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TOPIC: HKMEx voluntarily surrenders automated trading services

HKMEx voluntarily surrenders automated trading services 19 May 2013 13:05 #1

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Hong Kong, 18 May 2013

The Hong Kong Mercantile Exchange (HKMEx) announces today it has decided to voluntarily surrender the authorisation to provide automated trading services (“ATS”) granted by the Securities and Futures Commission (“the SFC”). With immediate effect, no new orders may be placed and all open positions will be financially settled at the settlement price determined by HKMEx and its designated clearinghouse.

The voluntary surrender decision was made to enable the Exchange to re-align its strategy with the new industry environment since its trading revenues have not been sufficient to support operating expenses and, as a result, its inability to meet the required regulatory financial conditions.

While trading on the Exchange will discontinue, HKMEx as an organisation will continue to operate with its existing staff, and will focus on developing new products including renminbi-denominated precious and base metals contracts that will better meet customer needs. It also intends to re-apply at an appropriate time for an ATS authorization to launch these products with stronger and more effective market maker programs.

More here...

www.commodities-now.com/news/14514-hkmex...rading-services.html

As many of you will realise, I'm waiting for the like of WUB & Andy to translate into English what the relevance of this is. :D
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HKMEx voluntarily surrenders automated trading services 19 May 2013 17:49 #2

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Gilly wrote:

As many of you will realise, I'm waiting for the like of WUB & Andy to translate into English what the relevance of this is. :D


:psketti:
the anorak hides the fact that sean is composed of 95% vaginas
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