Magazine article Modern Trader

International News

Magazine article Modern Trader

International News

Article excerpt

LIBOR LURCH

The validity of the London Interbank Offered Rate (LIBOR), to which hundreds of trillions of dollars in loans are pegged around the world, is being investigated by the British Bankers' Association after several banks complained about the way prices are set. Specifically, they charge that some banks were low-balling the rates they pay to avoid speculation they were in a liquidity crunch. Rates leapt after the investigation was announced.

LME GOING AMERICAN

The London Metal Exchange, which recently launched European and Asian steel futures contracts, says it's now aiming to launch a contract for the Americas by year-end, with steel warehouses across the southern United States. The location is key, because steel generally flows from Latin America to North America, and locating the warehouses near producers would be too easy to dump.

ISE AND TSEC SIGN MOU

In an effort to establish further cooperation between Taiwan and U.S. exchanges, the Taiwan Stock Exchange Corporation (TSEC) and the International securities Exchange (ISE) signed a Memorandum of Understanding (MOU) on May 5. The MOU allows for the expansion of Taiwan-related ETFs, which may be added later this year for trading on ISE's options and stock exchanges. ISE currently lists three ETFs/indexes based on Taiwanese companies for options trading. "Access to markets in Taiwan is more open after signing the MOU," says a TSEC spokesperson.

TSE PICKS LIFFE CONNECT

Tokyo Stock Exchange (TSE) is enhancing its options trading capabilities with the start of a new options trading system using NYSE Euronext's Liffe Connect technology. …

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