In the Aussie markets there is a perception that all is well. Yes, a commodity boom covers over many ills. A lot of attention is placed on the FX and interest rates but not a lot of focus on the Iron Ore price which I think is a great bell weather for the nation. If China catches a cold (or find alternate supplies for their commodities), Australia will get a strong bout of pneumonia. All was rosey in the land down under and the Aussie battler is not battling too hard when iron ore is over $150/tonne. If iron ore drops below $100 it’ll be the banks that are battling.
CME Europe Limited (CMEEL) application to become a Recognised Investment Exchange (RIE) under section 287 of the Financial Services and Markets Act 2000
CME Europe Limited (CMEEL) has made an application to the Financial Services Authority (FSA) to become a Recognised Investment Exchange (RIE) under section 287 of the Financial Services and Markets Act 2000.
CMEEL is a UK subsidiary of the Chicago Mercantile Exchange Inc. (CME Inc.) which proposes to establish a London-based derivatives exchange offering foreign exchange (FX) derivatives and expanding into other asset classes over time. CMEEL expects to launch the exchange in mid-2013.
Nandini Sukumar - Bloomberg
Singapore Good Place for Water Derivatives Exchange
Singapore would be a natural setting for a water derivatives exchange and it’s in country’s interest to set one up, the Straits Times reported, citing carbon-trading pioneer Richard Sandor.
floor supporters hope that the new owner - the Hong Kong Exchanges and Clearing Ltd (HKSE) (0388.HK) - will attract ring-dealing members from China. For its part, the HKSE is eager to boost income after it paid $2.2 billion to beat out IntercontinentalExchange (ICE.N) to buy the LME, a steep premium for a market that turned in a profit of $12 million last year.
Greece's biggest company, Coca Cola Hellenic, is leaving the country
For brokers on the stock exchange, losing a stock that made up 8 percent of daily turnover this year will be unwelcome - especially since total volumes are down by half since last year.
Analysis: Commodity exchange battleground switches to "swaps"
Ann Saphir | Reuters
Chicago-based giant CME Group Inc. has lost ground in the estimated $1.2 billion-a-year business of guaranteeing over-the-counter swaps to arch-rivalIntercontinentalExchange Inc. in recent years, company data show, as the Atlanta-based upstart offered cutting-edge trade technology
trueEX to Use CME Clearing to Power Swaps Execution
trueEX, LLC, an electronic execution platform for the global interest rate swaps (IRS) market, announced today that it has executed a clearing agreement with CME Clearing. trueEX provides execution and processing services as a CFTC-regulated Designated Contract Market (DCM) for the global IRS market.
Today, Commodity Futures Trading Commission (CFTC) staff is responding to frequently asked questions from market participants and other interested parties on the reporting of cleared swaps as required under part 45 of the Commission’s regulations.
JPMorgan Chase & Co., Goldman Sachs Group Inc. and the $648 trillion swaps market will enter a new era of transparency when Dodd-Frank Act regulations for dealers begin taking effect tomorrow.
The lore of ore
The most important commodity after oil deserves more attention than it gets
HOUSES AND HOLES ON IRON ORE
This is more plausible but is still pretty rosy. My own view is that the global zombie will shuffle forward so long as Europe fails to abandon its fiscal suicide pact so I see 2013 steel output as flat. Hence, an average iron ore price of $110 is more likely in the first half and then falling again in the second. Same for metallurgic coal. Australian production expansion will need further rationalisation in both.
There is also a potted history of iron ore at The Economist today but it is surprisingly free of useful data and hence its conclusions are pretty useless.
KICKSTARTER COMES TO THE UK
Crowdfunding site Kickstarter will launch in the UK at the end of the month, providing a platform for Brits to raise funds for projects.
Full story: http://www.finextra.com/News/Fullstory.aspx?newsitemid=24162