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July 2008, Issue 10
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Welcome to 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:
· CME - Receives Regulatory Approval
· SHFE - Propose to Launch Steel Futures Contracts
· MCX - Launch Platinum Futures Contracts
· LME - Lists additional Brands to its Steel Billet Contracts
· LBMA/LPPM - 2008 Precious Metals Conference Details Announced
· EU REACH – Norway Implements EU Reach Legislation
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CME GROUP INC - RECEIVES REGULATORY APPROVAL
On 16 June 2008, CME Group Inc. announced that they had received regulatory clearance from the U.S. Department of Justice (DOJ) to proceed with its planned transaction for NYMEX Holdings Inc.
The transaction is subject to the approval of regulators, shareholders of both companies, NYMEX members as well as the satisfaction of various closing conditions. Subject to receiving these approvals, it is anticipated that the transaction will be completed in the fourth quarter of 2008.
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SHFE - PROPOSE TO LAUNCH STEEL FUTURES CONTRACTS
It was recently announced at the 5th Shanghai Derivatives Market Forum, that the SHFE propose to launch steel futures contracts in the near future. It is anticipated that the first products to be launched will be rebar and wire rod futures. Approval is currently awaited from the China Securities Regulatory Commission (CSRC).
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MCX - LAUNCH PLATINUM FUTURES CONTRACTS
On 20 June 2008, The Multi Commodity Exchange, India, (MCX) commenced futures trading in Platinum. MCX had recently received an, in principle, regulatory approval from its market regulator, The Forward Market Commission (FMC).
Platinum would be traded in September and December contracts with Mumbai as the delivery centre. For delivery, platinum to be of minimum 99.95% purity in the form of bars (ingots).
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LME - LISTS ADDITIONAL BRANDS TO ITS STEEL BILLET CONTRACTS
The London Metal Exchange has approved the following additional brands which are Good Delivery under its Far Eastern and Mediterranean Steel Billet Contracts:-
- WEI CHIH KUAN TIEN - Wei Chih Steel Industrial Co. Ltd., Taiwan
- NOVOROSMETALL - Novorosmetall Ltd, Russia
- PEOPLES STEEL KARACHI - Peoples Steel Mills Ltd., Pakistan
- MALAYSIA STEEL KLANG - Malaysia Steel Works (KL) Bhd., Malaysia
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LBMA/LPPM PRECIOUS METALS CONFERENCE 2008 - DETAILS ANNOUNCED
This year's London Bullion Market's (LBMA) 2008 annual Precious Metals Conference is to be held jointly with the London Platinum and Palladium Market (LPPM). The event will take place in Kyoto, Japan, from 28 - 30 September 2008.
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EU REACH - NORWAY IMPLEMENTS EU REACH LEGISLATION
On 30 May 2008, The Norwegian Government announced that it had adopted REACH and that it plans to play an active role in its implementation. Norway is not part of the EU, but it is a member of the European Economic Area (EEA) and European Free Trade Association (EFTA).
Two other EEA countries - Iceland and Liechtenstein are also preparing to implement REACH. Once EEA countries adopt REACH, their Companies will no longer be regarded as 'non-EU' for the purposes of meeting their obligations. A fourth EFTA Member, Switzerland, remains unresolved on whether to adopt REACH.
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