| CME bid spurs fears of merger monster
THE commodities boom is intensifying the merger mania among the world's financial exchanges. But the $US11 billion ($12.4 billion) bid by CME Group to acquire Nymex Holdings may fuel worries that consolidation is leaving the survivors with too much power. A purchase of the 135-year-old New York Mercantile Exchange's owner by CME, parent of the Chicago Mercantile Exchange, would create the largest exchange in the world, with a stock market value of about $US45 billion. And acquiring Nymex's crude oil futures, one of the largest commodity contracts in the world, would fill the last major hole in the 110-year-old Chicago exchange's product line-up, while squeezing remaining rivals in the energy market. The deal also highlights some unsettling consequences of the global scramble for alliances and market share in trading financial securities.
NYMEX to Launch 11 New Balance of Month Petroleum Products Swap ...
NEW YORK, Nov. 20 /PRNewswire-FirstCall/ -- The New York Mercantile Exchange, Inc. today announced that it will introduce 11 new balance of month (BALMO) petroleum products swap futures contacts on NYMEX ClearPort clearing and trading, beginning on December 2 for trade date December 3. The new BALMO contracts will be cash-settled based on the balance of month average Platts price starting from the day of execution through the last trading day of the contract month. These contracts allow users to customize the balance of month period by selecting the start date of the BALMO averaging period. The first listed month will be the December 2007 contract, and the next contract month will be listed 10 business days before the start of the contract month. The new swap futures contracts and their commodity codes are: Singapore 180cst fuel oil BALMO (BS); Singapore 380cst fuel oil BALMO (BT); Singapore jet kerosene BALMO (BX); Singapore gasoil BALMO (VU); Singapore naphtha BALMO (KU); Dubai crude oil BALMO (BI); European 3.5% fuel oil (Northwest Europe) BALMO (KR); European 1% fuel oil (Northwest Europe) BALMO (KX); European naphtha BALMO (KZ); New York Harbor 1.0% fuel oil BALMO (VK); and Gulf Coast 3% fuel oil BALMO (VZ).
You do not need any permission to link to any of the pages on this ...
Oreco A/S develops the market's most effective systems for automated, non-man entry tank cleaning and oil recovery. 2005-03-10 Journal Home: The New Kid on the BlogJournalHome.com has officially launched its site. Journal Home provides free blog hosting for members. 2005-03-10 International Biometric Group to Host Teleconference Series Today at 1 pm EasternInternational Biometric Group to host a teleconference series exploring the growing role of biometrics in travel and transportation applications. 2005-03-10 Video Streaming: Can You Say Magnify That!? Who Will Capture Market Share in this Exciting Emerging Market?Video Streaming: Can You Say Magnify That!? Magnifics Inc has released its 2nd Generation Cell Phone magnifier. This one will go hand in hand with the popular multi-media craze Video Streaming.
FRIDAY MORNING SOYBEAN UPDATE
Soybeans continued their gains on Thursday closing 18 ? cents higher in the January contract. In spite of a breakdown in wheat soybeans are up 11 ? cents for the week while wheat has lost 53 ? cents. The rally occurred in spite of disappointing weekly export sales and a slightly negative monthly Census crush traders say. Also bearish was an improvement in planting conditions in Brazil and improved harvest conditions in the US Midwest. Volume was heavy especially in Soybeans. CBOT reports 152,079 Soybeans, 36,819 Soybean oil and 45,822 Soybean Meal traded Thursday. Funds were active buying an estimated 7,000 Soybeans, 4,000 Meal and 4,000 Oil.
Today?s early opening calls are higher based upon surging crude oil, gold and further declines in the US dollar. Overnight markets in the bean complex are all higher beans up 7 ?, oil up .52 and meal up .10.
Hedge-fund managers, lords of lucre
There was John Arnold, then 33, who correctly judged that natural gas prices would go down, not up. And the mathematician Jim Simons, 69, whose fees, at 44% of investors’ profits, mean that he, too, was near nine zeroes sterling. The oil speculator T Boone Pickens, 79, took home half a billion. London’s big hitter is Noam Gottesman, 46, one of the three founders of GLG Partners, whose 2006 income is estimated at £225m. The year just ended will have been more rewarding for him, as a stake in GLG was floated on the New York stock exchange, giving him another half a billion. But all of this is misleading. Because, as with other sorts of people, hedgies seem not to fit the stereotype when you get up close. John Paulson, the name on 2007’s billion-pound cheque, has a quiet manner, sombre suits and understated offices, and he keeps his feet under the desk.
Oil Near $100 After Record Close
Oil futures on Wednesday pushed briefly past $101 a barrel after the U.S. Federal Reserve lowered its forecast for U.S. economic growth this year, convincing energy investors that the central bank will slash interest rates further.
"Investors are going into commodities for a safe haven, because they think commodities may perform better than equities and also may be hedges against inflation," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.
.
McCain: Still Losing GOPs?
Foley and the Best Boys: Clarice Feldman, a conservative, tries to find Democratic misbehavior in the outing of Rep. Foley and fails, as far as I can see. So what if a Soros-backed "watchdog" group coordinated the publicizing of the initial, not-that-damaging-but-suggestive email between Rep. Foley and a page? That's allowed. You're even allowed to wait until it's too late for the GOPs to take Foley off the ballot. The gambit only worked because Foley was guilty. ... .
|
