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Commodities Briefing - Archive | October, 2008

Gold heads for worst monthly slump in 25 years on dollar, oil

Posted on 31 October 2008 by VRS  |  Email |Print

From Bloomberg: Gold fell for the second day in Asia, extending a monthly drop that may become the worst in more than 25 years, as a stronger dollar and declines in crude oil reduced its appeal as an alternative asset.

Gold tumbled by more than 15 percent this month, the largest plunge since February 1983, according to Bloomberg data. Oil has slumped 37 percent while the U.S. dollar index against six major currencies gained 7.3 percent this month….. Full Article: Source

Gold investors disheartened as volatility spikes

Posted on 31 October 2008 by VRS  |  Email |Print

From Guardian: Investors who would normally seek a safe haven in gold in what is one of the worst financial crises in history are shunning the precious metal because of the market’s extreme volatility. But bullion prices have dropped so sharply that buying is active in the Asian physical market, and that could bode well for gold prices in the weeks ahead.

“There is absolutely no question that when you see these kind of ranges and volatility for gold, you are going to step aside because you can get very hurt,” said Bruce Dunn, vice president of trading at New Jersey-based Auramet Trading….. Full Article: Source

Commodities fall on recession concerns

Posted on 31 October 2008 by VRS  |  Email |Print

From AP: Investors fled commodities Thursday after the first reading on third-quarter gross domestic product provided an emphatic signal that the economy is indeed in a downturn.

Gold fell sharply on the news, as did other precious metals and energy and agriculture futures. “In general, a weakening economy should hurt demand for commodities, especially gold, which is a luxury type item,” said Tom Pawlicki, an energy and precious metals analyst with MF Global Research in Chicago….. Full Article: Source

Oil futures close lower after brief foray above $70

Posted on 31 October 2008 by VRS  |  Email |Print

From Crude-oil futures closed with a loss of more than 2% Thursday, retreating from an earlier high above $70 a barrel as traders assess whether interest-rate cuts in the U.S. and China may help revive the global economy and spur energy demand.

“Oil futures have been pretty erratic over the last four months,” said Charles Perry, president of Perry Management, an energy-consulting firm. Oil experienced some profit-taking after the $4-plus rise on Wednesday, he said. The dollar dropped Wednesday, also helping crude’s rise, he said….. Full Article: Source

Platinum’s mettle is being sorely tested

Posted on 31 October 2008 by VRS  |  Email |Print

From FT: In the rolling red hills of northern South Africa, yellow drills painstakingly map one tiny pocket of the metre-thick, saucer-shaped seam of ore that extends over 370km and contains more than three-quarters of the world’s known reserves of platinum.

It could be a million miles from the pulverised trading floors of the world’s financial capitals. But the platinum industry is bearing the brunt of a dramatic reversal in investors’ enthusiasm for metals….. Full Article: Source

The impact of energy

Posted on 31 October 2008 by VRS  |  Email |Print

From Times Online: In the cycle of boom and bust that has characterised the global economy over the past decade, commodity prices have played a central role. The Western industrial economies cannot now escape recession.

The recent precipitate collapse in oil prices is, however, an isolated source of encouragement as businesses and consumers brace themselves for the gathering storm. Three months ago oil prices reached almost $150 a barrel. Yesterday they traded at just over $60. In normal times, oil prices act as an automatic stabiliser….. Full Article: Source

Gold a victim of its own success

Posted on 31 October 2008 by VRS  |  Email |Print

From The global financial meltdown should have settled the long-standing debate between gold bugs who consider bullion the ultimate store of value and those who think the yellow metal is merely another commodity.

Instead, it’s proven both camps wrong, at least so far, according to Peter Munk, the founder and chairman of the world’s largest gold miner, Barrick Gold Corp….. Full Article: Source

US energy still a burning issue

Posted on 31 October 2008 by VRS  |  Email |Print

From Instead, Barack Obama and John McCain see potential votes in promoting green energy as a job generator in a depressed economy, while uncoupling America from its reliance on foreign oil imports.

The scale of the task is immense. Americans make up 5 percent of the world’s population but consume a quarter of its energy, while the country spends 300 billion dollars each year on foreign oil, from countries such as Venezuela and Iraq, to slake its thirst for power…. Full Article: Source

Shell and Exxon join the profits bonanza

Posted on 31 October 2008 by VRS  |  Email |Print

From Guardian: Royal Dutch Shell and Exxon Mobil followed BP yesterday by revealing record quarterly profits. Royal Dutch Shell, the biggest oil firm in Europe, beat City expectations with third-quarter current cost-of-supply profits - which strip out unrealised inventory gains and losses - up 74% to $10.9bn (£6.7bn).

Exxon Mobil, the world’s largest oil company, smashed its own record for the highest quarterly earnings from a US firm, by delivering a profit of $14.83bn….. Full Article: Source

Options trading gains traction in troubled financial times

Posted on 31 October 2008 by VRS  |  Email |Print

From Though investor confidence may be at or near historic lows, the wild swings in commodity and equity prices in recent months have been nothing short of a boon for options traders.

While this isn’t a new phenomenon, options volume has swollen to record highs with advances in technology allowing traders in some markets to exercise options electronically instead of being tied to a specific trading floor. Options also present traders with another tool to try and capitalize on volatility - a critical component of any options trade - in commodities and equities, and the surging interest in options shows no signs of abating….. Full Article: Source

Carbon market could supply cheap debt -bankers

Posted on 31 October 2008 by VRS  |  Email |Print

From Reuters: European energy companies struggling to raise cash from banks to fund projects could turn to the European carbon market, say bankers.

Energy infrastructure projects are typically 70 or 80 percent debt-financed, but following the financial crisis many banks are closed for any new lending for the remainder of 2008 and possibly into 2009, developers say….. Full Article: Source

Euro strengthens in face of U.S. economic contraction

Posted on 31 October 2008 by VRS  |  Email |Print

From The Euro continued its strength against the U.S. Dollar after today’s announcement of a decline in U.S. 3rd Quarter Gross Domestic Product and yesterday’s rate cut by the Fed. The announcement by Germany of an economic stimulus plan also helped the EUR USD appreciate.

The strong surge in the EUR USD reached a key retracement point on the charts and was met with profit-taking. This action is typical during a short-covering rally. The key resistance zone is 1.3049 to 1.3219….. Full Article: Source

China stimulus plans, not rates, key for commodities

Posted on 31 October 2008 by VRS  |  Email |Print

From Guardian: China’s third interest rate cut in six weeks will be much less of a boost to commodities demand in the world’s fastest-growing consumer of raw materials than a hefty infrastructure spending programme.

Slowing exports are already eating into the country’s huge hunger for commodities — copper consumption growth next year is seen falling to 6 percent, one third the rate in 2007 — and even a major fiscal package will likely only slow the decline….. Full Article: Source

Canadian Exchange cutting ETF trading fees

Posted on 31 October 2008 by VRS  |  Email |Print

From The Toronto Stock Exchange (TSX) is again slashing fees and adding electronic trading incentives to spur volume and liquidity of exchange-traded funds and other listed securities.

The changes are aimed at ETF market makers and high-velocity traders, who use electronic trading platforms to buy and sell throughout the day and take advantage of minute-by-minute arbitrage opportunities….. Full Article: Source

Emissions trading scheme will hit Queensland mining

Posted on 31 October 2008 by VRS  |  Email |Print

From Queensland’s booming mining towns like Gladstone and northern coal towns will be robbed of billions of dollars under a federal plan to slash carbon emissions.

The most comprehensive Treasury modelling undertaken in the nation’s history shows that even under modest cuts to emissions by 2050, Queensland’s gross product is forceast to fall by 6 per cent – more than any other state….. Full Article: Source

From FT: Oil & gas prospects - Energy suppliers of the future

Posted on 31 October 2008 by VRS  |  Email |Print

After living in Russia’s shadow since the 19th century, the countries of central Asia have in the past decade been increasingly able to assert themselves in their own right, thanks to their energy resources.

Kazakhstan and Turkmenistan have become increasingly important as producers of oil and gas respectively, and great hopes are invested in them as future suppliers to the world….. Full Article: Source

Heads up on currency plays and the impact of the dollar on commodities.

Posted on 31 October 2008 by VRS  |  Email |Print

From Global policy interest rate directions in play as the dollar and yen take a breather. The impact on commodities and currencies where commodities are key to local economies, is already beginning to be seen.

After trading at multi year lows on Tuesday this week, the dollar index took a breather before, and following, Wednesday’s decision by the Federal Reserve, the US central bank, to cut its policy interest rate by 50 basis points to 1%. The yen, which, like the dollar, has staged a huge multi month rally, is also breathing easier….. Full Article: Source

A value judgment on gold

Posted on 31 October 2008 by VRS  |  Email |Print

From We wondered this very morning whether the effect of the Fed’s near-emptying of its rate-cut ‘bullet magazine’ would last any longer than Sarah Palin’s post-election popularity. Well, we no longer need to wonder. The dollar-negative impact was about as long-lived as that surge in the polls.

Well, we no longer need to wonder. The dollar-negative impact was about as long-lived as that surge in the polls. Expectations early this morning were that the U.S. economy would show as steep a rate of shrinkage as Sen. Ted Stevens’ fanbase. Well, the GDP data showed less of a decline than expected for the past quarter, and first-time jobless claims were unchanged….. Full Article: Source

China, India may boost 2009 oil prices - IEA

Posted on 31 October 2008 by VRS  |  Email |Print

From Reuters: Emerging markets such as China and India could make up for declining oil demand from developed countries and may be the cause for demand growth in 2009, the International Energy Agency’s chief economist said on Thursday.

The IEA cut its 2008 oil demand growth forecast by 250,000 barrels per day to 440,000 bpd earlier this month, but said 2009 growth would depend on whether countries like India and China go into a recession as deep or as fast as developed countries….. Full Article: Source

Fall in Chinese steel demand sees price of iron ore buckle

Posted on 31 October 2008 by VRS  |  Email |Print

From FT: Chinese steel production has been dropping along with the steel price for weeks.

But the situation in Tangshan, China’s steel capital, shocked even a seasoned steel market analyst recently: “The statistical data sound depressing, but what we observe on the ground is more devastating,” says Bonnie Liu of Macquarie Bank….. Full Article: Source

World gold production to decline 3% per year – Cutifani

Posted on 31 October 2008 by VRS  |  Email |Print

From AngloGold Ashanti CEO Mark Cutifani says world gold production will continue to drop for the next five years and gold fundamentals will assert themselves.

AngloGold Ashanti CEO Mark Cutifani expects gold production to drop 3% per year over the next five years as the gold industry has failed to make the necessary investment in the industry….. Full Article: Source

Australia still considering options’ for emissions trading targets

Posted on 31 October 2008 by VRS  |  Email |Print

From ABC: Prime Minister Kevin Rudd says the Government will look at a range of reduction targets and carbon prices before deciding on a final emissions trading policy later this year.

The Treasury Department’s economic modelling shows emissions trading will only slow economic growth by one tenth of 1 per cent….. Full Article: Source

ICE to buy clearing corp. as big banks support plan

Posted on 31 October 2008 by VRS  |  Email |Print

From WSJ: The world’s largest investment banks are preparing to commit more capital to support the $55 trillion credit-default-swap market ahead of tighter regulation.

Thursday, nine large credit-default-swap dealers expressed support for a central clearinghouse being developed by derivatives-exchange-operator IntercontinentalExchange Inc. ICE, of Atlanta, said it is acquiring Clearing Corp., the Chicago company that dealers had earlier picked to set up a clearinghouse to guarantee their credit-default swaps….. Full Article: Source

From gold to lead

Posted on 31 October 2008 by VRS  |  Email |Print

From Who wants to be a gazillionaire? Dotcom tycoons in the 1990s rose and fell over a period of years. The recent commodities boom, by contrast, made people fabulously wealthy in a matter of months. But their fortunes have evaporated just as quickly.

There is no better example than Andrew Forrest, who left mobs of Australian investors howling back in 2002 after a foray into nickel mining blew up, only to recover in spectacular form….. Full Article: Source

Oil and base metals retreat

Posted on 31 October 2008 by VRS  |  Email |Print

From FT: Oil prices fell and base metals retreated in Thursday’s volatile session for commodity markets which surrendered much of the previous session’s gains.

Wednesday’s cut in US interest rates sparked a big surge for the Reuters- Jefferies CRB index, a global commodities benchmark, which jumped 5.9 per cent, a record one-day gain….. Full Article: Source

WEA confident wheat exporters in good financial shape

Posted on 31 October 2008 by VRS  |  Email |Print

From Wheat Exports Australia (WEA) says it is confident new companies accredited to export wheat for the first time this year have enough money in the kitty to do so. But WEA won’t be going back over the books in light of the current financial crisis and it can’t be held responsible if an exporter goes bust.

WEA’s chief executive officer, Peter Woods, said this week that his board took a thorough look at every element of finance and risk management of the companies which applied to export wheat under the newly deregulated system….. Full Article: Source

‘Carbon trading’ now big business

Posted on 31 October 2008 by VRS  |  Email |Print

From While recent months have seen a global contraction in both debt and equity markets, at least one financial market has been booming this year, a market that scarcely existed five years ago.

The global market for “carbon trading” grew 36 percent between January and September, to $84 billion from $67 billion, according to New Energy Finance, a London-based company that tracks activity in energy markets. By year’s end, the market is expected to surpass $100 billion….. Full Article: Source

MFC starts futures fund

Posted on 31 October 2008 by VRS  |  Email |Print

From MFC Asset Management will launch its new commodities fund investing in farm futures contracts in early 2009. MFC president Pichit Akrathit said the fund would have an initial size of 50 million baht and an option to expand later to a target of 300 million baht.

MFC signed an agreement yesterday with the Agricultural Futures Exchange of Thailand (AFET) and the Thai Rubber Association (TRA) setting the groundwork for the new fund….. Full Article: Source

Gold to reach $1,000 next year - and stay there

Posted on 31 October 2008 by VRS  |  Email |Print

From Gold Fields CEO, Nick Holland, reckons the gold price will hit $1,000 next year and stay there, but doesn’t look for significant appreciation above that level.

Interviewed on SAfm Radio in Johannesburg yesterday by Mineweb Editor in Chief, Alec Hogg, Gold Fields CEO, Nick Holland, gave some interesting views into his take on the gold price. “I believe gold will go through $1000 and stay there during the course of 2009″, said Holland….. Full Article: Source

Energy agency plays down fears of 9% fall

Posted on 30 October 2008 by VRS  |  Email |Print

From Guardian: The International Energy Agency yesterday sought to play down a report that it believes global oil production is falling faster than previously thought.

The Financial Times said a draft of the IEA’s annual world energy outlook calculated world production would fall by 9.1% a year without extra investment. A number of oil-producing countries are reported to be finding it harder to finance new projects because of the recent sharp fall in the oil price….. Full Article: Source

Oil breaches $69 despite fall in demand

Posted on 30 October 2008 by VRS  |  Email |Print

From FT: Commodities prices rose sharply on Wednesday, with oil trading above $69 a barrel, as the dollar retreated after the Federal Reserve lowered US interest rates half a percentage point to 1 per cent.

The Reuters-Jefferies CRB index, a global benchmark for commodities, rose almost 6 per cent propelled by a surge in energy, metals and agricultural raw materials. The price of several commodities, ranging from wheat to oil and from nickel to sugar, rose 10 per cent on the day….. Full Article: Source

US dollar makes comeback, ‘bucking’ world downturn

Posted on 30 October 2008 by VRS  |  Email |Print

From IHT: The stock market is in shambles, credit markets are squeezed and corporate earnings are falling. But one piece of the mangled U.S. economy is making an improbable comeback: The once-almighty dollar.

As the financial meltdown clobbers world economies from South America to Asia, investors desperate for safe assets are plowing money into the battered buck — helping it snap a six-year slide and reclaim its long-held status as a stable asset during rough times….. Full Article: Source

UK will face peak oil crisis within five years, report warns

Posted on 30 October 2008 by VRS  |  Email |Print

From Guardian: Declining availability of oil will hit the UK earlier than generally expected, with potentially devastating implications for the UK economy, report warns. The risk to the UK from falling oil production in coming years is greater than the threat posed by terrorism, according to an industry taskforce report published today.

The report, from the Peak Oil group, warns that the problem of declining availability of oil will hit the UK earlier than generally expected - possibly within the next five years and as early as 2011….. Full Article: Source

Gold marches higher

Posted on 30 October 2008 by VRS  |  Email |Print

From Gold hit a one-week high as the U.S. dollar weakened sharply Wednesday, and the precious metal stayed firm after the Federal Reserve cut U.S. interest rates, as markets had expected.

Gold’s rise came amid strength across the entire commodity sector as global markets welcomed the Fed’s recession-fighting rate cut. Silver and palladium, sometimes seen as industrial metals, also rallied as stocks kept rising….. Full Article: Source

Copper prices jump most in 2 years as Fed may cut interest rate

Posted on 30 October 2008 by VRS  |  Email |Print

From Bloomberg: Copper jumped 10 percent, the most in two years, on speculation the Federal Reserve will lower U.S. borrowing costs, reviving economic growth and demand for metals.

The Fed probably will lower its benchmark interest rate by at least 0.5 percentage point to 1 percent at its policy meeting today, according to the median forecast of 70 economists surveyed by Bloomberg News. Copper had gained 10 percent in the previous two days on expectations a rallying stock market and lower borrowing costs would help ease the global economic slump….. Full Article: Source

Commodities surge after Fed cuts interest rates

Posted on 30 October 2008 by VRS  |  Email |Print

From AP: Commodities prices surged Wednesday after the Federal Reserve slashed a key interest rate, undermining the dollar and boosting demand for hard assets as a hedge against inflation.

The Fed lowered its benchmark federal funds rate from 1.5 percent to 1 percent in an effort revive the ailing U.S. economy and loosen restrained credit markets. Lower interest rates can spur economic growth but tend to depress the dollar as investors go elsewhere for better returns. The 15-nation euro rose to $1.2852 in late Wednesday trading in New York from $1.2597 late Tuesday….. Full Article: Source

Time for an energy bail-out

Posted on 30 October 2008 by VRS  |  Email |Print

From Guardian: If eight companies across a broad spectrum of UK industry had warned, five years ago, that a ruinous credit crunch would hit the global economy this year, might the government have taken the warning seriously?

Might UK leadership in damage limitation have been proactive, rather than reactive? Could a softer landing and a faster recovery have been possible as a result? Today, eight British companies are warning of a ruinous oil crunch five years from now….. Full Article: Source

Australia’s opposition seeks postponment of carbon trading plan

Posted on 30 October 2008 by VRS  |  Email |Print

From The Australian opposition says the government must delay the release of its plans for an emissions trading scheme, until the effects of the global financial crisis have been considered.

The government is releasing the Treasury Department’s economic modelling on the ETS today, but it does not take into account the recent global economic downturn.The opposition’s emissions trading spokesman, Andrew Robb, says it would be grossly irresponsible for the government to press ahead with its carbon trading plans at the moment….. Full Article: Source

Commodities rebound sends loonie, TSX soaring

Posted on 30 October 2008 by VRS  |  Email |Print

From Not since Canada cut the Canadian dollar loose to float freely on world exchange markets nearly four decades ago has the loonie gained as much in a single day as it did Wednesday.

Catapulted by falling U.S. interest rates and a big jump in oil and other commodity prices, which also propelled Bay Street’s resource-rich benchmark TSX to a further hefty triple digit gain, the loonie leaped by a near record 3.87 cents US to 81.63 cents US, just two notches shy of the 3.89 cents US rise on June 1, 1970, when Canada moved to a floating exchange rate….. Full Article: Source

Miners optimistic despite commodities downturn

Posted on 30 October 2008 by VRS  |  Email |Print

From Manganese, molybdenum and bauxite have topped the annual list of hot commodities for 2009. Zinc, vanadium and cobalt are in the deep freeze.

Allan Trench, Australasian regional director of CRU research and advisory group said the “commodities thermometer” showed there were still opportunities for expansion and IPOs among junior miners with the right assets…. Full Article: Source

Multi-Commodity Exchange is a unique educational opportunity

Posted on 30 October 2008 by VRS  |  Email |Print

From The Multi-Commodity Exchange Program (MCEP), launched two years ago by the National Cotton Council, is proving to be a highly successful educational program as well as an American agriculture coalition-building effort.

The MCEP was launched in October of 2006 when producers from the Midwest/Far West traveled to North Carolina to observe cotton production/processing and other agricultural operations. Then, a group of Sunbelt growers saw agricultural production/processing and agribusiness operations in North Dakota in August of 2007….. Full Article: Source

Investors regain appetite for metals

Posted on 30 October 2008 by VRS  |  Email |Print

From FT: Base metals have staged a strong rebound this week in spite of deepening gloom among investors about the outlook for the global economy and the prospects for demand.

Nickel has rebounded 35 per cent, tin has vaulted 28.9 per cent while lead and copper have jumped almost 23 per cent. The increases have left traders and analysts debating whether this is a temporary bounce from oversold levels or if the market is stabilising following a slew of production cuts announced by mining companies in recent weeks….. Full Article: Source

Crisis remakes the commodity business: John Kemp

Posted on 30 October 2008 by VRS  |  Email |Print

From Only the brave or the foolish would make predictions about the future amid the biggest market upheaval in three generations. But it is already clear the crisis is profoundly reshaping the commodity trading industry. The mix of intermediaries, customers and financial resources are all being substantially redrawn.

So here are some tentative thoughts on how the industry will be remade over the next three to five years. The most immediate impact has been on the availability of funds….. Full Article: Source

Downdraft may slash world oil production

Posted on 30 October 2008 by VRS  |  Email |Print

From OPEC has plans to further reduce oil output if its production cut announced last week fails to push crude prices toward recovery.

“We will have to wait and see how the market will react … [but] if this problem continues then we will have another cut,” said Abdalla Salem El-Badri, the secretary general of the Organization of Petroleum Exporting Countries (OPEC), on Tuesday….. Full Article: Source

Investors Venture Back Into Oil

Posted on 30 October 2008 by VRS  |  Email |Print

From Forbes: The oil and gas industry got a rare lift Tuesday as glowing earnings reports encouraged investors back into the sector. The Energy Select Sector exchange-traded fund gained $6.23, or 15.3%, to close at $47.09 and the Oil Service Holdrs ETF added $6.16, or 7.8% to close at $85.35.

Shares of Occidental Petroleum barely reacted to third-quarter earnings growth of 71.5% but the stock did spike after management said capital expenditures would stay relatively stable, implying that its business would do so as well….. Full Article: Source

Prices of Gold in the top 10 World currencies

Posted on 30 October 2008 by VRS  |  Email |Print

From The spot gold price sank in October, dropping right back to 13-month lows at $683 an ounce. After failing to breach $930, this collapse marked the third step lower from March’s all-time high of $1,032.

And from a technical perspective, the Gold Chart looks horrible - recording lower lows and lower highs for the last six months and more. Right? Well, fact is, the action has actually been greatly muted if we allow for the shocking volatility in gold’s No.1 competitor for “safe haven” funds, the almighty US Dollar….. Full Article: Source

Oil exec predicts gas price will stabilize at $3

Posted on 30 October 2008 by VRS  |  Email |Print

From Gas prices are likely to stabilize around $3 per gallon, the head of the nation’s third largest oil company predicted Wednesday. Jim Mulva, the chairman and chief executive of ConocoPhillips, said gas prices rose too much too fast over the summer and are now dropping too much.

He said a $3 price would balance supply and demand, allow oil companies to fund further research and satisfy drivers weary of high prices….. Full Article: Source

Quarterlies: first gold mining majors to report both hit by higher costs

Posted on 30 October 2008 by VRS  |  Email |Print

From Higher costs and other factors mean that the first major gold mining companies to issue their quarterly statements both have been hit hard by higher costs with a negative impact on earnings.

Two of the world’s leading gold miners reported big drops in quarterly earnings on Wednesday as soaring costs for fuel and raw materials ate into margins already narrowed by a slumping gold price….. Full Article: Source

Carbon market’s future hangs in the balance

Posted on 30 October 2008 by VRS  |  Email |Print

From Guardian: The future of global carbon markets is finely poised as recession threatens the political will to shoulder costs but New Zealand, Australia and Japan follow Europe with their own cap and trade schemes.

Strong carbon markets depend on tough climate change goals, now under discussion in international talks to replace the Kyoto Protocol from 2013.
Clear visibility is therefore limited to a four year horizon, in a market tipped to exceed $100 billion in 2008….. Full Article: Source

Citadel distancing itself from ELX exchange

Posted on 30 October 2008 by VRS  |  Email |Print

From Citadel Investment Group is reducing its ties with a planned rival to CME Group Inc. iin favor of its new joint venture with the Chicago derivatives exchange operator. The Chicago-based hedge fund group is pulling its board member from the bank-backed ELX Electronic Liquidity Exchange, according to a source close to the matter.

Citadel will retain an equity stake and would use the still-to-be launched ELX platform, which aims to challenge the CME’s dominance in Treasury futures….. Full Article: Source

October 2008
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