Tuesday 28th April 2015
NEWS TICKER: APRIL 28th 2015: The Straits Times Index (STI) ended 20.76 points or 0.59% lower to 3495.09, taking the year-to-date performance to +3.86%. The top active stocks today were SingTel, which declined 0.45%, DBS, which gained 0.48%, UOB, which declined 0.36%, Keppel Corp, which declined 2.56% and OCBC Bank, which closed unchanged. The FTSE ST Mid Cap Index fell 0.63%, while the FTSE ST Small Cap Index fell 0.67%. The outperforming sectors today were represented by the FTSE ST Utilities Index, which rose 1.24%. The two biggest stocks of the Index - United Envirotech and Hyflux – ended 1.11% lower and 1.60% higher respectively. The underperforming sector was the FTSE ST Oil & Gas Index, which slipped 2.59%. Keppel Corp shares declined 2.56% and Sembcorp Industries declined 2.60% - India’s MM Auto Industries Ltd has withdrawn its proposed initial public offer, making it the third entity to pull back of an IPO this year. The Gurgaon-based company had filed draft offer documents with the Securities and Exchange Board of India (SEBI) for the proposed IPO in March. It was yet to receive Sebi's approval for the proposed public offer. However, the company through its lead merchant banker Mefcom Capital Markets Limited withdrew the IPO application on April 18th according to the firm’s spokesman - Orezone Gold Corporation (ORE-TSX) has released the findings of an independent Feasibility Study for its wholly owned Bomboré Gold Project in Burkina Faso, West Africa. The study envisions a shallow open pit mining operation with a processing circuit that combines heap leaching and carbon-in-leach (CIL) without any grinding to process the soft and mostly free digging oxidized ores. The eleven-year mine plan, based on a mineral reserve using an US$1,100 gold price, is designed to deliver higher grade ore in the early years (0.88 g/t over the first eight years of production at a strip ratio of 1:1). Lower grade stockpiles will be processed in the final three years. The financial model with revenues based on a US$1,250 gold price, yields a robust 24.4% after tax internal rate of return to the company (based on 90% ownership, 10% government stake) with a net present value of $196m at a 5% discount rate. Project payback is estimated at 2.7 years with all in sustaining costs averaging $678/oz. Initial capital is estimated at $250m including contingencies, all working capital and a $10.5m credit for gold revenues generated during the pre-production period. Capital costs include the mining fleet, a much larger water storage reservoir and higher resettlement costs than envisioned in the March 2014 Preliminary Economic Assessment (PEA). Sustaining capital is estimated at $75.2m, taking into account the additional three years of mine life and higher resettlement costs than estimated in the PEA. Total reclamation and closure costs are estimated at $22.5m including $8.7m of heap rinsing costs expensed in year twelve.

FTSE & CÜREX Group launch FX indices

Friday, 15 June 2012
FTSE & CÜREX Group launch FX indices Global index provider FTSE and Cürex Group, a developer of intellectual property and technologies that link institutional foreign exchange with global capital markets, have the FTSE Cürex FX Index Series, a new range of independently calculated, 24/5 streaming, executable spot FX benchmark FIX for currency pairs and currency baskets. “The new index is designed to provide a better benchmark for managing currency risk and performance, and will likely support a wide range of passively managed FX currency funds and strategies,” holds Mark Makepeace, chief executive officer, FTSE Group. http://www.ftseglobalmarkets.com/

Global index provider FTSE and Cürex Group, a developer of intellectual property and technologies that link institutional foreign exchange with global capital markets, have the FTSE Cürex FX Index Series, a new range of independently calculated, 24/5 streaming, executable spot FX benchmark FIX for currency pairs and currency baskets. “The new index is designed to provide a better benchmark for managing currency risk and performance, and will likely support a wide range of passively managed FX currency funds and strategies,” holds Mark Makepeace, chief executive officer, FTSE Group.

 

 



The FTSE Cürex FX Index Series provides the next generation of FX valuation and performance benchmarking for global capital markets. By establishing real-time bid and offer spot FX indices on 192 currency pairs (FTSE Cürex FIX), from multiple independent contributors and at multiple depths of liquidity, global capital markets benefit from improved clarity when viewing previously opaque foreign exchange pricing. William Dale, chairman and chief executive at Cürex Group explains that the new index series “represents a step forward in the evolution of the global foreign exchange marketplace [and] enables … both buy side and sell side leaders seeking to provide more competitive products and liquidity to the world’s capital markets.”   

New executable benchmark currency baskets include the flagship FTSE Cürex USD/G8 Index, an equally weighted, real-time index designed to provide an improved valuation of the US Dollar. The index consists of seven major currencies representative of global finance and commodity trading, plus the Chinese Renminbi—the most important emerging Asian reserve currency. These new benchmark FX Indices also can be used to measure the performance of active currency strategies, and provide new tools for investors seeking to express a ‘risk on/risk off’ trade.

New proprietary and patented technologies have been developed by Cürex Group specifically to connect previously fragmented foreign exchange market liquidity with investment products linked to FTSE Cürex FX Indices. These technologies, say FTSE Group, allow asset managers and their service providers to build custom FX Indices from proprietary or third party asset pricing models for both analytic and product development purposes. Cürex Intellectual Property will enable a new generation of both exchange-traded and OTC financial products that are linked to FTSE Cürex FX Indices and utilise Cürex technologies designed to directly link institutional foreign exchange liquidity to financial products tracking FTSE Cürex FX Indices. This new capability will allow passive asset managers to reduce tracking error and liquidity providers such as Delta One desks to improve their hedging and risk management practices.

Benchmark Execution (BE) and Benchmark or Better Execution (BOBE) models can now be employed by third-party electronic and voice brokering FX platforms via principal transactions or STP to the FTSE Cürex FX Index liquidity pool. These new benchmark FX Indices also can be used to measure relative performance of active currency overlay strategies. Investors seeking to express a ‘risk on / risk off’ trade can alsouse these indices to implement this trade.

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