Financing Infrastructure in India: Macroeconomic Lessons and Emerging Market Case Studies
August 1, 2011--Summary: Driving infrastructure development, notably mobilizing financial resources for infrastructure projects, has been challenging in many countries. This study includes two parts: an empirical analysis of macroeconomic risks associated with infrastructure booms, and a case study of four emerging economies about their practice of funding infrastructure development.
The study shows that (i) there is no empirical evidence that rapid infrastructure growth would undermine contemporary macroeconomic performance, implying that room is created to accommodate infrastructure booms without compromising fiscal and external sustainability; (ii) banks may play an important role in financing infrastructure, but caution is needed to avoid directed lending and regulatory forbearance that the authorities may use to promote financing; (iii) capital market development is important to accommodate the usually high financing needs, and encouraging private investors to move into infrastructure would require regulatory and institutional improvements; and (iv) public support, including credit guarantees, may help bolster investors’ confidence, but the authorities should carefully monitor and manage fiscal risks.
ASIC Makes Rules For Capital And Related Requirements For ASX And ASX 24 Markets
August 1, 2011--ASIC today made market integrity rules for capital and related requirements for the ASX market and the ASX 24 market, formerly known as the Sydney Futures Exchange market.
The rules transfer to ASIC ASX's pre-existing capital and related requirements for the two markets. This is consistent with the smooth transition in market supervision responsibility from ASX to ASIC in August 2010.
These rules amend the existing ASIC market integrity rules for the two markets by inserting three new chapters for capital, reporting and margins. Concurrently, ASX’s pre-existing capital, reporting and margin requirements in the ASX and ASX 24 Operating Rules have ceased to operate.
ASIC Market Integrity Rules (ASX Market) Amendment 2011 (No. 2) has amended the pre-existing ASIC Market Integrity Rules (ASX Market) 2010 and ASIC Market Integrity Rules (ASX 24 Market) Amendment 2011 (No. 1) has amended the pre-existing ASIC Market Integrity Rules (ASX 24 Market) 2010.
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Source: ASIC
Tokyo Stock Exchange: New Product To Be Listed: Exchange Traded Notes (Indicator-tracking Securities)(Barclays iPath series)
July 29, 2011--Today, Tokyo Stock Exchange, Inc. (TSE) approved the listing of the following trust beneficiary certificates (Japanese Depositary Receipts; hereinafter "JDRs") whose trust assets are exchange traded notes (indicator-tracking securities; hereinafter "ETNs") managed by Barclays Bank PLC of the UK.
These ETNs will be the first of its kind to be listed in Japan, and also the first foreign securities listed in Japan using the JDR scheme.
With these nine listings, there will be a total of 112 ETFs and ETNs listed on the Tokyo market. TSE will continue working to diversify the ETF market, promote the listing of other new financial instruments such as ETNs, and improve the convenience of our market for all investors.
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Source: Tokyo Stock Exchange (TSE)
Provisional Translation of “On the Revision of the Standards and Practice Standards for Management Assessment and Audit concerning Internal Control Over Financial Reporting(Council Opinions)”
July 29, 2011--Provisional translation of “On the Revision of the Standards and Practice Standards for Management Assessment and Audit concerning Internal Control Over Financial Reporting (Council Opinions)”, which was published by Business Accounting Council on March 30, 2011, has been prepared in English.
The original texts of the Standards are prepared in the Japanese language, and this translation is only provisional. Therefore, for all purposes including practical application of the Standards, users should make reference to the original Japanese texts.
view the- On the Revision of the Standards and Practice Standards for Management Assessment and Audit concerning Internal Control Over Financial Reporting(Council Opinions)
Source: Financial Services Agency, The Japanese Government
Calculation and Publication of New Index for Companies with Exposure to the Asian Region: “TOPIX Active in Asia”
July 29, 2011--In response to the various indexing needs of our market participants, the TSE will begin calculating and publishing the “TOPIX Active in Asia” index, which focuses on companies that have a high degree of exposure to the Asian region.
TOPIX Active in Asia is a price index whose constituents are selected based on the proportion of sales made in Asia.
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Source: Tokyo Stock Exchange
SSE Sustainable development industry Index, CSI Commodity Equity Index to be lauched
July 29, 2011--To further enhance the SSE and CSI index family as well as to provide new analysis tool and underlying instrument for investors, SSE Sustainable development industry Index and CSI
Commodity Equity Index are to be launched on Aug 22 2011 by SSE and CSI.
Source: Shanghai Stock Exchange
HKE Status Report on New Product and Market Development Initiatives
(Status as of 15 July 2011)
July 29, 2011--Initiatives are subject to change and may require broad market support and/or regulatory approval before they can be implemented. HKEx will announce further details of these initiatives as they progress.
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Source: HKEx
HKEx reveals plan to ensure survival
July 29, 2011--Hong Kong Exchanges & Clearing (HKEx) has laid out details of an “urgent and necessary” strategic plan to allow it to compete with the emergence of local rivals, tackle competition from other global exchanges and survive future financial shocks.
The plan, described this week by Charles Li, chief executive, is a sign that HKEx has become the latest exchange in Asia to overhaul its business in response to emerging pressures of competition in share dealing, the growth of “high-frequency” trading and opportunities in derivatives thrown up by the post-crisis push to regulate
over-the-counter derivatives markets.
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Source: FT.com
FinMin to meet Sebi, exchange officials on market reforms
July 27, 2011--With a view to discuss ways to expedite policies for growth and reforms in the stock market, the Finance Ministry has called a meeting of top officials from Sebi and various stock exchanges early next month.
Among other issues, the recent decline in stock market business volumes and the launch of some new products and segments for its future growth would be discussed at the meeting scheduled for August 6.
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Source: Economic TImes India
Aussie dollar gains as rate cut hopes dashed
July 27, 2011--The Australian dollar surged to a 29-year high against the US dollar on Wednesday after an unexpectedly large rise in inflation dashed expectations the nation’s central bank would lower interest rates in the coming months.
Underlying inflation, a measure that strips out volatile price moves, rose 0.9 per cent in the second quarter for an annual rate of 2.7 per cent, pushing it to the top end of the Reserve Bank of Australia’s target band of 2 to 3 per cent.
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Source: FT.com
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