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Huge IPO share price 'pops' raise questions in HK
January 23, 2017--Trend suggests junior GEM market is being used as a back door to main exchange.
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Source: FT.com
IMF Working paper-Indian Financial Sector: Structure, Trends and Turns
January 20, 2017--This paper traces the story of Indian financial sector over the period 1950-2015. In identifying the trends and turns of Indian financial sector, the paper adopts a three period classification viz.,(a) the 1950s and 1960s, which exhibited some elements of instability associated with laissez faire but underdeveloped banking; (b) the 1970s and 1980s that experienced the process of financial development across the country under government auspices, accompanied by a degree of financial repression; and (c) the period since the 1990s till date, that has been characterized by gradual and calibrated financial deepening and liberalization.
Focusing more the third period, the paper argues that as a consequence of successive reforms over the past 25 years, there has been significant progress in making interest and exchange rates largely market determined, though the exchange rate regime remains one of managed float, and some interest rates remain administered. Considerable competition has been introduced in the banking sector through new private sector banks, but public sector banks continue have a dominant share in the market. Contractual savings systems have been improved, but pension funds in India are still in their infancy. Similarly, despite the introduction of new private sector insurance companies coverage of insurance can expand much further, which would also provide greater depth to the financial markets. The extent of development along all the segments of the financial market has not been uniform. While the equity market is quite developed, activities in the private debt market are predominantly confined to private placement form and continue to be limited to the bluechip companies. Going forward, the future areas for development in the Indian financial sector would include further reduction of public ownership in banks and insurance companies,, expansion of the contractual savings system through more rapid expansion of the insurance and pension systems, greater spread of mutual funds, and development of institutional investors. It is only then that both the equity and debt markets will display greater breadth as well as dept,, along with greater domestic liquidity. At the same time, while reforming the financial sector, the Indian authorities had to constantly keep the issues of equity and efficiency in mind.
view the IMF Working paper-Indian Financial Sector: Structure, Trends and Turns
Source: IMF
Korea's derivatives market in protracted slump
January 19, 2017--South Korea's derivatives market shows no signs of bouncing back, data showed Thursday, amid criticism that strict regulations continue to damp investors' appetite.
The country once boasted the world's largest derivatives market, but it has suffered a sharp decline in trading over the past several years.
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Source: koreaherald.com
Bitcoin exchange BTCC: China hasn't said margin trading illegal
January 19, 2017--The head of Chinese bitcoin exchange BTCC on Thursday denied media reports that the central bank had ruled it was offering margin loans illegally, and he said the platform is operating normally.
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Source: Reuters
Renminbi weaker after strongest fix in 2 months
January 18, 2017--PBoC sets midpoint of trading band at highest level since mid-November.
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Source: FT.com
China cuts Treasury holdings to lowest since 2010
January 18, 2017--Beijing's efforts to stabilise its currency threaten to push interest rates higher.
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Source: FT.com
IMF Working paper-Korea's Challenges Ahead-Lessons from Japan's Experience
January 18, 2017--This paper draws out the parallels between Korea and Japan in terms of demographics, potential growth, balance sheets, asset prices and inflation. Korea's demographic trends seem to track Japan's with a lag of about 20 years.
Low productivity in the service sector and labor market duality are common to both countries and need to be addressed with structural reforms. While Korea's corporate balance sheets are stronger than Japan's in the early 1990s, Korea needs to progress with the restructuring of nonviable firms to avoid the adverse consequences of delayed balance-sheet repair that Japan experienced. Given its strong fiscal balance sheet position, Korea can afford using fiscal policy actively to incentivize corporate restructuring and structural reforms and cushion their possible short-term adverse impact. Korea can prevent bubbles in asset prices that were at the origin of Japan's initial crisis with the continued use of macroprudential policies. Although Korea does not appear to be headed toward deflation, new econometric analysis presented in the paper suggests that aging will exert a downward drag on its inflation going forward.
view the IMF Working paper-Korea's Challenges Ahead-Lessons from Japan's Experience
Source: IMF
World Bank: Improved effectiveness of spending in Indonesia can boost growth in 2017
January 17, 2017--Indonesia's reforms to fiscal policy and the investment climate are expected to boost the economy-projected to grow at 5.3 percent in 2017-according to a new World Bank report released today.
Like the rest of the world, Southeast Asia's largest economy faces intensifying risks, such as uncertainty in global economic policy and global financial market volatility, says the Indonesia Economic Quarterly, January Edition.
view the World Bank January 2017 Indonesia Economic Quarterly-Sustaining Reform Momentum report
Source: World Bank
BetaShares launches Global Sustainability Leaders ETF (ASX: ETHI)
January 17, 2017--We're proud to announce the launch of the Global Sustainability Leaders ETF (ASX: ETHI)' the first global equities ETF available on ASX that uses a broad set of ethical eligibility screens.
ETHI invests in 100 large global stocks from developed market countries (excluding Australia) that are climate change leaders.
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Source: betashares.com.au
Behind China,s Bond Selloff, a Risky Twist on the Repo Trade
January 17, 2017--Trading practice called 'dai chi' sprouted up in China's long credit boom-and has helped exacerbate the bond-market rout.
The turmoil at a Chinese midsized brokerage firm that exacerbated China's recent bond-market rout also highlighted a little-regulated practice that companies have used to borrow hundreds of billions of dollars and move risky assets temporarily off their books.
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Source: Wall Street Journal
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