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Appetite for Dim Sum Bonds Wanes
November 30, 2011--For most of the year, Hong Kong’s “dim sum” bond market appeared invulnerable. Even as other asset classes suffered, renminbi-denominated bonds remained in strong demand from international investors.
In recent months, however, enthusiasm has waned. Dim sum bond prices have declined substantially since September, when investors started to question the widely-held belief that the renminbi will only appreciate against the US dollar.
“The game has changed,” says one fund manager. “There’s less excitement around appreciation and there are fears of a Chinese hard landing.”
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Source: CNBC
Slowing domestic demand hits rupee
November 30, 2011--India’s struggling currency is set to endure its worst month since the Asian financial crisis, driven down by a mixture of slowing domestic demand and concerns over the crisis in the eurozone.
The rupee has declined by more than 6 per cent in the past month, reaching an all-time low last week of R52.73 against the dollar. The fall is the currency’s sharpest decline since November 1997. It fell again on Wednesday, dropping 0.3 per cent, to R52.16.
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Source: FT.com
Nikkei 225 hits lowest level since April 2009
November 23, 2011--The Nikkei average fell more than 1 percent to its lowest level since April 2009 on Thursday, hurt by a worrying German bond sale and expectations that mounting European debt concerns will continue to push overseas equities markets lower.
But strategists say that Tokyo's fall is being tempered by expectations of buying by public pension funds, as well as the Bank of Japan's exchange-traded fund purchases which are part of the central bank's liquidity-boosting program.
"There are no reasons to be optimistic, but there is reason to expect the BOJ and public pension fund buying, so the downside is supported for now," said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley.
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Source: Reuters
Tokyo Exchange Enters $30 Billion Merger Wave With Bid for Rival in Osaka
November 23, 2011--Tokyo Stock Exchange Group Inc.’s takeover of Osaka Securities Exchange Co. marks its entry into a global wave of mergers that has seen $30 billion in proposed acquisitions over the last 13 months.
TSE offered 480,000 yen a share for its smaller rival, a 14 percent premium to Osaka’s close the previous day and 23 percent above its average price since the talks were announced March 10, according to data compiled by Bloomberg. Osaka Securities, whose derivatives platform hosts Nikkei 225 Stock Average futures, rose 4.6 percent to 440,500 yen. The offer implies the bourse is worth 129.6 billion yen ($1.68 billion).
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Source: Bloomberg
China Property Dip Sparks Bank Fears
November 21, 2011--The number of property transactions in China’s largest cities has fallen to dangerously low levels, according to regulatory documents obtained by the Financial Times.
According to the documents, the China Banking Regulatory Commission earlier this year ordered domestic banks to weigh the impact of a 30 per cent decline in housing transactions in “stress tests” aimed at determining the health of the Chinese financial system.
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Source: CNBC
TSE launches New Tdex+ System
A New Dawn for the TSE Derivatives Market
November 21, 2011--Tokyo Stock Exchange, Inc. ("TSE") is pleased to announce today the successful launch of "New Tdex+ System", a new trading platform for derivative products.
The New Tdex+ System is an advanced electronic trading system based on the LIFFE CONNECT® system used by NYSE Liffe in London, the largest European derivatives exchange. LIFFE CONNECT® is highly regarded for its superb performance and state-of-art functionality by investors worldwide. Options trading has been conducted on the existing Tdex+ System since October 2009, but this migration of futures to New Tdex+ System will integrate both trading platforms of the TSE derivatives market and greatly increase system efficiency.
With the introduction of the system, order processing performance is dramatically improved to an average order response of 5 milliseconds* and 36 thousand* orders processed per second. In addition to this, user convenience is greatly enhanced through advances such as the introduction of strategy trading.
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Source: Tokyo Stock Exchange (TSE)
BSE proposes index for climate change
November 17, 2011--Leading bourse BSE today began the consultation process for launch of a carbon index, a move that will help investors mitigate their exposure to financial risks associated with the climate change.
The exchange today released a concept note on its 'Carbon Indexing Project', marking the first-ever attempt to create a Carbon Index in an emerging economy.
Source: The Economic Times
BSE reports record F&O turnover of Rs 1,600 cr
November 17, 2011--The leading stock exchange BSE today achieved a record daily turnover of about Rs 1,600 crore in its derivatives segment, helped by a slew of positive measures taken to boost futures and options trading on its platform.
The BSE's future and option (F&O) turnover today hit a new record high of Rs 1,600.1 crore, surpassing the previous record volume of 1,509.8 crore achieved on February 13, 2008.
Source: Economic Times
SSE Consumer 50 Index To Be Launched
November 17, 2011--To further enhance the SSE and CSI index family as well as to provide new analysis tool and underlying instrument for investors, SSE Consumer 50 Index will be launched on
December 9th, 2011 by SSE and CSI.
Source: Shanghai Stock Exchange
Hong Kong Weighing OTC Derivatives Regulation With Consultation
October 17, 2011-- Hong Kong has begun consultation on proposals for regulation of the city’s over-the-counter derivatives market in a bid to reduce systemic risk in the wake of the 2008 collapse of Lehman Brothers Holdings Inc.
Main proposals included in the consultation paper released by the Hong Kong Monetary Authority and the city’s Securities and Futures Commission include mandatory reporting and central clearing of over-the-counter transactions. Hong Kong Exchanges & Clearing Ltd., the city’s bourse operator, will establish a clearing house for the transactions while the the HKMA will create a trade repository to collect data on the market. The consultation will end on Nov. 30.
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Source: Bloomberg BusinessWeek
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