CME will launch options on its physically-delivered cocoa futures, with the first trade date to be 29 June 2015.
ICE Futures US is threatening to list a new global cotton futures contract on an exchange outside of the US should Congress not approve changes to the Cotton Futures Act so that the derivative instrument can be launched in 3Q15.
BVMF3 reported 1Q15 adj. EPS of R$0.2172, vs. ERDesk estimate of R$0.2224 and consensus’ R$0.21. Reported EPS was R$0.1551 vs. our estimate of R$0.1615 and consensus R$0.15. Net revenues were R$520m and OpEx was R$221m. BoD approved a R$223.6m dividend, representing 80% of 1Q15 GAAP net income to be paid on 29-May. BVMF3 repurchased 6.8m shares or R$63.7m during 1Q15. BVMF3 reaffirmed its R$590m-R$615m 2015 OpEx guidance, its R$200m-R$230m 2015 CapEx guidance and R$165m-R$195m 2016 CapEx guidance.
CFTC stated that CME should strengthen its enforcement staff and develop plans to detect manipulative “spoofing”, Reuters reported.
CFTC Chairman Timothy Massad defended US derivatives clearing rules, which he believes are “superior” to Europe’s rules. He also stated that “our system is stronger than theirs…I believe our methodology and systems overall for risk mitigation are the gold standard in the world. I think we have made some progress in educating them about those issues.”
CFTC Commissioner J. Christopher Giancarlo stated that there were no sound reasons for implementing the CFTC’s proposed position limits, which disregard “the reality of the data”.