Sunday 21st December 2014
NEWS TICKER: FRIDAY DECEMBER 19TH 2014: Scotiabank’s Commodity Price Index dropped -4.8% m/m in November (-6.1% yr/yr) and will end 2014 in a ‘deflationary’ mode, says economist Patricia Mohr. "Significant capacity expansion and the defence of market share by major oil and iron ore producers— against a backdrop of lacklustre world economic growth — account for the softness at the end of the year," she says. Mohr adds that the decision by Saudi Arabia not to reduce output to shore up international oil prices, but instead to allow prices to drop to levels curbing US shale development appears to be having a negative impact on confidence in a wide variety of other commodity as well as equity markets. She predicts prices will fall further this month, but will start to rebound in mid 201 - Jonathan Hill, the EU's financial-services commissioner, says he plans to pursue rules that separate a bank's proprietary trading from retail operations. "The sensible thing to do is to seek to make progress quickly" on the issue, Hill said. "There are still areas of risk in some of the biggest and most complicated banks,” reports Bloomberg- CME Group, said yesterday that it will change daily price limits in its CME Feeder Cattle futures effective today, pursuant to its emergency action authority. The current daily price limit for CME Feeder Cattle futures is $3.00 per hundredweight and will change to $4.50 per hundredweight effective on trade date December 18th Additionally, effective December 19th (tomorrow) these limits will have the ability to expand by 150% to $6.75 per hundredweight on any business day in the event that one of the first two contract months settles at limit on the previous trading day. CME Feeder Cattle futures have been locked limit for five consecutive days as a result of various factors. The change to daily price limits is necessary to ensure continued price discovery and risk transfer, says the CME. Daily price limits for CME Live Cattle futures will remain unchanged at $3.00 per hundredweight. Effective Friday, December 19th, these limits will have the ability to expand by 150 percent to $4.50 per hundredweight in the event that one of the first two contract months settles at limit on the previous trading day - The Straits Times Index (STI) ended +16.42 points higher or +0.51% to 3243.65, taking the year-to-date performance to +2.49%. The FTSE ST Mid Cap Index gained +0.29% while the FTSE ST Small Cap Index gained +0.71%. The top active stocks were Keppel Corp (+2.68%), SingTel (-1.02%), DBS (+2.36%), Global Logistic (-3.21%) and UOB (+0.30%). The outperforming sectors today were represented by the FTSE ST Basic Materials Index (+3.13%). The two biggest stocks of the FTSE ST Basic Materials Index are Midas Holdings (+6.38%) and Geo Energy Resources (unchanged). The underperforming sector was the FTSE ST Telecommunications Index, which declined -0.98% with SingTel’s share price declining -1.02% and StarHub’s share price declining-0.73%. The three most active Exchange Traded Funds (ETFs) by value today were the IS MSCI India (+2.56%), DBXT CSI300 ETF (+0.42%), STI ETF (+0.61%). The three most active Real Estate Investment Trusts (REITs) by value were Ascendas REIT (-0.42%), Keppel DC REIT (unchanged), Suntec REIT (+0.26%). The most active index warrants by value today were HSI23400MBeCW150129 (+7.32%), HSI22600MBePW150129 (unchanged), HSI24000MBeCW150129 (+12.50%). The most active stock warrants by value today were KepCorp MBeCW150602 (+21.95%), DBS MB eCW150420 (+29.29%), DBS MB ePW150402 (-18.03%) - Spain’s Director of Public Prosecutions, Eduardo Torres Dulce, has resigned from the post for “personal reasons”, Spanish daily El Mundo reported this morning. A spokesman for the Public Prosecutor’s office confirmed the news by telephone to The Spain Report, saying that Mr. Torres Dulce had informed Justice Minister Rafael Catalá of his decision: “but that it perhaps would not come into effect until they find a replacement”. That decision is taken at cabinet level. The next cabinet meeting for Rajoy’s government is tomorrow morning - Hedge funds including Marshall Wace, Odey Asset Management and Lansdowne Partners are shorting OTP Bank Plc, a Hungarian lender with a Russian subsidiary whose shares have fallen almost 6% this month reports Albourne Village. All three London-based funds took or increased their position this month in OTP, Hungary’s largest lender, according to data compiled by Bloomberg. The ruble rose today in Moscow after plunging as much as 19%against the dollar yesterday, when Russia’s central bank increased interest rates to 17% percent from 10.5 percent in an attempt to stem the decline. The ruble is down 52% this year and has taken a disproportionate beating in the wake of sanctions and falling oil prices. The country still has the third largest currency reserves in the world and so is unlikely to default. According to Eric Chaney, Manolis Davradakis and Greg Venizelos from AXA IM’s Research and Investment Strategy team Russia will likely resort to fiscal stimulus to contain the risk of social and political unrest. Capital controls, political unrest and even default on private hard currency debts are possible outcomes they say. They credit default swaps market is pricing a one-third probability of sovereign default within five years - Indonesia is ramping up financing for its $439bn development program, planning an almost fivefold increase in sales of project sukuk. The government is seeking to raise IDR7.14trn rupiah (around $568m) from notes that will fund particular construction ventures next year, compared with IDR1.5trn this year, which say local press reports, will help finance its estimated spending of about IDR5,519trn from 2015 to 2019 to build roads, railways and power plants.

Chi-X will migrate to BATS Technology at end of April

Friday, 20 April 2012
Chi-X will migrate to BATS Technology at end of April We provide some of the details necessary for traders with the planned migration of Chi-X onto the BATS Technology platform at the end of April. http://www.ftseglobalmarkets.com/

We provide some of the details necessary for traders with the planned migration of Chi-X onto the BATS Technology platform at the end of April.


BATS Chi-X Europe confirms that the Chi-X Europe migration will occur on Monday, 30th April 2012.

Pricing



All pricing for order book and onward routing executions will remain unchanged after the technology migration. The current Spanish market pricing promotion on Chi-X Europe will continue on the CXE order book of BATS Chi-X Europe until 30th June 2012.

The consolidated pricing schedule is available for download at the following link http://batstrading.co.uk/resources/participant_resources/BATSEuro_Pricing.pdf

Order Routing

All order routing facilities available on Chi-X Europe (CXE) and BATS Europe (BXE) will continue after the technology migration. In addition, lit venue order routing with the Parallel D and 2D strategies, which are currently available to BXE participants only, will also be available for customers connecting to CXE FIX or BOE order entry ports.  Participants that wish to utilise onward routing facilities but have not already completed a BATS Trading Limited order routing addendum will need to ensure an order routing addendum is in place. The order routing addendum is available for download from the following link: http://www.batstrading.co.uk/resources/participant_resources/BATS_CXE-Client_Order_Routing_Addendum.pdf

Billing

For existing participants of BXE, billing options and the billing process remain unchanged.  For existing participants of CXE please note that the billing options and billing process will align with BXE from 30th April 2012. Guidance on billing options is available for download at the following link: http://www.batstrading.co.uk/resources/participant_resources/BATSEuro_Billing.pdf

Go-Live Weekend Schedule (Thursday 26th – Monday 30th April 2012):

Note all times below are UK

  • Thursday, 26th April at 16.00: Change Freeze – No new Production port requests will be processed after this time, until Monday 30th April, available for Tuesday 1st May.
  • Thursday, 26th April at 17.50: The old Chi-X Europe Certification (UAT) environment will be shut down.
  • Friday, 27th April at 17.50:  The old Chi-X Europe Production environment will be shut down.
  • Saturday, 28th April 2012 08.00 - 12.00: FIX and BOE application ports on the new Chi-X Europe (CXE) environment will be available for participants to conduct session logon and heartbeat tests. 
  • Saturday, 28th April 2012 at 13.00:  Chi-X Europe Go-Live Communication #1.  If all migration work has been successfully completed, then this will be the final weekend communication.
  • Saturday, 28th April 2012 at 18.00:  Chi-X Europe Go-Live Communication #2.  In the unlikely event that there are migration difficulties, then a further notice will be issued to communicate either go or no-go for Monday, 30th April.
  • Monday, 30th April 2012 at 06.30: Participants will be able to logon and establish application level connectivity to all CXE ports in the new environment.
  • Tuesday, 1st May 2012 at 17:00: The old Chi-X Europe FTP server will be shut down.

Note that all TCP ports will be available for telnet network connectivity tests throughout the weekend and multicast feeds will heartbeat, this is the standard BATS Chi-X Europe configuration outside of trading hours.

In the event of any issues over the weekend, Participants will be kept informed via the normal email distribution channels as well as via the BATS Chi-X Europe Alerts webpage: http://www.batstrading.co.uk/alerts/.

Go-Live Schedule Monday, 30th April 2012:

 Time Activity
04:00 Reference Data Files Available
06:30 Connectivity available to all CXE BOE, FIX, PITCH and DROP, GRP & SPIN ports
06:30 NOC & TradeDesk available for any connectivity issues
08:00 Start of Trading – Market Open

Rollback Approach:

In the event of any unexpected issues, the following contingency plans will be invoked Action
Irresolvable problems over Go-Live weekend. Trading to continue on old technology platform on Monday.  Expect this to be communicated by 18.00 on Saturday if so.
Post go-live site failure on Monday (or later). Invoke Secondary Datacentre (LD3)
Post go-live software or other system problems on Monday. Resolve if possible, if not, resume trading next day on the old technology platform.

Contacts

Connectivity:                                                     NOCEurope@batstrading.com">NOCEurope@batstrading.com  +44.207.012.8905

Application or Trading Queries:                TradeDeskEurope@batstrading.com">TradeDeskEurope@batstrading.com  +44.207.012.8901

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