By Silla Brush
Jan. 31 (Bloomberg) -- The U.S. Commodity Futures Trading Commission is
fixating childishly over Dodd-Frank Act rules while ignoring its
traditional responsibility for overseeing futures markets, Commissioner
Battered Just Weeks Ago, Resources Shake Off Global Fears
Commodity prices are surging again, rebounding sharply from the steep
declines late last year, as buyers gain confidence Europe's debt problems
By Silla Brush
The U.S. Commodity Futures Trading Commission, which is working to complete
Dodd-Frank Act rules for derivatives markets, is weighing new rules and
oversight of companies that use automated...
By SCOTT PATTERSON and AARON LUCCHETTI
Nearly three months after MF Global Holdings Ltd. collapsed, officials
hunting for an estimated $1.2 billion in missing customer money
increasingly believe that much of...
Activist group Adbusters calls on demonstrators to invoke spirit of Chicago
Seven to pull off 'biggest multinational occupation'
Adbusters, the group which helped spark the Occupy movement, has put out...
BY Emily Lambert
Financial market regulators have spent the past two years trying to fix
everything from inadequate derivatives oversight to stock market flash
crashes. It's slow going. While Reuters recently...
CME GROUP PROFIT INCREASES ON ILLINOIS STATE TAX BENEFIT
By Matthew Leising
CME Group Inc. (CME), owner of the world's largest futures market, said fourth-quarter profit rose because of an Illinois tax benefit.
Net income climbed to $746 million, or $11.25 a share, from $196 million, or $2.93 a share, a year earlier, Chicago-based CME said today in a statement distributed by PR Newswire. Excluding the tax benefit and other items, profit was $236 million, or $3.55 a share, trailing the average estimate of $3.64 in a Bloomberg survey of 20 analysts. Daily futures and options volume in the quarter averaged 11.7 million contracts, down 2 percent from a year earlier, CME said in a Jan. 4 statement.
Futures contracts based on indexes such as the Standard & Poor's 500 Index or the Dow Jones Industrial Average traded on average 3.1 million times a day in the quarter, up from 2.5 million in the year-ago period, CME Group said last month. Interest-rate contracts, the largest category of futures at the exchange, fell 15 percent to an average 4.7 million a day.
Volume for the CME's ClearPort service, which guarantees swap contracts with its clearinghouse and generates the company's highest fees per contract, jumped 20 percent in the quarter.
Revenue fell 3.5 percent to $737 million in the three months ended Dec. 31, from $763 million a year earlier, the company said.
CME Group shares have fallen 22 percent over the past year through yesterday. They rose $5.97, or 2.5 percent, to $245.48 yesterday in Nasdaq Stock Market composite trading.
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