hello mish, i understand your elected representatives will be doing someone a favor by trying to lower gasoline price via severely increased margin requirement and horribly decreased position limit size, and maybe even by booting out certain sort of players deemed to be evil speculators.
in long, we in hkg would strongly support such an astute course of actions, as while we do not know whether sch interference would succeed in dropping the price of gasoline to within tolerable range of price points so that mr walmarts can continue their spendthrift ways and continue to drive to work at walmart in their suvs and mrs walmarts can stay the wastrel course and keep shopping at walmart after parking their pickup trucks.
in short, we are certain we can fill the vacuum thankfully presented at this critical juncture.
just in in-tray, please see announcement by freedom mountain kowloon officialdom and money rock hong kong authorities, and please take note of the boyz (oops), i meant possible investors listed at the sorry end - who needs the wonderful fun at macau when one can have more wonderful fun in hk :0)
besides, hk is a better trading hub than paranoid new york and regulation chicago put together because trading profit is deemed tax-free in capitalist hk. margin requiremet? we can discuss that and i am sure something competitive can be worked out so that the boyz will have something to work at.
we must keep in mind that a substantial sum making a dent in australian annual gdp move from hk to melbourne during the horse racing season, so, yes, we have plenty of evil speculators and unkind gamblers to spare.
Hong Kong plans to launch a new exchange to trade fuel oil and other commodities in an effort to capitalize on the booming market for raw materials in China, officials announced Wednesday.
The Hong Kong Mercantile Exchange will trade U.S. dollar oil contracts when it opens in the first quarter of 2009, then expand into other commodities trading, the exchange said in a statement.
The fuel oil, to be stored along southern China's border, will be available for delivery on the mainland or overseas.
Backers say the exchange would be a bridge between China and global investors, helping set prices that better reflect the country's surging demand for oil and other raw materials. It would also give traders access to one of the fastest-growing markets for energy.
"There is a huge opportunity for Hong Kong to develop a commodities futures market that can cater to the mainland and we are delighted to see the creation of (a commodities exchange) to accommodate these needs," Hong Kong Financial Secretary John C. Tsang said in a statement.
The exchange will be chaired by Barry Cheung, former Deputy Chairman of Titan Petrochemicals Group., an transportation and oil-storage company. Possible investors and members include Lehman Brothers, Merrill Lynch, Morgan Stanley and other major companies, officials said.
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