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ASIC releases second market supervision report
July 13, 2011--ASIC today published its second report on the supervision of markets and participants.
ASIC assumed responsibility for market supervision and real-time surveillance of trading from ASX on 1 August 2010. ASIC also supervises compliance with market integrity rules, compliance with the Corporations Act 2001 and ensures that Australian financial services licence conditions are met by market participants.
ASIC Commissioner Shane Tregillis said, ‘ASIC is building investor confidence by ensuring Australian financial markets are efficient and fair. We are doing this through thorough surveillance of the market and by taking pre-emptive action to prevent possible market misconduct. We are increasing our engagement with industry and providing education and guidance to participants.
However pre-emptive engagement will not replace deterrence and when we find serious market misconduct we are taking timely deterrence action. Market participants and operators are important gatekeepers and we expect them to have controls in place to ensure conduct in accordance with required standards and to demonstrate a culture of compliance,’ said Mr Tregillis.
view the Report 243 ASIC supervision of markets and participants: January to June 2011
Source: ASIC
China’s economy grows 9.5% in second quarter
July 13, 2011--China’s economy grew 9.5 per cent in the second quarter from the same period a year earlier, its slowest pace in nearly two years as government attempts to cool growth took effect.
But the performance was stronger than many economists had expected and there were few signs that the world’s second-largest economy faces the “hard landing” that some have predicted.
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Source: FT.com
Securities Commission Malaysia Revises Guidelines For Corporate Bonds And Sukuk
July 12, 2011--The Securities Commission Malaysia (SC) today issued the revised Private Debt Securities (PDS) Guidelines, Sukuk Guidelines and Trust Deed Guidelines to enhance the regulatory framework for fundraising and product regulation in the Private Debt Securities and Sukuk markets.
The revisions are in line with the broader objectives of the Capital Market Masterplan 2 (CMP2) which seeks to achieve higher levels of operational efficiency, enhanced standards for fair and ethical business practices and strengthen internal controls for business conduct and risk management.
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Source: WFE
Cambodia opens stock market, no stocks in sight
July 12, 2011--Cambodia opened its new stock exchange on Monday but there was no trading because there are no listed companies and officials seemed uncertain that any would be listed by the end of the year, the latest date for the much-delayed start of operations.
In a speech at the country's tallest building, part of which houses the Cambodia Securities Exchange (CSX), Finance Minister Keat Chhon told the three state-owned companies that plan a listing to hurry up.
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Source: Reuters
Bank of Japan cuts growth forecast, holds key rate
July 12, 2011--Japan's central bank on Tuesday cut its annual economic growth forecast due to the March 11 earthquake and tsunami, but said the economy is beginning to recover.
The Bank of Japan said after a one-day meeting that its policy board lowered expectations for economic growth to 0.4 percent from 0.6 percent for the current fiscal year ending March 2012. The central bank said the nation's factories were recovering, as well as demand from households and businesses. It said the country is on track to rebound over the second half of the fiscal year. "Japan's economic activity is picking up with an easing of the supply-side constraints caused by the earthquake disaster," the bank said in a statement.
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Source: Todays Zaman
HKEx admits clearing weakness
July 12, 2011--Hong Kong’s exchange has admitted that risk management and financial resources at its clearing house are not up to international standards and has proposed reforms to improve its chances of surviving any future financial crisis.
The decision marks the first time a clearing house operating in a large financial centre has gone public with such an admission. Three years ago the territory’s clearing house had to be bailed out by the local monetary authority and market participants when it became clear that it would not have the resources to deal with possible mass defaults by traders on the futures exchange as the collapse of Lehman Brothers affected Hong Kong’s markets.
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Source: FT.com
China's foreign reserves at new record
July 12, 2011-- China's foreign exchange reserves soared to a record $3.1975 trillion at the end of June, the central bank said on Tuesday, highlighting concerns over inflation in the world's second-biggest economy.
China's forex reserves have ballooned in recent years, fuelled by strong foreign investment, large trade surpluses and inflows of "hot money" - short-term speculative funds in search of quick profits.
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Source: FIN24
BetaShares launches British Pound and Euro currency ETFs
July 11, 2011--BetaShares has today listed two more currency ETFs on the Australian Securities Exchange (ASX). Trading under the ASX Codes ‘POU’ and ‘EEU’, BetaShares British Pound ETF and BetaShares Euro ETF track the performance of the British Pound (GBP £) and the Euro (€) relative to the Australian dollar (A$).
The new ETFs employ the same simple, transparent and highly cost-effective structure of the BetaShares US Dollar ETF, which has been one of the most successful ETF launches in Australia since its introduction in February this year. The assets of the new funds consist of British Pounds or Euros held on deposit with JPMorgan Chase Bank.
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Source: BetaShares
Osaka Securities Exchange: Designation Of Market Maker For Nikkei 225 Mini: BNP Paribas Securities (Japan) Limited
July 8, 2011--OSE designates the Transaction Participants as a Market Maker for Nikkei 225 mini pursuant to Rule 8-2, Paragraph 2 of the Enforcement Regulations for the Special Rules of the Business Regulations and Brokerage Agreement Standards relating to
Stock Index Futures Trading as follows.
Designation as Market Maker:
| Transaction Participant | BNP Paribas Securities (Japan) Limited |
|---|---|
| Proprietary/ Brokerage | Brokerage (1 Company) |
| Date of Designation | July 11, 2011 |
(*) The designation as Market Maker will be made for the Transaction Participants that had applied for the tentative recruitment in June 2010 and applied for the formal recruitment of Serial Contract Months Market Maker.
Source: Osaka Securities Exchange (OSE)
HKEx Consults Market On The Proposals To Reform HKEx Clearing Houses’ Risk Management Measures
July 8, 2011--Hong Kong Exchanges and Clearing Limited (HKEx) published a consultation paper today (Friday) to seek views on its proposals to reform the risk management framework of HKEx’s clearing houses, which is crucial to the long term stability and competitiveness of Hong Kong.
The recent global financial crisis prompted governments, regulators and financial institutions around the world to increase their capital adequacy and risk management standards and to strengthen their risk management frameworks. In Hong Kong, HKEx’s experience in connection with the defaults of Lehman Brothers’ entities in 2008 underlined the need for HKEx to assess ways to enhance the robustness of its risk management measures and to bring them into line with international standards.
HKEx has reviewed its clearing houses’ risk management with particular focus on stress testing assumptions and whether there are sufficient financial resources to support the long term growth of its securities and derivatives markets. The review was conducted with reference to the main international standards setting bodies, the Technical Committee of the International Organisation of Securities Commissions (IOSCO) and the Committee on Payment and Settlement Systems (CPSS). Working closely with its local regulator, HKEx has strived to ensure that the proposed changes meet the evolving international standards for clearing houses.
view the CONSULTATION PAPER-HKEx CLEARING HOUSE RISK MANAGEMENT REFORM MEASURES
Source: Hong Kong Exchanges and Clearing Limited (HKEx)
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