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Brokers urge systems upgrade for HKEx

Posted on 15 July 2013 by VRS  |  Email |Print

Stock exchange needs better trading systems and cut to stamp duty to compete with growing international rivals, say brokers and investors. Hong Kong Exchanges and Clearing needs to upgrade its systems and introduce commodities trading in order to compete with rival exchanges in Shanghai and elsewhere in the world, local brokers and international investors said.
They said the city’s stock exchange faced a growing challenge to its status as a key regional player because its former flagship products, so-called H shares, had lost their lustre after their poor performance………………………………………..Full Article: Source

India: Commexes’ turnover slips to Rs 41.45 lakh cr in April-June quarter

Posted on 15 July 2013 by VRS  |  Email |Print

Turnover of commodity exchanges fell marginally to Rs 41.45 lakh crore in the April-June quarter this fiscal due to drop in trading volumes of bullion and farm items, according to Forward Markets Commission (FMC).
The exchanges had made a business of Rs 41.71 lakh crore in the same period last year. Except for energy futures, trading volumes in farm items, gold, silver and industrial metals remained lower in the said period, commodity market regulator FMC said in a statement………………………………………..Full Article: Source

Singapore launches world’s first physical precious metals exchange

Posted on 04 July 2013 by VRS  |  Email |Print

Singapore Precious Metals Exchange (SGPMX), the world’s first physical precious metals exchange with peer-to-peer bullion trading capabilities integrated into the trading platform, launched in Singapore today, amid Singapore’s drive to encourage gold trading in the country. As part of the launch, SGPMX also announces the entry into an MOU with Certis CISCO which will act as the custodian for bullion storage.
Certis CISCO has been providing secure and trusted storage of precious metals for renowned banks and international couriers since 1986. Storage with Certis CISCO will enable SGPMX to provide the platform for private individuals, traders and institutions to buy, sell, store and exchange precious metals including gold and silver bullion, without incurring high spread margins. (Press Release)

Moscow exchange launches first precious metals trading

Posted on 28 June 2013 by VRS  |  Email |Print

The stock exchange is going to start trading gold and silver by the end of this year, and platinum and palladium in 2014. Trading physical metals is expected to boost liquidity in the market and attract more participants.
Russia has so far only been trading futures on gold and silver, not dealing with real metals. Gold has been occasionally sold on the over-the-counter market and the only benchmark for price was the Central bank’s quotations, Gazeta.ru reports. Now gold will get the market price in rubles………………………………………..Full Article: Source

London Stock Exchange mulls expansion in commodities futures

Posted on 27 June 2013 by VRS  |  Email |Print

The London Stock Exchange may look to develop more commodity futures contracts after launching a durum wheat contract earlier this year, an exchange spokesman said on Wednesday.
“Expanding our range of commodity derivatives is something we’re considering, but we haven’t made announcements on any products beyond our durum wheat futures,” a spokesman said. The exchange launched a contract for durum wheat in January and volumes so far have been light………………………………………..Full Article: Source

LME and HKEx plan to grab China’s metal market

Posted on 27 June 2013 by VRS  |  Email |Print

It’s no secret that gaining access to China was the primary reason Hong Kong Exchanges & Clearing (HKEx) bought the London Metal Exchange, but the vision is a long way from reality.
As is usual with these deals, the theory looks sound. Putting together the venerable LME with a dynamic Asian company on China’s doorstep looks like a perfect recipe to enter the world’s largest metals market, which so far has been largely closed to foreign traders and investors………………………………………..Full Article: Source

Bangladeshi plans to set up commodities exchange in Burma

Posted on 27 June 2013 by VRS  |  Email |Print

Wali-ul-Maroof Matin, currently the Chairman and Managing Director of the Bangladesh based Alliance Capital Asset Management Limited, is setting up a commodities exchange in Burma that will be open to international investors, according to a company statement.
“Seeing the opportunity I took the initiative six months ago to run the commercial operations for the commodities exchange in Burma for at least nine months,” said Matin. Burma’s commerce ministry has recently approved the project. A commodity exchange is a marketplace where various commodities and derivatives products are traded………………………………………..Full Article: Source

Bangladeshi plans to set up commodities exchange in Burma

Posted on 27 June 2013 by VRS  |  Email |Print

Wali-ul-Maroof Matin, currently the Chairman and Managing Director of the Bangladesh based Alliance Capital Asset Management Limited, is setting up a commodities exchange in Burma that will be open to international investors, according to a company statement.
“Seeing the opportunity I took the initiative six months ago to run the commercial operations for the commodities exchange in Burma for at least nine months,” said Matin. Burma’s commerce ministry has recently approved the project. A commodity exchange is a marketplace where various commodities and derivatives products are traded………………………………………..Full Article: Source

Commodity markets pin hopes on Hong Kong ties

Posted on 26 June 2013 by VRS  |  Email |Print

Mainland commodity exchanges are looking to co-operate with Hong Kong Exchanges and Clearing in developing the trading of new commodities and cross-listing their products. They hope to gain a greater share of the global market through this after HKEx announced plans to develop the city into a commodities trading hub.
Calling the city’s exchange a “partner” rather than a “competitor”, Zhengzhou Commodity Exchange president Zhang Fan said he wanted to develop trading of new commodities with HKEx and list the new products “wherever suitable”, so that mainland bourses could share in the pie as transaction volumes increased………………………………………..Full Article: Source

Hong Kong ‘not ready to be a commodities trading centre’

Posted on 26 June 2013 by VRS  |  Email |Print

Commodities brokers and buyers say Hong Kong does not yet have the trading infrastructure to be a major commodities centre. That may change in the future as traders seek to take advantage of growing demand for commodities from the mainland.
“Hong Kong’s commodities trading infrastructure is not complete, which means there is little room for trades and related financial products development to occur. This results in a low participation in commodities trading,” Li Baomin, chairman of Jiangxi Copper, told the London Metal Exchange conference in the city………………………………………..Full Article: Source

HKEx says commodities contracts to be cash settled

Posted on 26 June 2013 by VRS  |  Email |Print

Hong Kong Exchanges and Clearing (HKEx) chief executive Charles Li said Tuesday that new commodities contracts to be introduced by the exchange would initially be cash-settled products.
“We are going to start with cash-settled products and over time… We will develop physically deliverable capabilities,” Li said in a speech to a conference in Hong Kong. “Most likely the contract we will look at in Hong Kong will be cash settled, will be monthly and will be different sizes from the current contract,” he added………………………………………..Full Article: Source

Is the 136-year-old London Metal Exchange ready for a woman CEO?

Posted on 26 June 2013 by VRS  |  Email |Print

The next chief of the London Metal Exchange (LME), where only men take part in the shouted, testosterone-fuelled trading of materials like copper, may be a woman who prides herself on speaking softly.
Industry sources say Harriet Hunnable, managing director of metals at the CME Group, is among potential candidates to be LME chief executive when Martin Abbott leaves the post at the end of this year. “That’s a super compliment,” Ms Hunnable said this week when asked about talk of her candidacy. “But I’m enjoying my role at CME group and I’ve got a lot of things to do here,” she added………………………………………..Full Article: Source

Only nod by Beijing can make commodities dream come true

Posted on 25 June 2013 by VRS  |  Email |Print

With the LME Week taking place this week, it is time to look at why Hong Kong has failed in its many attempts to introduce commodities trading. Without Hong Kong Exchanges and Clearing’s £1.39 billion (HK$16.6 billion) purchase of the London Metal Exchange last year, it is hard to imagine 1,000 commodities traders, producers and end users flying to Hong Kong to attend a three-day seminar.
The LME deal was yet another effort by Hong Kong to achieve the city’s dream of turning itself into a commodities trading centre. Back in the 1980s, the former Hong Kong Futures Exchange, which later combined with the stock exchange to form the HKEx, introduced cotton, sugar, soyabean and gold trading. However, turnover was so thin that it was abolished in the 1990s………………………………………..Full Article: Source

Indian Commodity Exchange, Universal Commodity Exchange in talks for merger

Posted on 25 June 2013 by VRS  |  Email |Print

Merger talks have surfaced in the decade-old commodity futures market. Universal Commodity Exchange, promoted by Commex Technology, owned by IT entrepreneur Ketan Sheth, is learnt to have called on R-ADA, anchor investor through Reliance Exchange Next, in loss-making Indian Commodity Exchange (ICEX), for a possible merger, sources said.
However, the talks did not progress to a conclusive state, according to a person aware of the discussions. Ketan Sheth’s phone was switched off while Sanjay Saksena, ICEX CEO, could not be contacted immediately……………………………………….Full Article: Source

Volatility gives boost to metal exchange

Posted on 25 June 2013 by VRS  |  Email |Print

Recent volatility in global commodity prices may help lift the trading volume on the London Metal Exchange as demand for hedging services increases. Chow Chung-kong, chairman of Hong Kong Exchanges and Clearing (0388), which owns the LME, said trading volume on the British-based platform reached record highs in April and May, thanks to fluctuating commodity prices.
Chow’s comments came after the LME signed a memorandum of understanding with the Bank of China to examine the feasibility of exchange contracts being cleared in yuan………………………………………..Full Article: Source

CME considers soft commodities contracts as ICE takes over Liffe

Posted on 21 June 2013 by VRS  |  Email |Print

CME Group Inc., the largest futures exchange, is considering new soft commodities contracts to compete with IntercontinentalExchange Inc (ICE). and NYSE Euronext Liffe, according to four people familiar with the situation.
CME, which is starting a new exchange in London this year, is talking to traders and brokers about new sugar, cocoa and coffee derivatives, according to the people, who asked not to be identified because the information isn’t public………………………………………..Full Article: Source

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Hong Kong Exchanges may list cash-settled commodity contracts

Posted on 21 June 2013 by VRS  |  Email |Print

Hong Kong Exchanges & Clearing Ltd., the world’s second-largest bourse operator, said it plans to list commodity futures that are settled in cash.
The new contracts may be iron ore, coking coal and agricultural products and denominated in the Chinese currency, a spokesman said by phone today. The exchange has yet to set a start date, he said………………………………………..Full Article: Source

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EU set to clear ICE’s $10bln NYSE takeover

Posted on 18 June 2013 by VRS  |  Email |Print

European regulators have approved IntercontinentalExchange’s $10bn cash and shares deal to take over NYSE Euronext , a move that will allow the creation of one of the world’s largest derivatives exchanges.
Two people familiar with the matter told the Financial Times that a probe into the deal concluded that the two global exchanges were complementary to each other and did not breach competition rules………………………………………..Full Article: Source

All eyes on commodities trading

Posted on 17 June 2013 by VRS  |  Email |Print

Commodities traders from around the world will begin gathering in Hong Kong for the annual “LME Week” on Friday - the first time the London Metal Exchange get-together will be held outside London.
About 1,000 visitors are expected to fly in for the event, including commodity traders, users and producers. Hong Kong brokers have welcomed the decision to stage the event in the city and say it will increase awareness of the little-known commodities trading here and help offset the impact of the closure of the Hong Kong Mercantile Exchange (HKMEx)……………………………………..Full Article: Source

Indonesia consults CME Group on expanding commodity market trade

Posted on 12 June 2013 by VRS  |  Email |Print

Indonesia, the world’s largest producer of tin and palm oil and the third-biggest coffee grower, is seeking the help of futures-exchange owner CME Group Inc. (CME) to expand domestic trading of commodities, according to Deputy Trade Minister Bayu Krisnamurthi.
“Everybody is saying that Asia is the agent of growth in the world, so evolvement of an Indonesian commodity market is inevitable,” Krisnamurthi said yesterday during an interview in Chicago, where the CME is based. “CME is over 100 years old, and the Indonesian commodity market is 10 to 12 years old. We would like to grow it, develop it.”……………………………………….Full Article: Source

OTC Global Holdings to create commodities exchange

Posted on 11 June 2013 by VRS  |  Email |Print

OTC Global Holdings LP (OTCGH), the leading independent interdealer broker in commodities markets, formally announced today that its subsidiary, EOX Exchange LLC, filed its application with the U.S. Commodity Futures Trading Commission (CFTC) for designation as a contract market (DCM).
A wide range of derivative products will be offered on the EOX Exchange, including futures and options in natural gas, crude oil and refined products, natural gas liquids, power and agricultural products………………………………………..Full Article: Source

What’s behind the remarkable growth of DGCX?

Posted on 11 June 2013 by VRS  |  Email |Print

As the Dubai Gold and Commodities Exchange unveils another rise in volumes, Galen Stops looks at what is behind the exchange’s recent success. 2012 was a year that most derivatives exchanges would rather forget. But for the Dubai Gold and Commodities Exchange it was the best year ever as volumes grew 138%.
The Dubai Gold and Commodities Exchange was founded in 2005 and had been growing steadily, if not spectacularly, until the beginning of 2011. That year it more than doubled the 2010 volumes, but with 4m contracts traded for the year, it was still a small exchange………………………………………..Full Article: Source

China draws commodity trading battle lines

Posted on 10 June 2013 by VRS  |  Email |Print

Hong Kong Exchanges and Clearing’s plan to co-list commodities contracts on mainland Chinese exchanges, outlined in recent weeks, has fired the starting gun in a battle for a significant share of China’s nascent commodities futures market.
China is the second-largest consumer of oil in the world, the largest consumer of base metals and a big importer of grains, but has never been a major player on the world’s commodities futures stage. Local regulation preventing foreign investors from accessing Chinese exchanges, a low local appetite for hedging and the historical centres for physical commodities trading being in the US and Europe, have conspired to stunt growth………………………………………..Full Article: Source

Bangladeshi, UAE firms plan to float commodity exchange enterprise

Posted on 10 June 2013 by VRS  |  Email |Print

A Bangladeshi firm has joined hands with a UAE-based company to float the country’s first ever formal commodity exchange trading facility expecting to increase efficiency and transparency in market chains, according to reports.
The consortium of investors - Bangladesh’s Deshbandhu Group and UAE’s Pride Group - would launch the Bangla Mercantile Commodity Exchange or BMEx with the Dubai-based company having adequate state-of-the-art technology to run the facilities around the globe, The Financial Express newspaper reported………………………………………..Full Article: Source

London Metal Exchange chief to quit after Hong Kong sale triumph

Posted on 07 June 2013 by VRS  |  Email |Print

Martin Abbott quit as chief of the London Metal Exchange (LME) on Thursday, six months after triumphantly steering a sale to Hong Kong owners of the world’s biggest marketplace for materials such as copper and zinc.
While admirers and critics credit him for persuading the 137-year old London institution’s fractious shareholders to accept the $2.2 billion takeover by Hong Kong Exchanges and Clearing (0388.HK), he leaves boiling controversy over an LME warehouse system that constantly frustrates industrial users……………………………………Full Article: Source

Smell the coffee: Ethiopia’s commodity exchange boosts growth

Posted on 05 June 2013 by VRS  |  Email |Print

A bell rings and the floor of Ethiopia’s Commodities Exchange is flooded with traders dressed in coloured coats, waving hands and shouting bids for coffee, sesame seeds or haricot beans. Following a feverish shouting match, prices are agreed upon and the deal is sealed with a high five between buyer and seller.
Established in 2008, the ground-breaking ECX has boosted exports in Ethiopia, improved conditions for producers and is now inspiring other countries in resource-rich Africa to set up their own exchanges to ensure they are the main beneficiaries of commodity exports………………………………………..Full Article: Source

NYSE Euronext plans to sell 5 pct stake in MCX

Posted on 04 June 2013 by VRS  |  Email |Print

Global exchange giant NYSE Euronext is considering a fresh bid to sell its nearly 5 per cent stake in India’s premier commodity bourse MCX, after an earlier attempt failed in March this year. NYSE Euronext, which runs leading bourses in the US and Europe, holds 4.79 per cent stake in Multi Commodity Exchange (MCX) and its stake is currently valued at over Rs. 200 crore.
According to the investment banking sources, NYSE Euronext will soon make a fresh attempt to sell its MCX stake, either in part or full, depending on the market conditions. The sale would most probably be carried out through an open market transaction and would be part of NYSE Euronext’s stated objective to monetise non-strategic assets across the world………………………………………..Full Article: Source

India: Level playing field for commodities

Posted on 03 June 2013 by VRS  |  Email |Print

The classification of income as speculative or non-speculative is vital, as speculative losses can be carried forward only for four years and set off only against speculative incomes. Finance Act 2013 states that commodity derivatives would not be treated as ‘speculative transaction’ from April 1, 2013, provided.
it is executed on an electronic screen-based system through an intermediary of a recognised association (such as MCX or NCDEX); and it is supported by a contract note containing prescribed particulars………………………………………..Full Article: Source

Bangladesh: Regulator mulls setting up commodities exchange

Posted on 03 June 2013 by VRS  |  Email |Print

The securities regulator of Bangladesh is planning to formulate norms in introducing commodities exchange as part of its efforts to provide a platform for producers to discover fair prices and hedge risks of their products. The platform would be mainly for agriculture produces as well as manufacturing products to be initiated with Jute, sugar and gold. Futures contracts among the traders would be set up on the platform.
Bangladesh Securities and Exchange Commission (BSEC) initiated the move following an amendment to the Securities and Exchange Ordinance 1969 in November last year, allowing establishment of a ‘commodity exchange’ in the country………………………………………..Full Article: Source

India: MCX steps up efforts on agri commodities

Posted on 29 May 2013 by VRS  |  Email |Print

Known for being non-agri, the Multi Commodity Exchange (MCX) has gradually stepped up efforts to attract participation in agri commodities also. Though contributing insignificantly to the exchange’s overall turnover, agri commodities like mentha oil, sugar, potato and cardamom are preferred by traders on the MCX.
With around 90 per cent of the market share in overall commodity futures trade, the MCX continued its leadership in almost all non-agri commodities, including base metals, precious metals and energy……………………………………Full Article: Source

HKEX eyes China co-listings to boost commodities business

Posted on 28 May 2013 by VRS  |  Email |Print

Hong Kong Exchanges and Clearing is considering joint listings of commodities products on mainland Chinese bourses to capitalise on last year’s acquisition of the London Metal Exchange (LME),CE Charles Li said on Monday.
“This is about developing mutual product listing/licensing arrangements and forming strategic partnerships with leading exchanges,” said Li in a blog post outlining developments for the exchange’s commodities business…………………………………..Full Article: Source

Hong Kong commodities-exchange head resigns from AIA Board

Posted on 28 May 2013 by VRS  |  Email |Print

The chairman of the recently closed Hong Kong Mercantile Exchange and a close ally of Hong Kong leader Leung Chun-ying has resigned as an independent nonexecutive director of AIA Group Ltd., the insurer said Sunday.
AIA said Barry Cheung, who stepped down from all public positions Friday night, resigned “in order to attend to other commitments.” Government officials say he is under police investigation amid a probe on suspected irregularities at the commodities exchange, which was founded in 2008 but has struggled to get off the ground…………………………………..Full Article: Source

Ghana to establish commodities exchange to connect agric sector to the capital market

Posted on 22 May 2013 by VRS  |  Email |Print

Ghana is ready to restructure its capital market to spur economic growth, Finance Minister Seth Terkper said. The restructuring is necessary for the Ghana to meet international standards in its securities market regulations, Seth Terkper told Ghana’s first-ever capital market conference.
Ghana’s Securities and Exchange Commission (SEC) will review the legislation that impedes a well-functioning securities market, Terkper said……………………………..Full Article: Source

Metals close higher on the LME

Posted on 21 May 2013 by VRS  |  Email |Print

Base metals on the London Metal Exchange (LME) have closed higher, tracking a stronger euro in a jerky session for all metal markets as volumes were thinned by a European holiday.
Further out, some analysts argued the fundamental picture for flagship LME metal copper may be improving. By the close of open outcry trading on Monday, LME three-month copper was up 1.3 per cent on Friday’s settlement price at $US7,398 a metric ton………………………………..Full Article: Source

Dubai commodity derivatives bourse crosses $1 trillion mark

Posted on 14 May 2013 by VRS  |  Email |Print

The Dubai Gold and Commodities Exchange (DGCX) said Monday it reached in April a total trading volume of 24.5 million contracts, valued at 1.025 trillion U.S. dollars and a first since the market’s inception in 2005.
The DGCX said in an e-mailed statement the major milestone achieved in its eighth year of operation, comes on the back of a substantial year-on-year volumes growth of 139 percent in April. Volumes in April totalled 1,336,942 contracts, valued at 48.73 billion dollars………………………………………..Full Article: Source

China’s Zhejiang Commodity Exchange mulls e-trading of iron ore

Posted on 30 April 2013 by VRS  |  Email |Print

Zhejiang Zhoushan Bulk Commodity Exchange, a government-controlled exchange in Zhoushan city in east China’s Zhejiang province, is eyeing joining the growing number of Chinese commodities exchanges hosting an e-trading platform for iron ore, an exchange official confirmed Friday.
ZZBCE aims to begin offering an e-trading capability for spot imported iron ore by the end of this year, he said, assuming that designing the contract runs smoothly and that the bourse secures the necessary approvals from government regulators and industry associations………………………………………..Full Article: Source

Hong Kong’s exchange is betting its future on commodities and the renminbi

Posted on 22 April 2013 by VRS  |  Email |Print

In the fast-changing world of securities exchanges, Hong Kong Exchanges and Clearing sits in an enviable position. The Hong Kong Stock Exchange, which it operates, is the worlds fifth largest by the market capitalization of its listed companies, $2.83 trillion, and one of the most profitable.
Over the past five years, it has had a greater volume of initial public offerings, $141.7 billion, than any other exchange in the world thanks to its status as the premier gateway to corporate China. At home it enjoys a statutory monopoly that protects it from upstart electronic exchanges, which have bedeviled established bourses elsewhere………………………………………..Full Article: Source

UCX to go live tomorrow

Posted on 19 April 2013 by VRS  |  Email |Print

India’s sixth nationwide commodity futures trading platform — Universal Commodity Exchange (UCX) — is set to go live on Friday, the auspicious day of Ram Navmi with trading facility in both agri and non agri contracts.
Confirming the development, Ketan Sheth, managing director of Commex Technologies, the promoter of UCX, said, “We will focus on gold, silver and crude among non agri sector while refined soya oil, chana, pepper and turmeric would be available contracts in agri sector.”…………………………………….Full Article: Source

Guangzhou plans to relaunch futures

Posted on 10 April 2013 by VRS  |  Email |Print

Officials in Guangzhou, the provincial capital of Guangdong, unveiled plans late Monday to re-establish a futures exchange in the city by the end of 2015, an announcement which could pave the way for the opening of the Chinese mainland’s fifth such exchange if central planners give their nod.
According to statements made at a press conference that night by the city’s mayor, Chen Jianhua, the plans are aimed at helping local manufacturers shore up their pricing abilities when it comes to purchasing raw materials. As of yet, Chen and other local officials have not commented on the types of contracts or products which the exchange is expected to host………………………………………..Full Article: Source

India: Commodity bourses turnover dips

Posted on 02 April 2013 by VRS  |  Email |Print

The turnover on commodity exchanges dipped seven per cent to Rs 696,348 crore (Rs 745,970 crore) in the first fortnight of March, according to the Forward Markets Commission data. The fall in turnover followed the Government announcing imposition of transaction tax on all non-agriculture commodities trading in the Budget.
The tax came into effect from April 1. A sharp drop in agriculture futures dragged the overall turnover in the first half of March. Agriculture commodity turnover was down 35 per cent at Rs 80,914 crore (Rs 123,538 crore)………………………………………..Full Article: Source

Singapore Mercantile Exchange hunting agricultural commodities

Posted on 02 April 2013 by VRS  |  Email |Print

Set up in 2010, the Singapore Mercantile Exchange, a pan-Asian commodity and currency derivatives exchange, is now hunting for more agricultural commodities from black pepper in Vietnam to rubber in Thailand, to become the regional centre for agriculture futures transactions.
SMX last month signed a memorandum of understanding with the Agricultural Futures Exchange of Thailand to include rubber futures in its trading platform, following similar deals with Vietnam and Indonesia, which are famous for their black pepper and palm oil………………………………………..Full Article: Source

ICE to study cutting soft commodities trading hours

Posted on 25 March 2013 by VRS  |  Email |Print

IntercontinentalExchange Inc will consider cutting trading hours for soft commodities in a bid to improve liquidity, president and chief operating officer of ICE Futures U.S. Ben Jackson said on Friday.
The Atlanta-based exchange will put forward a proposal to reduce hours in sugar, coffee and cocoa contracts listed on Liffe in London and ICE Futures U.S. in New York once it has completed its $8 billion acquisition of NYSE Euronext, he told delegates at the National Coffee Association USA conference………………………………………..Full Article: Source

Tanzania: Commodity exchange ready mid next year

Posted on 15 March 2013 by VRS  |  Email |Print

Commodity exchange market is expected to start operations in Tanzania in June, next year, officials told the ‘Daily News’ in Dar es Salaam on Wednesday.
The Capital Market and Securities Authority (CMSA) Chief Executive Officer, Ms Nasama Massinda, said that a special committee headed by the Permanent Secretary in the Prime Minister’s Office has been set up to fast-track the matter. “The committee will monitor the roadmap for the creation of the commodity market and speed up the process,” Ms Massinda said………………………………….Full Article: Source

Asian exchanges prepare commodities push

Posted on 14 March 2013 by VRS  |  Email |Print

Executives from two of Asia’s largest financial exchanges on Wednesday outlined plans to expand their presence in commodity derivatives, a segment that’s been lifted by the region’s economic expansion.
Hong Kong Exchanges & Clearing Ltd., or HKEx, plans to leverage its newly-acquired metals business and established equities market into an enlarged offering that could develop energy and soft commodities futures…………………………………….Full Article: Source

SHFE calls for opening commodities futures to overseas traders

Posted on 12 March 2013 by VRS  |  Email |Print

China should accelerate opening commodities futures to overseas investors and detail regulations allowing domestic firms to trade raw materials contracts on bourses abroad, Shanghai Futures Exchange Chairman Yang Maijun said in proposals to the National People’s Congress.
Government agencies including foreign exchange regulators and the tax bureau should use preparations already under way for crude oil futures trading to prepare similar policies allowing foreign investors to trade base metals, precious metals and natural rubber futures, Yang said………………………………………..Full Article: Source

ICE commits to five-year ceiling on Liffe soft commodity trading fees

Posted on 12 March 2013 by VRS  |  Email |Print

Soft commodities represent the main area of overlap between NYSE Euronext and IntercontinentalExchange (ICE). The former is best known for its stock markets and financial futures, while Atlanta-based ICE runs derivatives exchanges heavily geared towards energy products, as well as soft commodities following its acquisition of the New York Board of Trade.
In December, ICE announced that it had agreed to buy NYSE Euronext for $8.2 billion (£5.5 billion). After the completion of the prospective merger, currently undergoing European and US regulatory approvals, ICE will keep the NYSE Euroenext soft commodity derivative contracts based in London and will put a five-year ceiling on their trading fees………………………………………..Full Article: Source

NYSE Euronext fails to find takers for MCX stake

Posted on 08 March 2013 by VRS  |  Email |Print

NYSE Euronext’s attempts to exit from Multi Commodity Exchange (MCX) on Thursday failed as Citigroup, the banker to the deal, failed to find takers for the stock at the specified price band, sources told ET.
NYSE Euronext, which operates New York Stock Exchange, hoped to raise around 250 crore by selling its entire 4.79% stake in MCX for 1,005.10-1,026.25 a share. However, buyers demanded a much lower price on concerns over the impact a newly introduced transaction tax on non-farm commodities could have on the exchange’s volumes………………………………………..Full Article: Source

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NYSE Euronext to sell its 4.79pct stake in MCX

Posted on 07 March 2013 by VRS  |  Email |Print

NYSE Euronext, which operates the New York Stock Exchange, is selling its 4.79% stake in MCX, the country’s largest commodity exchange. The sale, likely to take place on Thursday, will be at a 3-5% discount to Wednesday’s closing price of Rs 1,058 a share, said a person aware of the development.
Goldman Sachs Fund is expected to be the buyer, he added. The size of the deal would be in the region of Rs 250 crore and comes after a one-year lock in period since the listing of the bourse in March last year. At this price, NYSE will make a small gain of 4-5% on its investment of Rs 240 crore in MCX in 2008………………………………………..Full Article: Source

UCX to commence trading in April

Posted on 06 March 2013 by VRS  |  Email |Print

India’s sixth nationwide commodity futures trading platform, Universal Comm-odity Exchange (UCX), is set to go live in April this year with at least 10 agri and non-agri commodities in its kitty. The exchange has enrolled a little 200 members for trading on its platform, which is awaiting the issuance of a unique trading code by the regulator, Forward Markets Comm-ission (FMC).
“We are in the process of getting a unique trading code for each of our registered members. Once that process gets completed, we would be ready for launch,” said Ketan Sheth, managing director of Commex Technologies, the promoter of UCX………………………………………..Full Article: Source

Shanghai Futures Exchange expected to add after-hours trading this year

Posted on 06 March 2013 by VRS  |  Email |Print

The Shanghai Futures Exchange, the country’s leading commodities market, is expected to launch after-hours trading before the end of the year, in a critical step to gain a foothold in global futures trading. The exchange will further boost its international ambitions by expanding the list of futures contracts in the coming years, including crude oil - one of the world’s most important commodities - said Yang Maijun, general manager of the exchange.
“We are actively making preparations and hope to roll out night trading this year,” Yang, a national legislator from Shanghai, said on the sidelines of the first session of the 12th National People’s Congress………………………………………..Full Article: Source

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