fmxExchangeConnect - EXCHANGE NEWSWIRE, 19 July 2011

Categories:

follow FMX on

Data Reports:: market snapshot; energy >> crude report; energy >> options report; energy >> natural gas report; commodities >> metals report; weather >> full report

<< European Stocks Advance, Lifting Benchmark Stoxx 600 From Seven-Month Low | Debt showdown moving into crunch time >>

EXCHANGE NEWSWIRE, 19 July 2011

July 19 2011, 09:48

EXCHANGE NEWSWIRE, 19 July 2011

TMX: Canada’s Competition Bureau is seeking more information to finish its review of Maple Group’s proposed acquisition of TMX. Maple Group also said that no further information or reviews were required by either the US Department of Justice (DOJ) or the US Federal Trade Commission (FTC).

MICEX- RTS merger: the combined entity will use the T+4 settlement cycle used by RTS instead of the current T+0 model currently used by MICEX. The combined group will also push for creating a central securities depository (CSD), and NSD and DCC which are currently regulated as custodians, will be combined to form an operational CSD as part of the merger.

HKMEx will launch trading of a USD silver futures contract starting July 22 in response to increasing global demand for silver. The contract will trade in units of 1,000 troy ounces and be delivered in Hong Kong, with trading to last 15 hours each trading day from 8am to 11pm HKT, and a 30-minute pre-opening auction starting at 7.30am. The contracts will be cleared and settled by LCH.Clearnet.

PLUS Markets received FSA approval to launch its new derivatives exchange, PLUS-DX, although a launch date has not been announced. Transactions will be cleared by LCH.Clearnet. PLUS Markets’ ex-director of business development Rachel Maguire left the company in June after being with the group since 2008. No reasons for her departure were given.

Green Exchange will introduce futures contracts for Californian carbon allowances from September, with delivery in 2012, 2013, and 2014. Green Exchange CEO Tom Lewis commented that “California will be the world’s second-largest carbon market and we intend to play a major role in its development”, and the new contract “complements our existing range of environmental derivatives”.

OSE extended its night session trading hours to end at 3am.

FSA is considering launching a formal consultation into the practice of brokers being paid for order flow by market makers. FSA wrote in a draft discussion paper that “it is difficult to see any advantage in the PFOF (payment for order flow) arrangements for clients of broking firms but it is easy to see how such arrangements give rise to a significant conflict of interest that could lead to client detriment and to breaches of our FSA rules on inducements and best execution”.

US Financial Stability Oversight Council (FSOC) outlined the criteria for determining which clearinghouses are “systematically important”, and these firms will be under greater scrutiny but have access to Federal Reserve lending. Among the criteria included is the value of transactions processed, the exposure of the financial utility to other firms and the effect that a failure or disruption of the financial utility would have on markets.

Provided By: Equity Research Desk, www.erdesk.com

To view our exchange reports and articles on your PDA or mobile device, click here
-----

About FMX: FMX Connect is an information, data, and analytics portal for Commodities. The portal provides an all-in-one package including essential market data, independent third party research, industry news, and commodity trading tools. FMX Connect provides efficient, effective, and thorough data that bridges all aspects of commodities onto one screen. The Result; A user friendly application for hedge fund traders, OTC brokers, individual investors, and industry participants.

Note: The information presented, while from sources generally believed to be reliable, is not guaranteed and may not be complete. FMX | Connect makes no representations or warranties regarding the correctness of any opinions or information. Past results are not necessarily indicative of future results. Nothing in this report should be construed as a representation to buy or sell shares, futures or options, which contain considerable risks. For internal client distribution only. Any reproduction, re-transmission, or distribution of this report without permission is prohibited. Media correspondents or reporters may not quote any one page or section in its entirety and must attribute all quotes, ideas or concepts herein. Copyright FMX | Connect, ©2009-2010. All rights reserved.