Exchanges
Energy clearing in Catch 22 situation, says Fitch
Denise Furey, New York-based senior director of global power at rating agency Fitch, believes the clearing of over-the-counter energy derivatives contracts is in something of a ‘Catch 22’ predicament.
EU emissions trading to see moderate start, says survey
Companies expect emissions trading to experience a “moderate start” in the European Union (EU), before seeing a steady increase in volumes. This was the conclusion of a recent survey carried out by the Leipzig-based European Energy Exchange (EEX) and 3C,…
CBOT hosts symposium for Chinese futures professionals
The Chicago Board of Trade (CBOT) is hosting a two-week symposium, being attended by members of the Dalian Commodity Exchange (DCE), the China Securities Regulatory Commission (CSRC) and government officials.
Sarbanes-Oxley: The costly road to compliance
Some companies are looking to get a better return on their investment in Sarbanes-Oxley compliance by making it part of a larger exercise that looks at firm-wide processes and controls, and not just those surrounding financial reporting, writes Clive…
Energy clearing in Catch 22 situation, says Fitch
Denise Furey, New York-based senior director of global power at rating agency Fitch believes that the clearing of OTC energy derivative contracts is in something of a ‘Catch 22’ predicament. “We need standardization of contract documentation to get to…
GL Trade sets up gateway to EEX and signs up Calyon Financial
GL Trade, a Paris-based provider of financial data, clearing, trading and settlement soulutions, has set up a gateway to the Leipzig-based European Energy Exchange. Global derivatives broker Calyon Financial, formerly Carr Futures, has taken up this…
Nymex to clear contracts on OTC oil and gas options
The New York Mercantile Exchange (Nymex) and broker Icap are set to launch an electronic market in options on oil and gas inventory statistics. The over-the-counter options will be offered through an auction process and cleared by Nymex.
Prebon sets up coal desk
London-based broker Prebon may have failed in its bid to lure three coal traders from fellow broker Icap, but it is continuing to build a coal team. In mid-May, Sharon Millar, who previously traded paper and physical coal at UK utility RWE Innogy, joined…
Analysts learn to live with CP-205
The Financial Services Authority’s (FSA) new rules governing conflicts of interest in investment research could spawn a cottage industry in interior design tailored for research teams in dire need of CP-205 compliant office layouts. The CP-205 working…
LCH Clearnet set to clear US trades
LCH Clearnet, Europe's largest derivatives clearing house, has won approval from the US Commodity Futures Trading Commission to clear financial futures and options contracts on US exchanges.
Montreal Exchange opens hub in London
Canada’s Montreal Exchange will open a telecommunications hub in London before the end of March, Luc Bertrand, the exchange’s chief executive, said this week. This would enable UK-based traders to gain direct access to its electronic platform.
Reliably informed
Pat Wood, chairman of US interstate energy regulator the Federal Energy RegulatoryCommission, talks to James Ockenden about reliability, regulation, and wherenext for the competitive market in the US
Price wars
Ferc is preparing to analyse the results of its survey on energy price reporting.But the American Public Gas Association is concerned that a voluntary reportingscheme cannot guarantee reliable indexes. By Paul Lyon
Heroes or cowboys?
Banks and energy companies alike are sceptical about the role that hedge fundsplay in energy markets. Are they really an aid to market stability, or is theirpresence compounding market volatility? Paul Lyon reports
Nord Pool’s back-up
Nord Pool Clearing is the first pure electricity clearing house to obtain capitalsupport through insurance to cover defaults by its trading counterparties. Areenergy companies set to follow suit? Joe Marsh reports
The waiting game
The Italian power market has finally opened to competition, but how long willenergy users have to wait until they can trade on the new electricity exchange? Joe Marsh reports
Fair weather future
Judging from the success of the weather risk market in the Asia-Pacific region,the Chicago Mercantile Exchange couldn’t have picked a more opportune timeto launch Japanese weather futures. By Paul Lyon
Clearing Corporation seeks regulatory approval for global clearing
The Clearing Corporation (CC) has requested regulatory approval from the Commodity Futures Trading Commission (CFTC) to implement the first phase of a 'global clearing link' joint project with Eurex Clearing.
The right charge
Savvy firms now accept risk is inevitable. Those that use their risk capitalefficiently outperform those that don’t. Brett Humphreys looks at alternativeinvestments to find out what the right risk-adjusted return on capital chargesmight be
Heart broker
A bitter dispute involving an employment contract, three coal brokers and a claimfor £2 million in damages has highlighted the importance of observing contractuallaw when hiring and firing. By James Ockenden
Isda raises Basel-linked concerns
Bankers have been preparing for the implementation of the Basel II Capital Accordfor a number of years. But Isda says that it is still concerned about the effectthe Accord may have on the commodities markets. By Paul Lyon
A taste of corporate risk
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