COMMODITY EXCHANGES
India’s Universal Commodity Exchange (UCX)), and others are flirting with the idea of starting a commodities exchange. However, last years big news was the takeover of the 135
year-old London Metal Exchange by Hong Kong Exchanges & Clearing (HKEx), catapulting it into the commodities big-league; and ICE’s agreement to buy NYSE Euronext for $8.2 billion. The LME Board ran a flawless multi-stage auction process,
narrowing down a broad field of interested parties. In choosing HKEx as its new owner, the LME have selected a party that not only paid a highly attractive price but – critically – secured the marketplace (pledging not to move the LME from London and to keep its open-outcry trading floor). HKEx triumphed in a global bidding war against the industry’s
heavyweights – including CME Group, ICE and NYSE Euronext. At £1.4 bn, HKEx paid a multiple of some 180 times 2011 earnings. Just as the sale was a once-in-a-lifetime chance to cash-out for LME shareholders, it also the presented a one-off opportunity for HKEx to purchase a unique asset and to diversify into the world of commodities (and in that part of the complex in which the region holds significant sway – industrial metals). HKEx has laid out a multi-dimensional strategy to warrant the
LME’s new clearinghouse, LME clear. With the ink barely dry on the LME signing, ICE announced last December that it had agreed to buy NYSE Euronext for $8.2 billion, with the deal is currently undergoing European and US regulatory approvals. Atlanta-based ICE has said it plans an initial
public offering of NYSE Euronext’s equities and derivatives businesses based in continental Europe after the acquisition is completed. With plans to spin-off the thriving Paris-based agricultural commodity contracts ,ICE also have to dispose of the London soft commodity contracts if acquisition goes through.
the
... mainland Chinese exchanges experienced a 34% increase which accounted for 41% of the global volumes in 2012
Traders and brokers on NYSE Liffe softs markets
purchase price. This includes, increasing volumes by opening up the Chinese mainland, capturing the internationalization of the renminbi, launching new and revised products, further developing the warehousing system, and accelerating the development of
recently met to discuss fears that ICE’s takeover may create a near monopoly resulting in higher fees. However, ICE has responded by committing to capping its screen trading fees. Analysts and dealers believe the CME Group (already a dominant exchange in agricultural
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NYSE Liffe is the brand name of the derivatives business of NYSE Euronext, comprising the derivatives markets in Amsterdam, Brussels, Lisbon, London and Paris; and the futures markets in the U.S. This notice is for informational purposes only and does not constitute an offer, solicitation or recommendation to acquire or dispose of any investment or to engage in any other transaction. Those wishing either to trade in any products available at NYSE Liffe or to offer and sell them to others should consider both their legal and regulatory position in the relevant jurisdiction and the risks associated with such products before doing so. Potential users of NYSE Liffe contracts should familiarise themselves with the full contract specification of the product concerned and any associated information. NYSE Euronext and NYSE Liffe are service marks of NYSE Euronext.
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