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July
Crude oil has been unable to break forcefully above $80, despite a rally in recent weeks, and could fall back this week towards $77 for WTI, according to research published by the DGCX.
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The enlarged role for clearing houses likely to be included in planned EU legislation on derivatives could lead to conflicts of interest, two London trade associations have warned the European Commission.
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The UK Financial Services Authority has fined and banned PVM Oil Futures’ rogue trader Steve Perkins, nearly a year to the day after his late night alcohol-fuelled trading caused a brief spike in the price of Brent crude oil.
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June
DAS Trader – which its maker claims is the fastest software for the US stockmarket – has released new trading apps for Apple’s iPhone and iPad. But as Tom Osborn discovers, it faces a crowded field of competitors.
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Green Exchange has opened the first international office of its subsidiary, Green Exchange International. Les Male will be managing director and head of the EU/UK office. Henrik Hasselknippe is managing director, global product development.
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The Singapore Mercantile Exchange will list a cash-settled West Texas Intermediate crude oil future when it opens for business in August.
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May
CME Group has bought the right to offer cleared over the counter swaps based on Net Energy’s Canadian Daily Index for Western Canadian Select Heavy grade crude oil. The group will offer cash-settled swaps on its Nymex trading floor, with clearing through its ClearPort clearing service
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The European Climate Exchange has ruled that Carbon Emission Reduction certificates generated by large hydroelectric projects will not be included in its basket of eligible CER types.
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The Futures Industry Association has urged the US Commodity Futures Trading Commission to withdraw its proposal to introduce position limits on US energy derivatives trading.
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The New York Mercantile Exchange will launch eight petroleum swap futures on April 25. They are the Singapore Mogas 95 unleaded vs. Singapore Mogas 92 unleaded spread (Platts), European 3.5% fuel oil (Platts) cargoes FOB Med BALMO, Singapore fuel oil 180 cst (Platts) crack spread, East-west naphtha: Japan C&F vs. cargoes CIF NEW spread (Platts), European 1% fuel oil cargoes FOB Med (Platts), European 1% fuel oil cargoes FOB Med vs. European 1% fuel oil cargoes FOB NEW spread (Platts), Mont Belvieu ethylene (PCW) financial and Mont Belvieu ethylene (PCW) BALMO.
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The Tokyo Commodities Exchange is to relist its gas oil futures contract on May 6, in response to calls from Japan’s oil and gas industry to restart trading amid rising volatility.
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The Tokyo Stock Exchange and the Tokyo Commodity Exchange have finalised their agreement to introduce a Japanese carbon trading exchange. When live, the new Japanese carbon exchange will be the first dedicated carbon bourse in Asia.
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Intercontinental Exchange’s £395m ($604m) takeover of Climate Exchange will give the group a further grip on the booming European energy markets, a senior London-based analyst has said.
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Proprietary trading carries its own risks and rewards. But do the risks – and returns – look different from 31 floors up Dubai’s Jumeirah Lake Towers? Tom Osborn meets the Dubai trading arcade, DPTG.
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April
Several leading Wall Street firms have written to the Commodity Futures Trading Commission, urging it not to go ahead with plans to set position limits for speculative energy futures trading.
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Kevin Rudd, prime minister of Australia, has said he would delay his attempt to introduce a carbon dioxide cap-and-trade scheme until 2013, because of political opposition.
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The Green Exchange has applied to the Commodity Futures Trading Commission for designated contract market status.
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Singapore Exchange will introduce a future on robusta coffee, physically delivered in Vietnam, if its members do not object to a change in its clearing rules that would permit the launch.
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March
New contracts typically struggle to succeed. And they struggle all the more when times are tough. But, as Colin Packham discovers, while the majority of most new contracts in 2009 failed to attract interest, there were some notable winners, particularly in China.
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John Damgard’s letter campaigning against the Commodity Futures Trading Commission's proposed position limits on speculative energy trading contains the familiar arguments against controls on speculation.
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The Copenhagen summit was a heavy blow to the hopes of environmentalists – and to prospects for a much bigger global carbon market. But emissions traders are taking it in their stride, as Siân Williams discovers.
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Those who claim it is cheaper to engage in derivatives over the counter than through a central clearing counterparty are not taking the cost of credit risk into account, according to a study by the European Energy Exchange.
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N2eX, the power exchange venture run by Nasdaq OMX and Nord Pool, will launch futures “within six months”, according to Geir Reigstad, president of Nasdaq OMX Commodities.
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The UK arm of French brokerage Newedge has joined US power market Nodal Exchange, via its membership of LCH. Clearnet, Nodal Exchange was launched on April 8 last year, becoming the first exchange to offer locational futures contracts and related services to the US power market, with LCH.Clearnet as its central counterparty clearing house. Newedge becomes the seventh general clearing member to support trading on the exchange.
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CME Group has agreed a seven year licensing deal with the Chicago Board Options Exchange, under which CBOE will create new volatility indices for commodities traded at CME.
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February
The Commodity Futures Trading Commission’s long-awaited announcement on January 14 of a new policy on controlling energy speculation was greeted in the market with quiet relief and satisfaction.
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The Futures and Options Association formed a new advocacy body in January, the FOA European Industry Council, to lobby regulators and politicians.
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GFI Group, the interdealer broker, has set up a team in New York working on carbon and emissions trading. Known as the GFI Environmental Products Group, it will originate, commercialise and trade secondary market credits.
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Nasdaq OMX is unlikely to be too concerned by losing its stake in Nasdaq Dubai, a senior exchange analyst has told FOW.
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With the launch of Singapore Exchange’s Fuel Oil Futures just days away, market participants have told Futures and Options Intelligence that the Asian bourse could succeed where two others have tried and failed.