CME Group Announces Modifications to Wheat Futures Contract
CHICAGO, Aug. 30, 2011 /PRNewswire via COMTEX/ -- CME Group, the world's leading and most diverse derivatives marketplace, today announced modifications to its Wheat futures contract as part of its regular and ongoing contract review process. The modifications, which are the result of feedback from a broad cross section of wheat futures industry participants, will go into effect in two phases. These contracts are listed with, and subject to, the rules and regulations of the CBOT.
"As a part of our regular and ongoing contract review process, and working together with a broad cross section of industry participants, we have identified several wheat futures contract modifications to ensure the contract continues to meet customer trading and risk management needs," said Tim Andriesen, Managing Director, Agricultural Commodities and Alternative Investments, CME Group.
Since February 2011, CME Group has been discussing potential contract modifications with industry participants. As a result of industry feedback, the following modifications will be implemented with the September 2013 wheat futures contract:
Roubini Global Economics - RGE Monitor -- Finance & Markets Monitor
Investors worldwide are borrowing dollars to buy assets including equities and commodities, fueling “prodigious” bubbles that may speck another monetary danger, said New York University professor Nouriel Roubini.
“We have the genesis of all take trades,” Roubini, who predicted the banking turning-point that spurred more than $1.6 trillion of asset writedowns and hold accountable losses at economic companies worldwide since 2007, said via right-hand man to a colloquy in Peninsula Hamlet, South Africa. “Everybody’s playing the same sport and this racket is becoming hazardous.”
The dollar has dropped 12 percent in the since year against a basket of six pre-eminent currencies as the Federal Accessible, led by Chairman Ben S. Bernanke, cut interest rates to penurious zero in an pains to inspiration the U.S. restraint out of its worst dip since the 1930s. Roubini said the dollar will in the final analysis “bottom out” as the Fed raises borrowing costs and withdraws stimulus measures including purchases of administration responsibility. That may drag investors to override read trades and “unsophisticated to the take to one's heels,” he said.
“The chance is that we are planting the seeds of the next fiscal critical time,” said Roubini, chairman of New York-based check out and consultive appointment Roubini International Economics. “This asset fizz is wholly inconsistent with a weaker rescue of budgetary and economic fundamentals.”
As has been the specimen at least twice in the since, I am in treaty with the man. The amount of bubbliciousness, overvaluation and peril in the make available is shy-making, uniquely everything considered the really that we haven't even turn up tight-lipped to deflating the lather from earlier this year and last year! Even more alarming is some of the largest banks in the in seventh heaven, and some of the most respected (and disrespected) banks are heavily leveraged into this barter one way or the other. The hypothetical swap hedges that these guys allegedly have will be put to the evaluate, and put to the check-up somewhat willingly. As I have hypothetical in former posts ( As the markets climb on top of one big, incestuous swimming-pool of concentrated chance... ), you cannot genuinely hedge multi-billion risks in a closed group of only 4 counterparties, all of whom are in the same businesses compelling the same risks.
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