The salient features of the regulations include application of fit and proper criteria to the majority shareholders, directors and senior management officers, providing a code of conduct for the board of directors and senior management officers of a futures exchange
, a statement Friday said.
The salient features of the draft regulations include application of fit and proper criteria to the majority shareholders, directors and senior management officers, the application of code of conduct for board of directors and senior management officers and financial resource requirements of minimum paid-up capital (net of losses) of rupees 500 million, with the condition that an existing futures exchange
shall have three years to meet this threshold.
In the mature markets of Japan and Singapore, it will be challenging for Newedge to grow even bigger as we already have 25-30% market share, based on volume traded on the futures exchanges
China will set up a financial futures exchange
in Shanghai late this year or in early 2007 to stimulate industrial commerce, official media said Wednesday.
, and (3) repeal of the Shad-Johnson prohibition of single-stock futures.
Much of the agency's concern comes from one provision in the bill that would allow futures exchanges
to offer separate, less-regulated markets for professional investors, such as banks, companies, funds and wealthy individuals.
Additionally, in order to ensure that a futures exchange
executes its frontline regulatory mandate appropriately, an applicant for a futures exchange
license will be required to submit futures exchange
business rules to the Authority for approval.
HKEx), the holding company of the territory's stock and futures exchanges
, and mainland China's Shanghai Futures Exchange
(SHFE) signed a memorandum of understanding Friday to explore the possibility of developing an Asian energy derivatives market.
The Congress should continue to urge the two agencies to settle their remaining differences so that investors have the opportunity to trade single-stock futures, both on futures exchanges
and on securities exchanges.
The Commodity Futures Trading Commission warns that the last thing the nation's futures exchanges
need is less oversight at a time when rogue traders are roiling global markets and losing billions in unauthorized trades.
Banks and stock and futures exchanges
in Hong Kong reopened Monday afternoon after a serious rainstorm warning was eased by noon.