EXCHANGE NEWSWIRE, 24 May 2011
ICE selected Platts’ physical market price assessments for oil, refined petroleum products and North American natural gas as the basis for the 27 new OTC energy contracts which ICE launched on Monday. This brings the total of ICE energy contracts settled and cleared against Platts market data to 172.
DB1: Eurex will launch its second Asian access point in Hong Kong in June, with the first already established in Singapore since 2006. This is part of Eurex’s strategy to expand its business activities in Asia-Pacific, and volume generated by Asia-based members during 1Q 2011 has increased by +50% y/y.
RTS Group reported 1Q 2011 net profit of RUB267m (+79% y/y), on income from derivatives market trading of RUB242m (+75% y/y), income from cash equities market trading of RUB70m (+13% y/y), depository services income of RUB75m (+33% y/y), and interest and other income of RUB427m (+50% y/y).
HKMEx deployed Patsystems’ front-end technology, Pearl Plus, to its customers. The functionality provided by Pearl Plus includes multi-exchange spreading and one-click scalping, real-time P&L, and protection of orders with trailing stops and brackets.
Thomson Reuters appointed Shankar Ramamurthy to head its sales and trading business, which reported 2010 revenues of $3.5b. Ramamurthy will move over in June from his job as general member at IBM. Prior to IBM, he was a lead partner for PricewaterhouseCoopers’ financial services strategic consulting practice. Thomson Reuters also hired Bill Harts from Bessemer Venture Partners to be in charge of strategy for sales and trading.
Alternative Investment Management Association (Aima) warned that the newly proposed OTC derivatives rules, European Market Infrastructure Regulation (EMIR), could provide barriers to international clearing. Aima commented that a key EMIR provision could “exclude EU-established financial services providers from using central counterparties (CCPs) which are not located in the EU”, and that the move would mean CCPs from third countries would require authorization from each EU member state to provide clearing services.
Bank of England’s deputy governor for financial stability Paul Tucker urged securities regulators to make financial stability a key goal together with their normal coverage of ensuring market integrity. Tucker also advocated regulators to consider the collection and disclosure of private transaction data, and that “earlier identification of credit losses is consistent for financial statement users’ need for transparency regarding changes in credit trends” and the “objective of safety and soundness”.
CFTC’s budget is under scrutiny by US House Republicans who are looking to cut the regulator’s budget by 15% and reduce it to $172m from $202m. CFTC’s democrat Commissioner Bart Chilton commented that “We went to the brink of economic disaster. Congress gave us the directives in Dodd-Frank to ensure that doesn’t happen again, and now there are those who would keep us from having the budget to do the job”. The House Financial Services Committee will also consider a bill that will postpone the derivatives rule deadline from mid-July to end-2012.
Provided By: Equity Research Desk, www.erdesk.com
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