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Collective and Structured Products Market to be activated as from November 13, 2009
October 26, 2009-Collective and Structured Products Market, shall be activated as of the date of November 13, 2009, following System software release to be made on November 12, 2009.
Stocks and exchange-traded funds to be included in the Collective and Structured Products Market shall start being traded on the basis of continuous auction as of the date of November 13, 2009. Upon completion of the regulatory framework, the warrants of the financial intermediary institutions shall start being traded in the Collective and Structured Products Market under the title of structured products.
The principles related to the other transaction methods planned to be applied in the Collective and Structured Products Market (continuous auction with market maker and single price) shall be separately regulated and the principles and enforcement dates of these transaction methods shall be announced to the public.
Principles of Collective and Structured Products Market
Source: Istanbul Stock Exchange (ISE)
China’s ChiNext market finally made its debut after the ten-year effort.
China’s ChiNext market finally made its debut after the ten-year effort.
October 27, 2009--
China held a significant kickoff ceremony in Shenzhen on October 23 afternoon for its ChiNext market. At p.m. 4:25, the new market, a parallel with the main board officially kicked off in China.
Liu Yanhua, vice minister of the Ministry of Science and Technology, Song Dahan, deputy director of the Legislative Office of the State Council, Yao Gang, vice chairman of the CSRC, Geng Liang, the council chairman of Shanghai Stock Exchange, Shenzhen Municipal leaders and other leaders jointly witnessed the historical moment. Chen Dongzheng, the council chairman of the SZSE presided over the ceremony.
The launching of ChiNext market indicates that China has gradually established the multi-layered capital market system framework consisting of the main board, the SME board, the ChiNext board and OTC transfer market after the almost 20-year development of China’s capital market.
Shang Fulin, Chairman of the CSRC, expressed that the launch and development of ChiNext market will be a booster for the high-tech and high-growth start-ups, providing the entry and exit mechanism of joint risk assumption and interests sharing for various venture investment and social capital, improving the operating efficiency and competitiveness of China’s capital market. Some analysts also pointed out that the launch of ChiNext, the China’s Nasdaq-style market will absolutely lead to the important effect on China’s innovative economy.
“China’s ChiNext market is mainly oriented toward growth start-ups, with the key-point support for independent innovation enterprises”, the relevant person from the CSRC said. Presently the applications of 188 companies have been accepted, involving electronic information, new materials, biological medicines, modern service industry, manufacturing and so forth. Among these companies, the first batch of 28 companies will kick off the trading on Shenzhen Stock Exchange on Oct. 30.
Liu Yanhua also said that China’s ChiNext market has rich listing resources and the ChiNext market will forge the important platform to push forward the independent innovation.
Source: Shenzhen Stock Exchange
Singapore exchange may lose edge in Nifty futures
October 26, 2009--The share of SGX Nifty has risen from 2% in March to 5.9%.
The growth rate of India’s premium benchmark stock index, Nifty, on the Singapore Stock Exchange (SGX) will be appreciably less as a result of extension of trading hours in domestic markets.
The Securities and Exchange Board of India (Sebi) had last week permitted stock exchanges to begin the day as early as 9 am and keep the market open for trading till 5 pm.
However, traders believe the move is unlikely to spell an end to Nifty trading outside the country.
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Source: Business Standard
Shanghai eyes free exchange of yuan and New Taiwan dollar
October 26, 2009-Shanghai has applied to regulators to launch a free exchange between the yuan and the New Taiwan dollar to enhance financial cooperation, the head of the Shanghai Financial Service Office said Sunday.
"With growing trade between Shanghai and Taiwan in recent years, we hope that a free exchange between the yuan and the New Taiwan dollar can be conducted in Shanghai as a trial," said Fang Xinghai at the 6th China International Finance Forum.
"We have applied to the regulators and expect it will be approved soon," Fang said at the two-day forum which ended Sunday.
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Source: People's Daily online
China says no stimulus exit yet despite growth
October 26, 2009--China’s economic growth is likely to speed up this quarter, but the government will stay the course on its fiscal stimulus and loose monetary policy, senior officials said on Monday.
Despite the emphasis on policy continuity, an unmistakable shift towards greater optimism in China’s official rhetoric has led analysts to conclude that Beijing is thinking about how to start unwinding its ultra-loose pro-growth policies. Restating the thrust of a cabinet statement issued last week, Vice Premier Li Keqiang said the economy had performed better than expected and its recovery was now on solid ground.
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Source: Todays Zaman
RTS Index futures record exceeds 1 million volume
October 23, 2009--On October 22, 2009 the market participants completed a record number of trades on FORTS, RTS’s derivatives section – 511,263. The previous record was set on October 21, 2009, when the number of trades reached 491,882. The largest block of trading was in the flagship RTS Index contract, which recorded 330,434 trades.
The new record for trades was driven by a new record for contract volume, with 1,000,330 contracts traded on the day with a value exceeding USD2.8 billion.
The previous record high of 933,472 contracts comprising 313,465 trades for a value of USD2,671,592,654 was seen on October 21, 2009.
The RTS Index futures started trading in August 2005. In two years it became the most liquid instrument of the Russian equity market. According to the rating issued by the Futures Industry Association based on the results of the first half of 2009 the RTS Index futures entered top ten most liquid instruments on indices worldwide.
Source: RTS
Japan FSA extends temporary measures regarding restrictions on short selling and purchase of own stocks by listed companies
October 23, 2009--1.The following regulatory measures on short selling are currently in place, with regard to all listed stocks in Japan:
1) An "uptick rule requirement" which prohibits, in principle, short selling at prices no higher than the latest market price;
2) Requirements for traders to verify and flag whether or not the transactions in question are short selling; and
3) Request the exchanges to make daily announcements on their aggregate price of short selling regarding all securities and aggregate price of short selling by sector (The announcements have been made sequentially since October 14, 2008).
In addition, the Financial Services Agency (FSA) has put in force the following measures, as temporary measures effective until October 31, 2009
1) Naked short selling (short selling in which stocks are not borrowed at the time of selling) is prohibited (effective since October 30, 2008); and
2) Holders of a short position of a certain level or more (in principle, 0.25 percent or more of outstanding issued stocks) are required to report to exchanges through securities firms. Exchanges are required to publicly disclose such information (effective since November 7, 2008).
2. Regarding the purchase of own stocks by listed companies, taking into consideration the of situation Japan's capital markets, the following restrictions have been temporarily relaxed over the period from October 14, 2008, to October 31, 2009.
1)Upper limit on the daily purchase volume
The limit will be raised from the current 25% to 100% of average daily trading volume during the four weeks immediately preceding the repurchase.
2)Timing of purchase
Companies are currently required to repurchase their own stocks during hours other than the 30 minutes immediately before the close of trading. This restriction will be lifted.
3. The FSA decided to further extend these temporary measures until January 31, 2010. To this end, the Cabinet Office Ordinances and FSA Regulatory Notices necessary for these extensions will be promulgated before expiry of these measures by the end of October, 2009.
Contact:
Financial Services Agency
E-mail: foreignpr@fsa.go.jp
Source: Fsa.go.jp
Status Report on New Product and Market Development Initiatives
(Status as of 16 October 2009)
October 23, 2009--
The following initiatives are subject to market support and regulatory approval so they may not be implemented. HKEx will announce further details of these initiatives as they progress.
|
Initiative |
Status on |
Status on | ||
|
1. |
Consultation on Periodic Financial Reporting |
The Listing Committee proposes to consider this issue further towards the end of this year. |
The Listing Committee proposes to consider this issue further at its policy meeting in November this year. | |
|
2. |
Combined Consultation on Proposed Changes to the Listing Rules
|
Consultation conclusions for the three remaining issues under assessment will be published in due course. The Listing Committee and Stock Exchange Board have approved the consultation conclusions and rule amendments relating to self-constructed fixed assets will be published shortly, subject to the Securities and Futures Commission's ( |
The consultation conclusions and rule amendments relating to self-constructed fixed assets and general mandates were published on 31 July and 9 October this year respectively. The consultation conclusions in respect of the one issue that remains under assessment (public float) will be published in due course. | |
|
3. |
Review of Chapter 18 of the Listing Rules |
Market consultation materials were considered on a preliminary basis by the Listing Committee. Now proceeding to the drafting stage. |
The Consultation Paper on New Listing Rules for Mineral and Exploration Companies was published on 11 September this year and the deadline for submissions is 11 November. | |
|
4. |
Consultation on Proposed Changes to Filing and Checklist Requirements for Listing of Equity Securities |
The consultation paper was published on 26 June this year. The deadline for submissions is 31 August. HKEx is streamlining its listing process. |
The consultation conclusions were published on 2 October this year and the Rule amendments will come into effect on 2 November. | |
|
5. |
Consultation on Proposals to Accelerate Rights Issues and Open Offers |
Not included in this issue. |
The consultation paper was published on 31 July this year and the deadline for submissions was 30 September. | |
|
6. |
Consultation on Acceptance of Mainland Accounting and Auditing Standards and Mainland Audit Firms for Mainland Incorporated Companies Listed in Hong Kong |
Not included in this issue. |
The consultation paper was published on 28 August this year and the deadline for submissions is 23 October. | |
|
7. |
Consultation on Proposed Amendments to the Listing Rules on Connected Transactions |
Not included in this issue. |
The consultation paper was published on 2 October this year and the deadline for submissions is 2 December. | |
|
8. |
Exploration of New Financial Products / Services and Review of Existing Products / Services |
Options with Flexible Features |
| |
|
Emissions Products |
| |||
|
Volatility Index-related Products |
| |||
|
Narrower Strike Intervals for Options on Low-priced Stocks
|
HKEx plans to narrow strike intervals of stock options under Strike Interval Group B and add a third quarterly expiry month for the 20 most actively traded option classes and Tracker Fund options before year's end, pending regulatory approval. | |||
|
9. |
Provision of Free Real-time Last Trade Prices on Websites |
The free real-time market data to be available through the designated websites now includes nominal prices in addition to last trade prices. Key service terms have been finalised for the most part with the six short-listed candidates (three from the |
The Free Prices Website Service was soft-launched on 5 October this year on six designated websites. The official launch is set for 1 January next year. | |
|
10. |
T+2 Finality for Stock Exchange Trades and Settlement Instructions |
HKEx is seeking informal feedback from certain banks and clearing house Participants on the proposed T+2 Finality model and plans to consult the market by end of the third quarter this year. |
HKEx has completed the soft consultation on the proposed model and plans to issue a consultation paper in the fourth quarter of this year. | |
|
11. |
Admission of Share Registrars as CCASS Participants |
The |
The Scripless Securities Market Working Group, led by the | |
|
12. |
Automation of Stamp Duty Reporting and Payment |
HKEx aims to introduce electronic stamp duty reporting and payment in the first half of next year, subject to market readiness and rule amendments. |
In progress according to plan. | |
|
13. |
|
Not included in this issue. |
HKEx aims to double | |
| Note: |
AMS/3, the Third Generation Automatic Order Matching and Execution System, is the trading system for the securities market. CCASS/3, the Latest Generation Central Clearing and Settlement System, and the Market Data Feed, or MDF, are the other major market systems supporting the securities market. HKATS, the Hong Kong Futures Automated Trading System, is the trading system for the derivatives market. DCASS, the Derivatives Clearing and Settlement System, and PRS, the Price Reporting System, are the other major market systems for the derivatives market. |
|
Information is added after the date at the top of the column from time to time. |
This report is carried in HKEx's quarterly publication, Exchange, published on 23 October 2009.
Source: Hong Kong Exchange
HKEx to Provide More Choices in its Most Actively Traded Stock Options
October 23, 2009--Hong Kong Exchanges and Clearing Limited (HKEx) announced today (Thursday) that the Securities and Futures Commission has approved the proposed rule amendments for the narrowing of strike intervals in HKEx's stock options market. The changes will be applied to the Strike Interval Group B in Table 1 from 2 November 2009.
Strike Interval Group B now applies to seven stock option classes and there are 10 stock option classes with an additional calendar quarter expiry month for trading. From 2 November 2009, the revised Strike Interval Group B will apply to 20 of the most actively traded stock option classes and Tracker Fund options and all 21 of those stock option classes will have an additional calendar quarter expiry month (see Table 2 below).
The majority of stock option classes will continue to have five expiry months: spot, or current month, the next two calendar months and the next two calendar quarter months (calendar quarter months comprise March, June, September and December). For those with the third calendar quarter month, the expiry months in November 2009 will be: November 2009 (spot), December 2009 and January 2010 (the next two calendar months), and March 2010, June 2010 and September 2010 (the next three calendar quarter months).
"The changes will give market participants more choices," Calvin Tai, HKEx's Head of Derivatives Market, said. "Market participants will be able to find a stock option with a strike price close to the underlying stock's price more easily after strike intervals have been narrowed. Moreover, the addition of a third calendar quarter expiry month will allow market participants to trade longer maturity in the 21 stock option classes and may result in more trading activity."
Stock options are the most actively traded product in HKEx's derivatives market. In the first nine months of this year, the 35,828,701 stock options contracts traded in the market represented about 48 per cent of the total trading volume.
Table 1: Strike Interval Groups for Stock Options from 2 November 2009
|
Underlying Prices |
Strike Interval | |||
|
From |
To |
Group A |
Group B | |
|
From 2 November |
Existing | |||
|
0 |
2 |
0.1 |
0.05 |
0.1 |
|
2 |
5 |
0.2 |
0.1 |
0.2 |
|
5 |
10 |
0.5 |
0.25 |
0.5 |
|
10 |
20 |
1 |
0.5 |
0.5 |
|
20 |
50 |
2 |
1 |
1 |
|
50 |
100 |
5 |
2.5 |
2.5 |
|
100 |
200 |
5 |
2.5 |
2.5 |
|
200 |
300 |
10 |
5 |
5 |
|
300 |
500 |
20 |
10 |
20 |
Table 2: Most Actively Traded Stock Option Classes and Tracker Fund Options (in alphabetical order)
|
|
Strike Interval |
Third Calendar Quarter | ||
|
|
Existing |
From |
Existing |
From |
|
Bank of China Limited |
|
X |
X |
X |
|
Bank of Communications Co, Ltd |
|
X |
|
X |
|
Cheung Kong (Holdings) Limited |
X |
X |
X |
X |
|
China Construction Bank Corporation |
|
X |
X |
X |
|
China Life Insurance Company Limited |
|
X |
X |
X |
|
China Merchants Bank Co, Ltd |
|
X |
|
X |
|
China Mobile Limited |
X |
X |
X |
X |
|
China Petroleum & Chemical Corporation |
|
X |
X |
X |
|
China Shenhua Energy Company Limited |
|
X |
|
X |
|
China Telecom Corporation Limited |
|
X |
|
X |
|
CLP Holdings Limited |
|
X |
|
X |
|
CNOOC Limited |
|
X |
|
X |
|
Hang Seng Bank Limited |
X |
X |
|
X |
|
Hong Kong Exchanges and Clearing Limited |
|
X |
|
X |
|
HSBC Holdings Plc |
X |
X |
X |
X |
|
Hutchison Whampoa Limited |
X |
X |
X |
X |
|
Industrial and Commercial Bank of China Limited |
|
X |
X |
X |
|
PetroChina Company Limited |
|
X |
X |
X |
|
Ping An Insurance (Group) Company of China, Ltd |
|
X |
|
X |
|
Sun Hung Kai Properties Limited |
X |
X |
|
X |
|
Tracker Fund of Hong Kong |
X |
X |
|
X |
Source: Hong Kong Exchange
BNP Paribas brokerage chief quits in Japan
October 23, 2009--BNP Paribas said its chief Japan representative would resign, after the country’s financial regulator ordered the French bank to suspend trading in its equities and commodities derivatives division for two weeks as a penalty for stock price fixing and lack of internal controls.
The bank said Yusuke Yasuda, who heads its brokerage in Japan, is to step down after the penalty, announced by the Financial Services Agency.
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Source: FT.com
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