Futures fees lowered

Press, 22 July 1988, Page 16

Futures fees lowered

Transaction levies charged by the New Zealand Futures Exchange are to be lowered by 25 per cent from 200 c to 150 c.

The continuing growth in the industry warranted a reduction in fees, the Exchange’s board decided yesterday, the Press Association reports.

“Since inception in 1985 the industry has developed to the stage where it now represents one of the busiest financial markets in New Zealand,” exchange managing director Mr Len Ward said.

“By reducing fees now, benefit of further growth can be experienced by our members, the business sector generally and the public.” “Financial risk management is vital in our difficult economy and obviously it is to everyone’s benefit if the costs of such management are as low as possible.” The new lower fees will be effective from August 1 and will be subject to GST. The clearing house, International Commodities Clear-

Crowe talks

Negotiations are taking place on the restructuring of Crowe Corporation, the Christchurch-based goat farming company. Last week, the chief executive of Crowe, Mr Chris Turner, resigned. Mr Turner was the director of Hong Kong Pacific Merchant Finance, which was put in receivership. The finance company held 12 per cent of Crow’s capital.

ing House, has advised the Exchange it will also reduce its fees from August 1. But no details of ICCH's fee cut are available yet. Meanwhile, trading on the exchange continued to be quiet yesterday ahead of the Budget next week. Dealers said not much upside is expected before the Budget, with many investors squaring positions. However, the increase in open positions, especially in Government stock contracts, indicated that some long positions were being taken. Details of yesterday’s trading were: JUS CONTRACTS Mth Open H/L Last Vol Aug 15209 262/209 262 6 Dec 15700 700/700 700 3 Contracts traded: 9. Open positions at July 20: Aug 309, Sep 34, Dec 28, total 371 (down 8). GOVERNMENT STOCK Mth Open H/L Last Vol Contracts traded: nil. Open positions at July 20: Sep 311, total 311 (same).

GOVERNMENT STOCK 111/93 Mth Open H/L Last Vol Sep 8719 725/711 8719 2004 Dec 8742 742/742 8742 1 Contracts traded: 2005. Open positions at July 20: Sep 4475, Dec 2, Mar 77, total 4554 (up 322). WOOL Mth Open H/L Last Vol Dec 655 655/655 655 2 Contracts traded: 2. Open positions at July 20: Aug 136, Oct 68, Dec 73, Jan 1, Mar 3, total 281 (same). 90-DAY BANK BILLS Mth Open H/L Last Vol Aug 8502 512/502 505 54 Sep 8520 530/520 525 24 Dec 8565 565/565 565 1 Contracts traded: 79. Open positions at July 20: Aug 599, Sep 937, Oct 1, Dec 451, Mar 105, Jun 19, Sep 7, total 2119 (up 125). SYDNEY ALL-ORDS (half-points omitted) Prev. Mth close H/L Last Vol Sep 1652 666/648 658 853 Contracts traded: 853. Open positions at July 20: 4213 (down 15). BARCLAY’S SHARE INDEX Mth Open H/L Last Vol Sep 2110 120/080 2120 67 Contracts traded: 67. Open positions at July 20: Sep 180, total 180 (same).