Hong Kong Exchange to launch copper, aluminum, zinc and coal futures

Exchange Shorts

Chicago Mercantile Exchange will revamp its grain daily price limits to allow more a “more flexible, transparent, and market-based” mechanism, Bloomberg reported. The changes will be implemented from May 1, with the next “reset” day for the limits to be the first trading day of November.

CME shelved plans to launch a futures contract linked to U.S. inflation, after exploratory talks over a period of two years, Risk.net reported.

Hong Kong Exchanges and Clearing Limited aims to launch copper, aluminum, zinc and coal futures this year, MetalMiner reported. The exchange will also introduce mini futures for the three base metals based on the settlement prices of the futures on London Metals Exchange and settled in cash with CNY. These mini futures will trade in 5-ton lots, as opposed to the 25-tons on LME futures.

Singapore Exchange reported adjusted dil. EPS of SGD 0.071 (-22% y/y),, 1c below than our estimate of SGD 0.072 and 2c above the consensus estimate of SGD 0.069. Adjusted diluted EPS was SGD 0.071 (-22% y/y), on total revenues of SGD 166m (-13% y/y), and total operating expenses of SGD 77m (+3% y/y). SGX’s Board of Directors declared a 3Q14 interim dividend of SGD 0.04 per share.

DB1 appointed Javier Tordable to lead its cooperation with the Bombay Stock Exchange, in which DB1 has a 5% stake. Tordable will be the executive for India and the BSE partnership. Tordable previously served as CEO of Sweden-based technology firm Cinnober from March to October 2012, the Financial News reported 

National Stock Exchange is ready to extend trading hours for currency traders, pending SEBI approval, Business Today reported. Should approval be granted, the currency futures market would be open from 9am to 7.30pm, compared to the current time of 9am to 5pm.

Bolsa Electronica de Chile will offer trading in 20 of the most traded NDAQ-listed stocks, pending regulatory approval. According to Bloomberg, the exchange’s CEO Juan Carlos Spencer expects approval to be given this year.

Morgan Stanley wrote a letter disputing the U.S. Federal Reserve’s analysis of the bank’s oil-merchanting unit sale, MLex reported. The letter stated that “it would be an error to conclude” that physical-commodity ownership doesn’t benefit the U.S. financial or commodity sectors, and that banks “play a key role in these [commodity derivatives and physical commodity] markets – one that other types of market participants are unlikely to fill.”

JSE Limited selected Cinnober’s multi-asset platform to replace the exchange’s current clearing technology, in meeting JSE’s goal to focus on integrated clearing and settlement.

 

 

 

About the Author

Bernardo Mariano brings to ERDesk his experience structuring private deals for the acquisition of mutual exchanges. Prior to joining ERDesk Bernardo worked as a Director for Instinet and later, CEO of Reuters' Bondex. He holds an MS in Economics from University of Illinois and an MIA in Finance from Columbia University. He can be reaced at be reached at mariano@erdesk.com. 

Equity Research Desk (www.erdesk.com) provides fundamental analysis of global capital markets related entities to support the investment process of buy-side analysts at hedge funds and traditional money managers. The company focuses its coverage on securities exchanges, discount brokers, trading platforms, asset managers, financial-related technology companies and intellectual property assets in the US, Europe, Asia, and Latin America.

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