News Articles

LME Clear To Move Into New Premises

Thu, 17 May 2012 10:28:55 GMT

The London Metal Exchange (LME) plans to move LME Clear staff into dedicated offices close to the main premises in Q3 2012. The LME Clear team continues to expand as the selection processes for both the technology supplier and treasury partner reach the final stages.

‘As the clearing project progresses the team is growing, which means we will need a larger space to accommodate new joiners,’ said Trevor Spanner, MD of post trade services at the LME. ‘The new offices are being prepared and will accommodate a minimum of 40 project and full-time staff.’

LME Clear has shortlisted Calypso and Cinnober as potential software providers for the LME’s clearing platform. A design study will now be conducted to determine which of the two vendors will provide the best fit for LME Clear.

The member engagement programme is also progressing with feedback continuing to shape the future clearing platform, which is expected to go live in 2014.

DIFC Continues To Broaden Strategic International Ties - Centre Signs MoU With New South Wales Trade & Investment

Thu, 17 May 2012 10:35:29 GMT

The Dubai International Financial Centre (DIFC), the financial and business hub connecting the region’s emerging markets with the developed markets of Europe, Asia and the Americas, announced its Memorandum of Understanding (MoU) with New South Wales Trade and Investment, the government body responsible for driving sustainable economic growth in the state of New South Wales, Australia.

The new partnership presents outstanding opportunities for corporates in DIFC to connect with financial institutions in New South Wales, Australia’s largest state economy. The MoU will further support the promotion of unexplored investment opportunities between New South Wales and the GCC region among potential investors from both sides.

The MoU was signed by Mr Chris Eccles, Director General, Department of Premier and Cabinet, and Abdulla Mohammed Al Awar, Chief Executive Officer of DIFC Authority.

Abdulla Al Awar said, “As we continue to reinforce DIFC’s position as a leading global financial centre, we remain cognisant of the critical importance of establishing and maintaining strong collaborations with peers, key institutions and government bodies that are driving economic development around the world. Our partnership with NSW Trade & Investment falls well within this strategy and presents vast mutual opportunities in the areas of investment, education and financial sector development.”

The region has had strong economic ties with Australia for many years, particularly the UAE, which is considered Australia's largest merchandise trade partner in the Middle East with two-way trade at over USD5.3 billion in 2010-11. Australian investment in the UAE was worth USD1.060 billion in 2010. In addition, over 15,000 Australians live and work in the UAE with more than 600 Australian companies doing business in the Emirates.

“We are confident that this MoU will take DIFC’s and the wider region’s economic relations with Australia to the next level, and unveil significant investment opportunities on both ends, particularly in infrastructure. The GCC region alone is expected to spend about USD968 billion on projects including infrastructure developments over the next decade, while infrastructure expenditure in NSW is estimated to be in excess of USD770 billion between now and 2018. Our region can also benefit a lot from the policies adopted by the Australian government to support these opportunities, including mobilising public-private partnerships and creating a range of solutions for infrastructure financing,” Al Awar added.

Honourable Barry O’Farrell MP, Premier of New South Wales said: "Attracting conventional and Islamic finance investment into infrastructure and other sectors of NSW is an important part of the NSW Government’s efforts to position Sydney as a leading international financial services centre."

Last year, DIFC welcomed two leading Australian financial firms, Macquarie Capital Finance (Dubai) Limited and Australia and New Zealand Banking Group Limited (ANZ), which is among the world's 25 largest banks by market capitalisation. In addition, the Dubai Financial Services Authority (DFSA) has had an MoU with the Australian Securities and Investment Commission since September 2006.

HKEx: Stock Exchange Participants' Market Share Report

Thu, 17 May 2012 10:17:43 GMT

Updated: 17/05/2012

		Category A (Position 1 to 14)		Category B (Position 15 to 65)		Category C (Position > 65)
Month/Year		Range (%)	Total (%)	Range (%)	Total (%)	Range (%)	Total (%)	Total Turnover ($Bil)	Average Daily Turnover ($Mil)
MAY	11	7.29 - 2.26	52.19	2.16 - 0.22	35.79	0.22 - 0.00	12.02	1,309.53	65,476.75
JUN	11	7.41 - 2.66	53.66	2.48 - 0.22	35.51	0.22 - 0.00	10.83	1,479.36	70,445.85
JUL	11	6.85 - 2.59	54.80	2.27 - 0.23	34.41	0.22 - 0.00	10.79	1,344.50	67,224.81
AUG	11	7.62 - 2.43	55.25	2.38 - 0.21	34.36	0.20 - 0.00	10.39	1,825.18	79,355.45
SEP	11	8.81 - 2.68	56.82	2.46 - 0.19	33.63	0.18 - 0.00	9.55	1,447.05	72,352.66
OCT	11	8.32 - 2.71	57.74	2.33 - 0.21	32.11	0.20 - 0.00	10.15	1,438.81	71,940.49
NOV	11	8.40 - 2.32	59.65	2.09 - 0.20	30.58	0.19 - 0.00	9.77	1,328.40	60,381.74
DEC	11	8.14 - 2.63	58.78	2.40 - 0.20	31.50	0.19 - 0.00	9.72	947.45	47,372.48
JAN	12	8.26 - 2.69	57.52	2.58 - 0.22	32.49	0.21 - 0.00	9.99	1,006.98	55,943.24
FEB	12	7.01 - 2.55	55.83	2.37 - 0.21	33.33	0.21 - 0.00	10.84	1,444.02	68,763.06
MAR	12	6.81 - 2.61	58.06	2.41 - 0.19	32.17	0.19 - 0.00	9.77	1,436.19	65,281.56
APR	12	6.88 - 2.70	58.23	2.48 - 0.20	32.17	0.19 - 0.00	9.60	910.17	50,565.13
					Past 12 Months Total ($ Bil)			15,917.64
					Monthly Average ($ Bil)			1,326.47

Note:

The report includes all Exchange Participant firms that had paid Transaction Levy, Investor Compensation Levy (if applicable) and Trading Fee to the Exchange.

For historical data, please refer to the Exchange Participants sections of the HKEx Fact Books.

Launch Of Tokyo Stock Exchange's Official Facebook Page

Thu, 17 May 2012 10:05:09 GMT

Today we are proud to announce the launch of TSE's official Facebook page.

We hope to use Facebook as a complement to the wide range of information offered through the TSE homepage to encourage more interactive communication with users and overseas investors.
We will be posting updates, pictures, and other lively content to provide users with a new perspective on the TSE market.

Nomura Hires Wendy Liu As Head Of China Equity Research

Thu, 17 May 2012 09:53:37 GMT

Nomura, the global investment bank, has hired Wendy Liu as Managing Director and Head of China Equity Research, based in Hong Kong. Wendy will be responsible for managing Nomura's China equity research product and writing its China strategy research, aligning and coordinating the firm's research views on the China market. She will jointly report to Stewart Callaghan, Head of Equity Research, Asia ex-Japan and Zhizhong Yang, Chairman and CEO, China Region.

"The strength of our China equity research is central to our client-focused research franchise in the region and the appointment of Wendy will take our China equity research offering to the next level," said Stewart Callaghan, Head of Equity Research, Asia ex-Japan.

"Wendy's experience and caliber will further strengthen our regional management team as we continue to build our equities product in Asia ex-Japan," added John Adair, Joint Head of Equities, Asia Pacific.

Wendy joins Nomura from RBS where she was a Managing Director, Head of China Research and the China Strategist. Prior to that, she was a Senior Director and Co-head of Asia Pacific Telecom Research at Merrill Lynch. She holds an MBA from Columbia University and a BS in Economics from the University of Kentucky.

Nomura now has over 20 analysts covering 220 stocks across 14 sectors in China.

HKFE Announces Revised Margins For CNOOC Futures

Thu, 17 May 2012 09:42:14 GMT

Hong Kong Futures Exchange Limited (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), has announced that with effect from the commencement of trading on Monday, 21 May 2012, the minimum margins to be collected by an Exchange Participant from its clients in respect of their dealings in the following futures contract will be as outlined in the table below. The adjustments are based on the clearing company’s normal procedures and standard margining methodology.

For the current margins, please refer to the margin information on the HKEx website.

Futures Contract	Margin Rate	Initial Margin (HK$)		Maintenance Margin (HK$)

CNOOC Limited	Full Rate	1,310	/lot	1,050	/lot
CNOOC Limited	Spread Rate	393	/spread	315	/spread

HKFE emphasises that the above are minimum rates and Exchange Participants should set their margin requirements according to their clients’ individual circumstances.

Quoted Companies Alliance Calls For Primary Equity Market Review Following Market Failure

Thu, 17 May 2012 09:24:32 GMT

The Quoted Companies Alliance, the independent membership organisation that champions the needs of small to mid-size quoted companies, has called on the Government to urgently review whether the UK’s primary equity markets are fit for purpose.

This follows the announcement earlier this week that the PLUS-quoted market, which has provided a platform for over 150 smaller growing companies to raise equity and finance, is closing.

In a letter sent yesterday to the Chancellor George Osborne and Business Secretary Vince Cable, the Quoted Companies Alliance stressed that the closure of the PLUS-quoted market indicates the need for the Government to have a joined up policy for helping small and mid-size quoted companies raise money through primary equity markets.

The Quoted Companies Alliance has requested that the Government appoints a business leader to conduct a review to determine whether primary equity markets are helping small and mid-size quoted companies grow and create employment. The Quoted Companies Alliance has suggested three areas for review:

Fiscal policy for equity markets and small and mid-size quoted companies: including what incentives investors have to invest their money in growing companies.
More visibility of small and mid-size quoted companies: including a creation of a Small and Mid-Size Quoted Asset Class and ensuring UK indices are constructed and calculated in a way that more accurately reflects constituents and their contribution to the UK economy.
Leading the debate across Europe on the efficiency of primary equity markets: including what changes to EU regulations and what EU initiatives could help deliver a better environment for small and mid-size quoted companies to raise money on a primary equity market.

Tim Ward, Chief Executive of The Quoted Companies Alliance, comments: “The closure of the PLUS-quoted market means that over 150 small and mid-size quoted companies are going to need to find alternative ways to raise finance. At a time when banks are reluctant to lend, this is no easy task. We need to ensure that they have a variety of options to choose from and healthy equity markets to support them.”

“This is why the Quoted Companies Alliance is calling on the Government to take urgent action and ensure that small and mid-size quoted companies have primary equity markets that help them raise the vital finance that is necessary to promote growth.”

“Billions of taxpayers’ money has been spent on bank funding. Now is the time to look at equity and the important role this plays in financing growing companies.”

FlexTrade Connects To SIX Swiss Exchange

Thu, 17 May 2012 09:18:01 GMT

FlexTrade Systems, a global leader in broker-neutral, multi-asset execution and order management systems, today announced it has become an approved Independent Software Vendor (ISV) with SIX Swiss Exchange.

FlexTrade will provide direct access to SIX Swiss Exchange via its award-winning execution management system (EMS), FlexTRADER, which is a multi-asset trading solution with pre-defined strategies and tactics for both portfolio and single stock trading. The platform provides organically developed real-time and post-trade analytics (FlexTQM), predictive analytics (FlexEdge) as well as risk and cost optimized portfolio trade scheduling (FlexPTS); advanced integrations with major OMSs; integrated real-time allocations and cash management; smart order routing; a fully integrated high performance Complex Event Processing (CEP) engine; commission management; complete transaction and IOI quality management, a dynamic strategy matrix.

“It’s an honour to become a certified ISV with SIX Swiss Exchange,” said Vikas Kedia, managing director of FlexTrade’s EMEA office in London. “We are fully committed to providing the exchange and its members with the latest in state-of-the-art risk management and trading technology software.”

Inter–Dealer Broker ICAP Reported To Be In Talks To Buy Plus Markets Group

Thu, 17 May 2012 07:49:28 GMT

Inter–dealer broker ICAP is reported to be in talks to buy Plus Markets Group. Plus Markets Group is due to close after failing to find a buyer.

Swedish Financial Supervisory Authority - Finansinspektionen - Folksam LO Fond Receives A Remark And An Administrative Fine

Thu, 17 May 2012 06:34:00 GMT

Investment management company Folksam LO Fond AB has not dealt with the conflicts of interests in its business operations and has had inadequate internal governance and control. The company is therefore being issued a remark and must pay an administrative fine of SEK 6 million.

Folksam LO Fond has for several years had difficulty in identifying and managing conflicts of interest in its business operations. The company has, for instance, shared personnel and functions with other companies in the Folksam group. At the same time, several decisions concerning the investment management company have been made by joint groups and committees within the corporate group and not by the investment management company’s management. The unclear organisation means that the investment management operations have not been sufficiently separate from the rest of the corporate group. This has also made it more difficult for Finansinspektionen to conduct an efficient supervision of the investment management operations.

At the same time, the company has had deficiencies in fundamental internal control functions. The compliance function has not been independent of the operations in the way stipulated by law and the company has had deficiencies in its internal auditing. The company has also lacked appropriate routines and guidelines against money laundering.

As a whole, the deficiencies are serious and Folksam LO Fond is being issued a remark and an administrative fine of SEK 6 million.

The company has planned and begun to implement a number of measures to deal with the deficiencies in its operations.