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August 08, Issue 11
Welcome to the eleventh edition of our monthly e-newsletter. If you have any questions, comments or suggestions, please contact news@metalreg.com.
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In this month’s issue:
· NSYE Euronext - to launch new Exchange for Gold and Silver Futures Contracts
· SINGAPORE - to launch new Commodity Exchange
· HKEx - to relaunch Gold Futures Trading
· NYMEX - to launch Steel Futures Contract
· LME - commences Steel Billet Spot Trading and modifies Contracts
· EU REACH - Two Guides Published for Metals Industry
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NYSE EURONEXT TO LAUNCH NEW EXCHANGE FOR GOLD AND SILVER FUTURES CONTRACTS
It has been announced that NYSE Euronext will launch a new Exchange, to be known as NYSE Liffe, in Q3 2008 subject to CFTC approval. NYSE Liffe's first products will be precious metals contracts following NYSE Euronext's recent acquisition of The Chicago Board of Trade's (CBOT) precious metals complex from The Chicago Mercantile Exchange (CME).
The initial six Contracts will be Full Size and Mini Gold Futures (100 troy ounces and 33.2 troy ounces of not less than .995 fineness), Full Size and Mini Silver Futures (5,000 troy ounces and 1,000 troy ounces of not less than .999 fineness) as well as Gold and Silver Options. The Contracts will be traded over the Exchange's electronic platform, LIFFE CONNECT. Physical Delivery will be basis New York designated vaults.
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NEW COMMODITY EXCHANGE IN SINGAPORE
On 9 July 2008, at the Global Financial Market Summit 2008 in Singapore, it was announced that The Singapore Mercantile Exchange (SMX) is to be set up. SMX will provide an electronic trading platform for trading futures and options contracts on precious metals, base metals, agriculture commodities, currencies and commodity indices. SMX is currently obtaining regulatory approval from the Monetary Authority of Singapore (MAS).
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HKEx - TO RELAUNCH GOLD FUTURES TRADING ON 20 OCTOBER 2008
On 2 July 2008, the Hong Kong Exchanges and Clearing Limited (HKEx) announced that it will reintroduce trading of Gold Futures on the Hong Kong Futures Exchange Limited, a wholly-owned subsidiary of HKEx. Gold Futures will be traded and cash-settled in US Dollars. The Contract size will be 100 troy ounces of Gold of not less than .995 fineness.
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NYMEX - TO LAUNCH STEEL FUTURES CONTRACT
The New York Mercantile Exchange (NYMEX) is planning to launch a US Hot Rolled Coil (HRC) Contract which would be cash settled against steel prices determined by a steel pricing index.
Further details to be announced.
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LME - COMMENCES STEEL BILLET FUTURES SPOT TRADING AND MODIFIES CONTRACT SPECIFICATIONS
Effective 24 July 2008, The London Metal Exchange has commenced spot/cash trading for both its Far East and Mediterranean Steel Billet Futures Contracts. Additionally, it has introduced four new Chemical Specifications to both its Contracts. These specifications are as follows:-
- 3803s in accordance with GOST 380-2005 3sp.
- 3803p in accordance with GOST 380-2005 3ps
- 3805s in accordance with GOST 380-2005 5sp
- 3805p in accordance with GOST 380-2005 5ps
Since Launch (25 February 2008) the Contracts have traded over 122,000 tonnes, with a turnover in excess of $129 million.
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EU REACH - TWO GUIDES PUBLISHED FOR METALS INDUSTRY
On 17 July 2008 The International Council of Mining and Metals (ICMM) and EU Trade Body, Eurometaux, published two Guides specifically for the Metals Industry. One details the basis for pre-registration and the other looks at specific issues for the pre-registration and registration of alloys. It covers issues as to how to deal with minerals, ores and concentrates, and recovered materials.
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