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32-456: The Group, which is listed on the Stock Exchange of Hong Kong , was founded in 1996, under the name Perfect Treasure Holdings Limited and would go on to acquire and take on the name of the much older Sing Tao newspaper. Perfect Treasure was acquired by Charles Ho and renamed to Global China Technology Group Limited in mid-2000. The following January, Global China Technology Group acquired

64-590: A 24.4% ownership interest and Dow Jones & Company receiving a 2.6% ownership interest in the joint venture. In April 2013, CME Group purchased the remaining Dow Jones & Company interest for $ 80.0 million, increasing CME Group's interest in S&;P Dow Jones Indices from 24.4% to 27.0%. On December 3, 2012, CME Group acquired the Kansas City Board of Trade , the dominant venue for the sale of hard red winter wheat , for $ 126 million in cash. On March 15, 2016,

96-472: A 51.36% majority holding in Sing Tao Holdings from private equity fund Lazard Asia and Ho became executive chairman of both Global China Technology Group and Sing Tao Holdings. In 2002, Sing Tao Holdings was fully acquired by GCT. The company was then renamed again, from Global China Technology Group to Global China Group Holdings Limited, on 4 October 2002. At this time its business interests included

128-567: A computer-assisted trading system on 2 April 1986. In 1993 the exchange launched the "Automatic Order Matching and Execution System" (AMS), which was replaced by the third generation system (AMS/3) in October 2000. David Webb , independent non-executive director of the Exchange since 2003, has been arguing for a super regulatory authority to assume that role as regulator, as there is an inherent conflict between its commercial and regulatory roles. In

160-602: A counterparty to every cleared transaction, including both listed and OTC derivatives, within the company's marketplace. CME Group is a member of CCP Global , a trade group of central counterparty clearinghouses from around the globe. CME Group's history of member-owned exchanges and mergers and acquisition of rivals have led to an unconventionally large board size for a publicly traded company. In 2018, six of its 20 sitting board directors were elected by holders of Class B shares, representing owners of exchange seats, as opposed to that of publicly traded Class A shares. In comparison,

192-401: A ninety-minute lunch break, and an afternoon session from 1:30 pm to 4:00 pm. Index futures and options now began trading at 9:15 am, thirty minutes earlier than before, and closed at the same time as before, 4:15 pm. On 5 March 2012, the lunch break was cut to sixty minutes, with the afternoon session running from 1:00 pm to 4:00 pm. The exchange first introduced

224-406: A pre-opening auction from 9:30 am to 9:50 am, followed by continuous trading from 10:00 am to 12:30 pm and 2:30 pm to 4:00 pm. The two-hour lunch break between the morning and afternoon sessions was the longest among the world's 20 major stock exchanges . A 2003 proposal to shorten the lunch break failed due to opposition from brokers. Another plan to shorten the lunch break to one hour was floated by

256-1091: A result, the Securities and Futures Commission (SFC) was set up in 1989 as the single statutory securities market regulator. The market infrastructure was much improved with the introduction by the exchange of the Central Clearing and Settlement System (CCASS) in June 1992 and the Automatic Order Matching and Execution System (AMS) in November 1993. Since then, the framework of market rules and regulations, both exchange-administered or otherwise, have been undergoing continuing review and revision to meet changing market needs while ensuring effective market regulation. The Exchange Listing Rules have been made more comprehensive, and other existing regulations have been improved or new regulations introduced to enhance market development and investor protection. Enhancements were also made to

288-401: A significant cause of the event was the use of spoofing algorithms by Navinder Singh Sarao, a British financial trader; just prior to the flash crash, he placed orders for thousands of E-mini S&P 500 stock index futures contracts — which traded on CME Group's Globex platform — and later replaced or modified those orders at least 19,000 times before they were cancelled. The event led to

320-401: Is owned (through its subsidiary Stock Exchange of Hong Kong Limited ) by Hong Kong Exchanges and Clearing Limited (HKEX), a holding company that it also lists ( SEHK :  388 ) and that in 2021 became the world's largest bourse operator in terms of market capitalization , surpassing Chicago-based CME . A 2021 poll reported that approximately 57% of Hong Kong adults had money invested in

352-453: Is the daughter of Kwok Ying-shing ( 郭英成 ), chairman of the mainland property firm, Kaisa Group , instantly became the majority shareholder, up from zero. Ho retained just three percent of the company. Stock Exchange of Hong Kong The Stock Exchange of Hong Kong (香港交易所, SEHK , also known as Hong Kong Stock Exchange ) is a stock exchange based in Hong Kong . It is one of

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384-812: The University of Toronto . On 22 February 2005, Global China Group Holdings was renamed to Sing Tao News Corporation . In the same year Sing Tao sold the headquarters of its newspaper division in Kowloon Bay , Kowloon. The headquarters was later relocated to A Kung Ngam in Hong Kong Island. In 2017, the headquarters was relocated to Tseung Kwan O . In February 2021, Ho sold a 28 percent stake in Sing Tao News Corporation to Kwok Hiu-ting (Guo Xiaoting), vice chairwoman of mainland property management firm Kaisa Prosperity, for HK$ 370 million. Kwok, born 1994, who

416-679: The NYMEX exchange and the Commodity Exchange (COMEX), for $ 8.9 billion in cash and CME Group stock. On February 10, 2010, CME Group agreed to purchase 90% of Dow Jones & Company's financial-indexes business, including the Dow Jones Industrial Average . CME Group and Dow Jones & Company subsequently contributed the Dow Jones Indexes to the formation of S&P Dow Jones Indices joint venture, with CME Group receiving

448-460: The average company in the S&;P 500 had no more than 11 board directors. On August 23, 2018, the company offered holders of Class B shares about $ 10 million to relinquish control of their six board seats. The move was subsequently rejected. CME Group was at the center of the 2010 flash crash , which took place on May 6, 2010. According to a Commodity Futures Trading Commission (CFTC) 2014 report,

480-515: The company also has offices in New York, Houston, and Washington D.C., in the U.S., as well as abroad in Bangalore, Beijing, Belfast, Calgary, Hong Kong, London, Seoul, Singapore, and Tokyo. The Chicago Mercantile Exchange (CME), was founded in 1898 as a nonprofit corporation . In 1919, it established its clearing house. In 2000, CME demutualized (became a joint stock company). In 2002, CME Group,

512-680: The company operates financial derivatives exchanges including the Chicago Mercantile Exchange , Chicago Board of Trade , New York Mercantile Exchange , and The Commodity Exchange. The company also owns 27% of S&P Dow Jones Indices . It is the world's largest operator of financial derivatives exchanges. Its exchanges are platforms for trading in agricultural products, currencies , energy, interest rates , metals, futures contracts , options , stock indexes , and cryptocurrencies futures. In addition to its headquarters in Chicago,

544-581: The company's CEO. In November 2016, Gill retired from his role and Terrence A. Duffy , then executive chairman and president of the company, took on an expanded role as its CEO. In 2021, the firm struck a partnership with Google to build its cloud strategy, which saw the tech giant investing $ 1 billion in CME Group. In 2022, CME Group futures and options reached a record average daily volume of 23.3 million contracts. On August 22, 2008, CME Group acquired New York Mercantile Exchange (NYMEX), owner of both

576-537: The distribution of Nikon cameras and the provision of broadband services, in China, along with the newly acquired Sing Tao media stable. Ho had been honorary chairman of Sing Tao Holdings since September 1999, when it was acquired by Lazard Asia after struggling under founder-family member Sally Aw . In mid-2002 the Sing Tao subsidiary, excluding Sing Tao Media Holdings, which held the Sing Tao newspaper, and Colony Hotel ,

608-529: The exchange also implemented a closing auction session to run from 4:00 pm to 4:10 pm, with a similar pricing mechanism as the opening auction; however, this resulted in significant fluctuations in the closing prices of stocks and suspicions of market manipulation . Initially, the exchange proposed limiting price fluctuations in the auction sessions to 2%; in the end, they removed the closing session entirely in March 2009. Up until 2011, trading hours comprised

640-495: The exchange in 2010; the morning session would then start earlier, run from 9:30 am to 12:00 pm, and the afternoon session from 1:00 pm to 4:00 pm, leaving the closing time the same as before. Justifications included bringing hours into line with China. Reactions from both brokers and the restaurant industry were mixed. On 7 March 2011, the exchange extended its hours in the first of two phases. The morning session now ran from 9:30 am to 12:00 noon, followed by

672-998: The firm announced the sale of its suburban Chicago data center in Aurora, IL to CyrusOne for $ 130 million, in a leaseback transaction. On November 2, 2018, CME Group acquired the London-based NEX Group for $ 5.5 billion. CME Group operates a global derivatives marketplace that allows institutions and individuals to trade futures and options based on interest rates, equity indexes, foreign exchange, energy, metals, and agricultural commodities. The company runs an electronic trading platform, CME Globex , which allows customers in approximately 150 countries to trade futures and options contracts. The company also operates two cash market businesses: BrokerTec, which facilitates dealer-to-dealer trading for fixed-income markets, and EBS, which provides foreign exchange spot trading. In addition, CME Group operates CME Clearing, which serves as

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704-491: The formation of a unified stock exchange. The Stock Exchange of Hong Kong Limited was incorporated in 1980 and trading on the exchange finally commenced on 2 April 1986. Since 1986, a number of major developments have taken place. The 1987 market crash revealed flaws in the market and led to calls for a complete reform of the Hong Kong securities industry. This led to significant regulatory changes and infrastructural developments. As

736-487: The largest stock exchanges in Asia and the 9th largest globally by market capitalization as of August 2024. The exchange plays a crucial role in connecting international investors with mainland Chinese companies, serving as a major platform for capital raising. Unlike mainland Chinese exchanges , it operates under Hong Kong’s distinct regulatory framework, which allows greater access to foreign investors. The stock exchange

768-611: The listing of the first China-incorporated enterprise (H share) in June 1993 ( Tsingtao Brewery ); and the introduction of regulated short selling in January 1994 and stock options in September 1995. Furthermore, the exchange introduced the Growth Enterprise Market (GEM) in November 1999 to provide fundraising opportunities for growth companies of all sizes from all industries, and to promote the development of technology industries in

800-457: The magazine publishing division of the group. The predecessors of Sing Tao Holdings as the parent company of Sing Tao group, was Sing Tao Limited (aka: Sing Tao Newspapers Limited and Sin Poh Amalgamated (H.K.) Limited). As of 2018, Sing Tao Limited still operated as a company and a subsidiary of Sing Tao News Corporation. In 2003, Colony Hotel, which the company partially owned, was sold to

832-469: The meantime, he argues for improved investor representation on the Hong Kong Stock Exchange. In 2007, the uproar by smaller local stockbrokers over the decision by board of directors to cut minimum trading spreads for equities and warrants trading at between 25 HK cents and HK$ 2 caused the new board to vote to reverse the decision. The reforms were to be implemented in the first quarter, but

864-572: The parent company of CME, became a public company via an initial public offering . On July 12, 2007, CME Group completed a merger with the CME's historical rival, the holding company for the Chicago Board of Trade , founded in 1848, in an $ 8 billion deal that created the world's largest financial market. The company then launched as CME Group Inc., a CME/Chicago Board of Trade Company. In 2012, Phupinder Gill, then CME Group's president and COO, became

896-540: The region. According to the reform plan announced in March 1999, the Exchange, the Hong Kong Futures Exchange and their clearinghouses merged into a new holding company, the Hong Kong Exchanges and Clearing Limited . source: HK Ex The trading day consists of: The closing price is reported as the median of five price snapshots taken from 3:59 to 4:00 pm every 15 seconds. In May 2008,

928-477: The stock market. The physical trading floor at Exchange Square was closed in October 2017. The Hong Kong securities market can be traced back to 1866, but the stock market was formally set up in 1891, when the Association of Stockbrokers in Hong Kong was established. It was renamed as The Hong Kong Stock Exchange in 1914. By 1972, Hong Kong had four stock exchanges in operation. There were subsequent calls for

960-452: The system infrastructure, including the launch of off-floor trading terminals in brokers' offices in January 1996. The third generation of the trading system, AMS/3, was launched in 2000. It provides enhanced functionality and a platform for a straight-through transaction process. In respect of market and product development, there is the listing of the first derivative warrant in February 1988,

992-476: Was put back on the table following protests by brokers. Webb criticised the board for caving in to vested interests. Source: HKEX, in billions of Hong Kong dollars, Data updated on 14 February 2018 22°17′03″N 114°09′28″E  /  22.28414°N 114.15768°E  / 22.28414; 114.15768 CME Group CME Group Inc. is a financial services company. Headquartered in Chicago ,

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1024-402: Was sold on to Ming Yuan Investment Group, a private company owned by Yao Yuan. Sing Tao Holdings became known as Shanghai Mingyuan Holdings , from October 2002. Sing Tao Media Holdings was an intermediate company for newspaper and magazine business of the former Sing Tao Holdings group. In early 2002, Sing Tao Media acquired the Hong Kong magazines 'Teens' and 'East Touch', as founding titles in

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