MMTA - EXTENDS DEADLINE FOR ONLINE PRICE DISCOVERY SYSTEM PROPOSAL
The Minor Metals Trade Association (MMTA), after receiving feedback from members concerning the proposal by the MMTA and LME of introducing an Online Price Discovery System (OPDS) for some minor metals, has decided to postpone the vote deadline until Friday, 20 November 2009. The earlier deadline was Friday, 16 October 2009.
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C-COM -LAUNCHES GOLD FUTURES CONTRACT
The Central Japan Commodity Exchange launched its physically delivered Gold Futures Contract in October 2009 The contract is traded electronically and extends out to six months. Contract size is 500 grams and the underlying gold specification is a minimum of 99.99% purity.
For more information, please go to:-
http://www.c-com.or.jp/public_html_e/guide/gold.php
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CME - ALLOWS GOLD TO BE USED AS COLLATERAL FOR TRADING
On Monday, 19 October 2009, CME Group Inc. announced that it will now accept, with immediate effect, gold as collateral for trades on its Exchange. It was added that gold is the first commodity that can be used for margins for trades covering crude oil, gold, copper, equity indexes and Treasury bonds. Each CME clearing member firm is limited to a maximum $200 million worth of gold as collateral. Initially, gold will be deposited with JP Morgan Chase Bank in London, but the exchange hopes to add additional depositories at a later date.
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LME - STEEL FUTURES CONTRACTS' CHANGES EFFECTIVE NOVEMBER 2009
Recently, the LME made the following announcements:-
Amendment to the Special Contract Rules
- From Wednesday, 25 November 2009, the Special Contract Rules for each of the Mediterranean and Far East Steel Billet Contracts will be amended to permit an increase in the tolerance of the weight of a steel billet warrant from 2% to 3.5%. Accordingly, warrants shall be for 65 tonnes each (3.5% either more or less).
New 'Good Delivery' Location
- From Friday, 27 November 2009, Antwerp will be listed as a Good Delivery point for the Mediterranean Steel Billet Contract.
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"ROTTERDAM RULES" - ACCEPTANCE BY 16 COUNTRIES
On 23 September 2009, sixteen countries (Congo, Denmark, France, Gabon, Ghana, Greece, Guinea, The Netherlands, Nigeria, Norway, Poland, Senegal, Spain, Switzerland, Togo and United States of America) expressed their support by signing the new UN convention "Rotterdam Rules". The convention describes the rights and obligations in the maritime carriage of goods. The convention does not take immediate effect for these countries as they first have to complete their national procedure for ratification of the convention. The "Rotterdam Rules" will come into force one year after ratification by the twentieth country.
The Rotterdam Rules are the first rules governing the carriage of goods by sea and connecting or previous transport by land. The land leg used to require separate contracts. Responsibility and liability during the whole transport process is clearly defined. The convention also puts in place the infrastructure for the development of e-commerce in maritime transport.
For more information, please go to:-
http://www.rotterdamrules2009.com/cms/index.php
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