FSA calls for capital
The chairman of the U.K.’s Financial Services Authority is calling for banks to hold higher levels of capital against potential losses in response to the current financial crisis. Adair Turner, FSA chairman, said the most urgent challenge for the world’s banking system is to “limit the adverse impact of deleveraging and deflation on the real economy,” and increase the capital adequacy of banks. He also called for a review of how risk is estimated.
SGX revises clearing
Singapore Exchange Limited (SGX) announced proposals to revise the clearing fund structure of SGX-Derivatives Clearing. The exchange is proposing a risk-based approach for clearing members with the SGX-DC Clearing Fund structure.
CME and JSE launch corn
CME Group, JSE launch corn futures
CME Group and the South Africa-based JSE have agreed to create a new 100 metric ton cash-settled corn futures contract based on the CME settlement prices. Contracts will be listed, traded and settled by JSE’s Safex division.
PBOT no more
On Jan. 20, Nasdaq OMX announced that the Philadelphia Board of Trade (PBOT) was renamed the Nasdaq OMX Futures Exchange. In July 2008, Nasdaq OMX acquired PBOT when it bought the Philadelphia Stock Exchange.
Mini Hang Seng in play
Hong Kong Futures Exchange Limited received approval from the CFTC to sell its mini futures contracts based on the Hang Seng Index (HSI) and the Hang Seng China Enterprises Index in the United States.