Email |Print

Our government may need to review whether the green light given to the local bourse to spend so much on the London Metal Exchange was the right decision. We have found no evidence to show the deal will encourage commodities trading here.
In fact, Hong Kong brokers and investors have paid scant attention to the continuing annual LME Week in London, which shows the mega deal last December has failed to promote commodities trading here. The Hong Kong government - Hong Kong Exchanges and Clearing’s largest shareholder - threw its weight behind the LME deal as it believed it would help promote the city as a commodities trading centre………………………………………..Full Article: Source

Ghana: Eleni receives green light to set up Ghana Commodity Exchange

Posted on 08 October 2013 by VRS  |  Email |Print

Eleni LLC, a newly-formed company based in Nairobi, Kenya, with equity investments by Morgan Stanley, International Finance Corporation (IFC), the private sector arm of the World Bank, and 8 Miles Fund, a private firm in London, has received the green light from the Securities and Exchange Commission (SEC) to set up the Ghana Commodity Exchange (GCX) within a 12-month timeframe.
The Co-founder and Chief Executive Officer (CEO) of Eleni LLC, Dr. Eleni Gabre-Madhin, disclosed this to the Business Chronicle in Accra over the weekend. Dr. Gabre-Madhin, who was in Accra last week at the invitation of the Government of Ghana, described her trip to Ghana as “very successful.”……………………………………….Full Article: Source

NSEL, FTIL entities barred from commodities auctions

Posted on 04 October 2013 by VRS  |  Email |Print

The Forward Markets Commission (FMC) on Thursday banned group entities and associate concerns of the National Spot Exchange Ltd (NSEL) and its parent Financial Technologies (India) Ltd (FTIL) from participating in auctions of commodities and assets.
Board members and employees of both the companies have also been barred from the auctions. The letter addressed to NSEL chief executive officer and managing director, Saji Cherian, referred to the recent auction of castor seeds and sugar conducted by the spot exchange………………………………………..Full Article: Source

Chicago Mercantile Exchange floats Wall Street cloud

Posted on 01 October 2013 by VRS  |  Email |Print

Cloud computing promises the easy migration from one supplier to the next, but we all know that isn’t the case because there isn’t any market punters can access to buy and sell their resources.
But on Monday that changed when the Chicago Mercantile Exchange (CME) announced it had signed a non-binding Letter of Intent with cloud broker 6fusion to try and build a market for buying and selling cloud resources………………………………………..Full Article: Source

RI commodity exchange fails to sell refined tin

Posted on 24 September 2013 by VRS  |  Email |Print

The Indonesia Commodity and Derivatives Exchange failed to get any buyers for physical tin in Jakarta on Monday, according to a statement on its website.
Indonesia, the largest shipper, requires ingots of a minimum 99.9 percent purity to be traded on a domestic exchange before export with effect from Aug. 30. PT Timah, the country’s biggest producer, Toyota Tsusho Corp. and Noble Resources Ltd. are among companies that trade tin on the ICDX…………………………………..Full Article: Source

India to strengthen corporate governance of commodity exchanges

Posted on 24 September 2013 by VRS  |  Email |Print

India’s commodity regulator has moved to strengthen corporate governance of commodity exchanges by issuing guidelines to restrict board representation by promoter members. Under the guidelines, a promoter of an exchange cannot have board representation higher than their total shareholding, capped at 26 percent at the end of the fifth year of operation, the Forwards Market Commission said.
These revised guidelines follow the National Spot Exchange Ltd (NSEL), MCX-SX’s affiliated commodity exchange, abruptly suspending trading in August. NSEL has since struggled to square off outstanding contracts worth over 55 billion rupees ($868.81 million)…………………………………..Full Article: Source

India: Govt may consider Sebi-like regulations for commodities market

Posted on 20 September 2013 by VRS  |  Email |Print

As a multi-agency probe continues into the Rs 5,600-crore payment crisis at National Spot Exchange Ltd (NSEL), the government may consider streamlining the norms for commodities and capital markets, regulated by FMC and Sebi, respectively, to plug potential regulatory gaps.
The idea is to make the regulations governing commodity derivatives markets much more stringent and bring them at par with the norms applicable for Sebi-regulated capital markets, sources said………………………………………Full Article: Source

CME applies to create commodities swap execution facility

Posted on 19 September 2013 by VRS  |  Email |Print

CME Group Inc., the owner of the world’s largest futures market, applied to create a new kind of venue known as a swap execution facility that will initially focus on trading commodities derivatives.
The Chicago-based exchange operator said today that it’s seeking U.S. Commodity Futures Trading Commission permission to form the market. Other companies that have asked for or received approval to create one include IntercontinentalExchange Inc., ICAP Plc (IAP), Tradeweb Markets LLC, GFI Group Inc. and Bloomberg News parent Bloomberg LP, according to the CFTC website………………………………………..Full Article: Source

National Spot Exchange names chief executive

Posted on 18 September 2013 by VRS  |  Email |Print

India’s National Spot Exchange Tuesday named a new chief executive, as it struggles to settle commodity contracts that were outstanding when it halted trading amid a regulatory probe into alleged rule violations.
The board has appointed Saji Cherian, the new CEO, also as the exchange’s managing director, it said in a news release. Mr. Cherian was previously head of listing at MCX Stock Exchange Ltd., a stock exchange co-founded by Financial Technologies (India) Ltd., the owner of the National Spot Exchange………………………………………..Full Article: Source

FMC widens risk management group to include Sebi, BSE members

Posted on 17 September 2013 by VRS  |  Email |Print

The Forward Markets Commission (FMC) today widened the Risk Management Group to include a member each from Sebi, BSE and IFFCO, among others, as it tackles the growing challenges of risks associated with commodity futures trading after the NSEL crisis.
The Risk Management Group (RMG) was set up in February 2005 to assist the FMC in formulating risk management policies and guidelines for the commodities derivatives market. The group was last reconstituted in March 2007………………………………………..Full Article: Source

India: Turnover of commexes drops 17pct in April-August this year

Posted on 16 September 2013 by VRS  |  Email |Print

The total turnover of commodity bourses fell over 17 per cent to Rs 58,98,170 crore till August 2013, mainly due to sluggish trade volumes in almost all items, according to sector regulator FMC.
The business at the 21 commodity exchanges stood at Rs 71,39,917 crore in the same period last year. Much of the fall was in farm commodities, followed by bullion, metals and energy items, said the Forward Markets Commission (FMC) said while releasing its latest data………………………………………..Full Article: Source

ICEX weighs UCX proposal for buyout

Posted on 11 September 2013 by VRS  |  Email |Print

The decade-old commodity futures market might witness consolidation for the first time with Indian Commodity Exchange (ICEX), owned jointly by Reliance Capital, MMTC and Indiabulls, mulling over a proposal to be acquired by rival bourse Universal Commodity Exchange (UCX).
UCX has been promoted by Ketan Sheth-owned listed exchange solutions provider Commex Technology. “The proposal was discussed and minuted at an ICEX board meeting held a month ago…..A decision can be taken once the valuation and due diligence is completed,” said two people aware of the development………………………………………..Full Article: Source

Exchanges responsible for delivery: FMC

Posted on 03 September 2013 by VRS  |  Email |Print

FMC has also directed the exchanges to ensure that all the existing FMC accredited warehouses get registered by 31 Dec. Commodities markets regulator Forward Markets Commission (FMC) on Monday said commodity future exchanges are responsible for ensuring the settlement of outstanding forward contracts by way of delivery.
Forward Contract Regulation Act, 1952, requires all forward contracts to be delivery-based. Without mentioning any exchange, FMC said “it has been observed that some of the exchanges have issued circulars to their trading members and other market participants in which conscious efforts have been made to evade their prime responsibility of ensuring quality and quantity of commodities as per the prescribed contract specification, and to pass on the entire onus to the warehouse service providers, which is not correct”………………………………………..Full Article: Source

London Metal Exchange gets new CEO

Posted on 28 August 2013 by VRS  |  Email |Print

Hong Kong Exchanges & Clearing Ltd. said Tuesday it had appointed Garry Jones as the new chief executive of the London Metal Exchange, the venerable industrial metals bourse it acquired last year, which has been embroiled in a series of price-manipulation lawsuits.
Mr. Jones, a derivatives-market veteran who most recently led the rival NYSE Liffe commodities exchange, is expected to help lead the LME’s push into more lucrative commodities trading even as the 136-year-old institution battles accusations that it turned a blind eye to metal hoarding at exchange-registered warehouses aimed at pushing prices higher………………………………………..Full Article: Source

FMC tightens rules for commodity bourse CEOs

Posted on 28 August 2013 by VRS  |  Email |Print

Tightening its noose around commodity exchanges in the aftermath of NSEL fisaco, the Forward Markets Commission (FMC) today issued a circular making CEOs more accountable to their board and the sector regulator.
FMC asked Managing Directors and/or CEOs of the commodity exchanges to furnish by September 2 if they were keeping their boards informed about the material developments and asked if expenditure incurred by them was approved by their boards………………………………………..Full Article: Source

NSE sells over 2 per cent stake in Multi Commodity Exchange

Posted on 27 August 2013 by VRS  |  Email |Print

The National Stock Exchange (NSE) has sold an over 2 per cent stake in Multi Commodity Exchange (MCX) in small tranches over past few weeks, even as speculations are rife about a potential buyout of the country’s largest commodity bourse by some rival entity or private investors.
As per MCX’s latest shareholding disclosure, top stock exchange NSE held 12.5 lakh shares, or a 2.45 per cent stake, in the commodity exchange as on June 30, 2012. Out of this, the NSE is believed to have sold more than 12 lakh shares and is left with only a few thousand shares, as it did not see any further value proposition in this long-held investment, sources said………………………………………..Full Article: Source

Five things to know about CME foreign exchange

Posted on 22 August 2013 by VRS  |  Email |Print

A number of factors have united in the last 40 years to promote free trade across geographic and political boundaries, from the elimination of restrictive tariffs, capital controls and subsidization of local businesses to technological advances and advanced telecommunication systems.
As companies continue to conduct business outside of their own country they are becoming more exposed to the risk that foreign exchange rates are unpredictable and can fluctuate in adverse directions. As businesses become more exposed to changing currency rates the use of a central marketplace, like CME Group and its suite of FX futures and options, can be more helpful to managing risk. (Press Release)

FMC tightens commodity exchange screws

Posted on 21 August 2013 by VRS  |  Email |Print

The crisis at the National Spot Exchange have brought things to a head, and the Forward Market Commission, which regulates commodity exchanges, is taking a hard line when it comes to compliance with its directives.
The commodities exchange regulator has been working on plugging regulatory gaps in these exchanges for a few months now. The hue-and-cry created by the NSEL crisis has only strengthened the FMC’s resolve to crack the whip to ensure that all 6 commodity exchanges in the country conform to its ‘fit & proper’ management guidelines………………………………………..Full Article: Source

India gripped by commodities exchange woes

Posted on 20 August 2013 by VRS  |  Email |Print

India’s government would seem to have enough to worry about with its diving currency and growing concerns about economic stability.
But the deepening anxieties are being compounded by a more local worry: the shutdown of a commodities exchange that has left prominent domestic brokerages facing potentially heavy losses and has led to broker demands for a government rescue package for the bourse………………………………………..Full Article: Source

Japan exchange group set for major derivatives push

Posted on 19 August 2013 by VRS  |  Email |Print

The Japan Exchange Group – created by the $1.7 billion merger of the Tokyo Stock Exchange and the Osaka Securities Exchange in January – is planning to boost its derivatives volumes by almost 50% within two years and revive trading in the local commodities market.
It has laid out plans to capitalise on its increased size and scale and, according to its post-merger business plan, become “a top-class Asian derivatives market”………………………………………..Full Article: Source

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