NEW YORK, May 14 (Reuters) - The New York Mercantile Exchange <NMX.N> said on Wednesday it will increase margins on heating oil-related contracts starting at the close of business on Thursday.
"Margins for the first month of the heating oil, New York Harbor heating oil calendar swap and heating oil financial futures contracts will increase to $8,500 from $8,000 for clearing members, to $9,350 from $8,800 for members, and to $11,475 from $10,800 for customers," NYMEX said in a statement. Second-month margins will rise to $8,000 from $7,500 for clearing members. Margins for the second month will be increased to $8,800 from $8,250 for members, and to $10,800 from $10,125 for customers.
Margins for third through 11th months will be hiked to $7,250 from $6,750 for clearing members, to $7,975 from $7,425 for members, and to $9,788 from $9,113 for customers.
Margins for all other months will increase to $6,750 from $6,250 for clearing members, to $7,425 from $6,875 for members, and to $9,113 from $8,438 for customers.
The NYMEX miNY heating oil futures contract will see margins for the first month increased to $4,250 from $4,000 for clearing members, to $4,675 from $4,400 for members, and to $5,738 from $5,400 for customers.
Second month NYMEX miNY heating oil futures margins will rise to $4,000 from $3,750 for clearing members, to $4,400 from $4,125 for members, and to $5,400 from $5,063 for customers.
Third to 11th month futures margins will be hiked to $3,625 from $3,375 for clearing members, to $3,988 from $3,713 for members, and to $4,894 from $4,556 for customers.
Margins for all other months will rise to $3,375 from $3,125 for clearing members, to $3,713 from $3,438 for members, and to $4,556 from $4,219 for customers. (Reporting by Matthew Robinson; Editing by Christian Wiessner) ((matthew.robinson@thomsonreuters.com: +1 646 223 6052; Reuters Messaging: matthew.robinson.reuters.com@reuters.net)) Keywords: MARKETS ENERGY/NYMEX
SHANGHAI, May 12 (Reuters) - China's foreign exchange market in Shanghai was trading normally after tremors were felt in China's financial centre from a strong earthquake in southwestern China's Sichuan Province, the exchange said.
China's main stock market based in Shanghai also functioned normally until its usual closing time of 3 p.m. (0700 GMT), an exchange official said.
Some fund managers and brokers, however, reported their stock trading was affected after China's tallest building, the Jinmao Tower, and other highrise buildings in Shanghai were ordered to evacuate after the tremors were felt. (Reporting by Lu Jianxin; Editing by Edmund Klamann) ((jianxin.lu@reuters.com; +86 21 6104 1792)) Keywords: CHINA EARTHQUAKE/MARKETS
(Updates prices)
By Humeyra Pamuk
LONDON, April 28 (Reuters) - Steel futures began open outcry trading on the floor of the London Metal Exchange (LME) on Monday, taking the conservative $800 billion industry into what many traders hope will be a new era.
Trading in steel billets started almost as soon as LME Commercial Director Liz Milan rang the bell to start the session on Europe's last open outcry trading floor.
The Mediterranean steel contract <FMDQ8=LX> saw trades at $995 and $1,005 a tonne and was last at $990/1,000, while the Far East contract <FFDQ8=LX> was last traded at $995.
"It is a big day," said Martin Abbott, the Chief Executive of the LME.
Latest Reuters data showed total matched trade on the ring on the Mediterrenean contract reached 18 lots and on the Far East contract 4 lots.
The first trades took place between AMT and Natexis.
Other ring dealers including Barclays, Metdist and Sucden also took part in the trading.
"It was a good start," an LME trader on the floor said. "Everyone was involved and we've got people with positions now, which they have to unwind at some point. So this is not over yet," he said.
"A VERY BIG THING"
The regional contracts, covering the Far East and the Mediterranean regions, have been trading electronically and by telephone since Feb. 25 and almost 500 lots -- equivalent to 32,500 tonnes -- of trade has gone through.
But several big producers, who have been enjoying pricing power amid sky-high global steel prices have repeatedly dismissed the idea of a futures market for steel.
Still, many dealers say the industry needs steel futures and that the contract should thrive over time.
"We see it becoming a very big thing," another second floor trader said.
Several market participants draw similarities with aluminium futures, which were dismissed when they were first launched 30 years ago.
"I don't see it taking that long," said Jean-Luc Fiorenzoni, head of steel price risk management at the world's largest independent steel trader, Stemcor, which trades around 20 million tonnes of steel a year.
"People understand the concept of derivatives much better than 20-30 years ago ... And we believe that the industry really needs them," he said.
The LME is also looking at expanding steel futures, possibly adding North America as a third region.
"We have our plans, we will monitor the progress," LME's Abbott said, adding the launch could come as early as the end of this year.
Abbott said the LME wanted to launch the first physically deliverable steel contract in the North America.
Meanwhile, if the current two contracts correlated, the Exchange might merge them.
For related stories on the LME's launch of steel futures, please click on [ID:nL2544949]
(Reporting by Humeyra Pamuk; editing by Peter Blackburn) ((humeyra.pamuk@reuters.com; Reuters Messaging: humeyra.pmuk.reuters.com@reuters.net; +44 20 7542 9736))
Keywords: STEEL/LME
(Updates prices)
By Humeyra Pamuk
LONDON, April 28 (Reuters) - Steel futures began open outcry trading on the floor of the London Metal Exchange (LME) on Monday, taking the conservative $800 billion industry into what many traders hope will be a new era.
Trading in steel billets started almost as soon as LME Commercial Director Liz Milan rang the bell to start the session on Europe's last open outcry trading floor.
The Mediterranean steel contract <FMDQ8=LX> saw trades at $995 and $1,005, while the Far East contract <FFDQ8=LX> was quoted at $985/$1,000 and saw business at $985.
In the second ring, the Mediterranean contract was quoted at $999/1,000 per tonne while the Far East contract was quoted at $990/990.5.
"It is a big day," said Martin Abbott, the Chief Executive of the LME.
Five lots of the Mediterranean contract were concluded and three lots of the Far East contract were done.
The first trades took place between AMT and Natexis.
Other ring dealers including Barclays, Metdist and Sucden also took part in the first session.
"It was a good start," an LME trader on the floor said. "Everyone was involved and we've got people with positions now, which they have to unwind at some point. So this is not over yet," he said.
"A VERY BIG THING"
The regional contracts, covering the Far East and the Mediterranean regions, have been trading electronically and by telephone since Feb. 25, despite opposition from major steelmakers in the industry including ArcelorMittal <ISPA.AS>.
Many dealers say the industry needs steel futures and that the contract should thrive over time.
"We see it becoming a very big thing," another second floor trader said.
Several market participants draw similarities with aluminium futures, which were dismissed when they were first launched 30 years ago.
"I don't see it taking that long," said Jean-Luc Fiorenzoni, head of steel price risk management at the world's largest independent steel trader, Stemcor, which trades around 20 million tonnes of steel a year.
"People understand the concept of derivatives much better than 20-30 years ago ... And we believe that the industry really needs them," he said.
The LME is also looking at expanding steel futures, possibly adding North America as a third region.
"We have our plans, we will monitor the progress," LME's Abbott said, adding the launch could come as early as the end of this year.
Abbott said the LME wanted to launch the first physically deliverable steel contract in the North America.
Meanwhile, if the current two contracts correlated, the Exchange might merge them.
For related stories on the LME's launch of steel futures, please click on [ID:nL2544949]
(Reporting by Humeyra Pamuk; editing by Chris Johnson) ((humeyra.pamuk@reuters.com; Reuters Messaging: humeyra.pmuk.reuters.com@reuters.net; +44 20 7542 9736))
Keywords: STEEL/LME
(Adds details, paragraphs 2, 10-14)
TAIPEI, April 28 (Reuters) - Taiwan President-elect Ma Ying-jeou's incoming administration on Monday named two veteran administrators as finance and defence ministers, favouring experience over younger talent for the new cabinet.
But a third appointment, former minor party legislator Lai Hsing-yuan as Taiwan's top China policy maker, sparked controversy because Lai is seen as close to former President Lee Teng-hui, who angered Beijing with his tough independence stance.
China has claimed self-ruled Taiwan as its territory since the end of the Chinese civil war in 1949 and pledged to bring the island under its rule, by force if necessary.
Premier-designate Liu Chao-shiuan named Lee Sush-der as finance minister and Chen Chao-min to head the defence ministry.
Lee Sush-der is currently secretary of the Taipei city government, with previous experience in the finance ministry, while Chen was a senior official in the air force.
Liu also named former Taiwan Stock Exchange Chairman Gordon Chen as head of the Financial Supervisory Commission, which is formulating policy that will allow Taiwan's financial sector to invest in the fast-growing China market.
Analysts said the appointments, following an earlier round last week, represent a continuation of giving top positions to people with long government and regulatory experience.
Ma, of the China-friendly Nationalist Party (KMT), has pushed for building Taiwan's economy by improving trade ties with China since his landslide election win on March 22.
"I think most people are little bit surprised that the KMT could not find new people," said Shane Lee, political science professor at Chang Jung University. "So people may start wondering why didn't the KMT train any new leaders in the past eight years."
The appointment of Lai, a former legislator of the Taiwan Solidarity Union (TSU) party, as chairwoman of the Mainland Affairs Council has stirred controversy because of her background.
"Her ability is very strong, but her point of view is questionable as she changes a lot," said Hsu Yung-ming, a political science professor at Soochow University. "Is she supporting Ma's policies or Lee Teng-hui's policies?"
The TSU, backed by former President Lee, favours formal independence from China. Lee Teng-hui upset China in the 1990s by advocating a state-to-state relationship instead of unification.
Ma said he picked Lai for her economic background and experience in helping to negotiate Taiwan's entry to the World Trade Organisation (WTO).
"She won't decide policy," KMT Vice-Chairman Chiang Pin-kung told Reuters. "She will carry out the president's policies."
The names announced on Monday round out all of Ma's major cabinet appointments. (Reporting by Ralph Jennings and Doug Young; Editing by Alex Richardson) ((ralph.jennings@thomsonreuters.com; +886 2 2508 0815; Reuters Messaging: ralph.jennings.reuters.com@reuters.net)) Keywords: TAIWAN FINMIN/
Next: LME Mediterranean contract quoted at $900/$1,000/T