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China banks face up to capital delays
PBoC slow to approve subordinated bond issues
Onshore bankers suspect regulator trying to curb lending
Banks may resort to preferred share issuance
December 9, 2013--A growing backlog of onshore subordinated bonds is putting Chinese lenders under pressure to find alternative sources of capital, potentially opening the door for the country's first preferred share issuance.
China's banks have announced plans to issue Rmb327.7bn (US$53.8bn) of Tier 2 bonds to top up their Basel III capital, according to regulatory filings and company sources. The People's Bank of China has been slow to grant approvals, however, and only one lender has issued Tier 2 debt in the local market since China adopted Basel III rules at the start of 2013.
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Source: Reuters
Exit polls charge up stocks, rupee
Sensex, Nifty surge, but shed some of their gains
December 6, 2013--The exit poll projections that the Bharatiya Janata Party (BJP) could win in four of the five states where Assembly elections concluded on Wednesday came as a shot in the arm for Indian shares and the rupee on Thursday. Foreign institutional investors (FIIs) boosted purchase of local shares, while NSE's volatility index (VIX), a measure for the market's perception of near-term risks, plunged on hopes BJP would turn out to be the winner when the actual poll results were announced on Sunday.
Foreign institutional investors (FIIs) boosted purchase of local shares, while NSE’s volatility index (VIX), a measure for the market's perception of near-term risks, plunged on hopes BJP would turn out to be the winner when the actual poll results were announced on Sunday.
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Source: The Business Standard
PHL warming up to Asean common capital market
December 6, 2013--The Philippines has firmed up plans to join Association of Southeast Asian Nations'(Asean) bid for capital market integration, a move meant to establish brand recognition for the region as an asset class.
In a statement, the Securities and Exchange Commission (SEC) said it hosted a consultative meeting with various market participants on November 27 to discuss the Asean Disclosure Standards and Review Framework that will facilitate multi-jurisdiction offering of equities and bonds.
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Source: Business Mirror
Japan approves $182 bln economic package
December 5, 2013--Japanese Prime Minister Shinzo Abe's cabinet approved a $182 billion economic package on Thursday to pull the economy out of deflation, but doubts remain about the economic impact.The package has a headline value of 18.6 trillion yen ($182 billion), which is an exaggerated figure as the bulk of the package includes loans from government-backed lenders and spending by local governments that was already scheduled.
The core of the package is 5.5 trillion yen in spending measures Abe ordered in October to bolster the economy ahead of a national sales-tax hike in April, and the government does not have to sell new debt to fund this spending. The package has raised concerns that Japan's government has not broken away from the stop-gap measures and piecemeal policymaking that some say has hampered long-term growth. "Market participants want the government to focus even more energy on economic policy," said Hiroshi Miyazaki, senior economist at Mitsubishi UFJ Morgan Stanley Securities. "Some of these items, like reconstruction from the earthquake, were already scheduled and don't really constitute an economic strategy."
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Source: Todays Zaman
China bars banks from handling bitcoins
December 5, 2013--Bitcoins suffered a new setback after China's central bank said Thursday its banks and payment systems are barred from handling the virtual currency.
The central bank said bitcoins did not qualify as a currency but private individuals still are allowed to trade them at their own risk.
Bitcoins are created, distributed, and authenticated independently of any bank or government. Their relative anonymity holds out the promise of being able to spend money across the Internet without scrutiny.
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Source: Miami Herald
Singapore: Detailed Assessment of Implementation-IOSCO Objectives and Principles of Securities Regulation
December 5, 2013--EXCUTIVE SUMMARY
Overall compliance with the International Organization of Securities Commissions (IOSCO)
Principles is generally high, although the a ssessors identified some vulnerabilities which need to be resolved. The Monetary Authority of Singapore’s (MAS') enforcement philosophy as regards securities markets and the financial intermediaries active therein is cogent,
outcomes-focused and well developed.
Its enforcement statistics indicate that it has a
reasonable success rate in the cases it brings.
The Securities and Futures Act (Cap. 289) (SFA) provides an effective framework to enable
the sharing of information and cooperation between MAS and foreign regulators on supervisory and enforcement matters. There is a reasonable level of protection of sharehol
ders in Singapore and accounting and auditing standards are high.
Singapore devotes considerable resources to ensuring that its standards and their application match global best practice. The regulation of collective investment schemes places strong emphasis on MAS’s gatekeeper role and MAS seeks to ensure that it is well informed about all sectors of this market including hedge funds managed from and offered for sale in Singapore.
Self-regulationby exchanges remains an integral part of the regulatory framework. There are no restrictions on foreign firms operating in Singapore. although the a ssessors identified some vulnerabilities which need to be resolved. The Monetary Authority of Singapore’s (MAS') enforcement philosophy as regards securities markets and the financial intermediaries active therein is cogent, outcomes-focused and well developed. Its enforcement statistics indicate that it has a reasonable success rate in the cases it brings. The Securities and Futures Act (Cap. 289) (SFA) provides an effective framework to enable the sharing of information and cooperation between MAS and foreign regulators on supervisory and enforcement matters. There is a reasonable level of protection of shareholders in Singapore and accounting and auditing standards are high. Singapore devotes considerab le resources to ensuring that its standards and their application match global best practice. The regulation of collective investment schemes places strong emphasis on MAS’s gatek eeper role and MAS seeks to ensure that it is well informed about all sectors of this ma rket including hedge funds managed from and offered for sale in Singapore. Self-regulation by exchanges remains an integral part of the regulatory framework. There are no restrictions on foreign firms operating in Singapore.
CASS: 2013 economic blue book published
December 5, 2013--China's top think tank published its Economic Blue Book in Beijing on Wednesday. The book suggests the government should maintain a stable fiscal policy and prudent monetary policy next year despite expectations for slower economic growth.
Allowing a slower but healthier growth rate-that's the message from the annual economic blue book released by the Chinese Academy of Social Sciences
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Source: cntv.cn
PSE eyes more products to sustain stock market's growth momentum
December 4, 2013--The operator of the country's sole stock seeks to sustain the growth momentum in market activity through investor-friendly rules and products.
The newly-introduced Philippine Stock Exchange (PSE) and the Singapore Exchange (SGX) index futures and soon-to-be-launched shariah list, as well as several new rules will stimulate investor appetite, its top official said.
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Source: The Philippine Star
SGX, HKEx to promote internationalisation of renminbi
December 4, 2013--Two of Asia's biggest exchanges, the Singapore Exchange (SGX) and the Hong Kong Exchanges and Clearing (HKEx) will cooperate to promote the internationalisation of the renminbi.
The Singapore Exchange (SGX) and the Hong Kong Exchanges and Clearing (HKEx) on Wednesday signed a memorandum of understanding (MOU) to leverage each other's strengths and capture more of Asia's growth.
Often compared and regarded as rivals, SGX and HKEx surprised the market with a new collaboration covering the areas of new technology, regulation, and joint product development.
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Source: Channel News Asia
China's consumer sentiment rises for 4th straight month
December 3, 2013--CHINA'S consumer sentiment rose for the fourth consecutive month in November, as optimism about the economy's future followed the recent pick-up in economic activity, a private report showed today.
The monthly measure of consumer confidence rose to 96.6 in China last month from 95.7 in October, posting the highest reading since June, Market News International (MNI), a unit of Deutsche Boerse Group, said in a report today.
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Source: shanghaidaily.com
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