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UBS To Clear OTC Traded Financials On Singapore Exchange
February 1, 2011--Singapore Exchange (SGX) welcomes UBS AG to AsiaClear as a new SGX Bank Clearing Member for the clearing of over-the-counter (OTC) traded financial derivatives.
Mr Muthukrishnan Ramaswami, President of Singapore Exchange, said, “We look forward to UBS’ participation in our clearing service for OTC traded financial derivatives in addition to their presence in our securities and derivatives markets. We are encouraged by the extensive interest shown by the OTC market participants and thank our members for their strong support since the launch two months ago.
We expect to broaden our clearing offering with foreign exchange forwards in the second quarter of 2011.”
Mr Gerald Chan, CEO & Country Head, UBS Singapore: ““As part of our ongoing commitment to our clients to be a top 3 clearing provider, UBS is pleased to partner SGX for the AsiaClear service. It is yet another testimony to the innovation and efficiency of SGX and its members. UBS Prime Services is an established and highly regarded global Prime Brokerage and Clearing business covering over 70 exchanges globally. Offering the AsiaClear service complements our current capabilities.”
UBS AG brings the total number of Bank Clearing Members for the clearing of OTC traded financial derivatives on SGX AsiaClear to 11.
Source: Singapore Exchange (SGX)
India to issue Swiss franc-denominated bonds
January 31, 2011--Indian state-run banks are issuing Swiss franc-denominated bonds for the first time since 1987 to meet the nation’s fast growing credit demand at more attractive rates as the costs of raising the more common dollar bonds has spiked in recent months
State Bank of India, the country’s biggest lender, has hired three foreign advisers to raise about SFr250m ($265m), Naresh Malhotra, the bank’s deputy general manager for overseas expansion, told the Financial Times.
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Source: FT.com
“The Action Plan for the New Growth Strategy”
January 28, 2011--With regard to the Interim Draft for “The Action Plan for the New Growth Strategy”, which was published on December 7, 2010, the Financial Services Agency (FSA) held meetings to exchange opinions with market participants and others and received a number of opinions.
The FSA also invited opinions through its website, resulting in a total of 177 opinions being received from 65 individuals and groups.
Drawing upon these opinions, the FSA compiled the following “The Action Plan for the New Growth Strategy.”
view the “The Action Plan for the New Growth Strategy”
The Action Plan for the New Growth Strategy” Timetable
Source: FSA Japan
New measures to enhance investor protection
January 28, 2011--On 19 March 2010, the Securities Commission Malaysia (SC) and Bursa Malaysia Securities Berhad (Bursa Malaysia) issued a Joint Consultation Paper on Proposed Amendments to Bursa Malaysia's Listing Requirements on Privatisation of Listed Companies via Disposal of Assets. The SC also released Consultation Papers on Proposed Updates to Guidelines on Offer Documentation of the Malaysian Code on Take-Overs and Mergers 1998 (Guidelines) and a Review of Sophisticated Investors and Sales Practices for Unlisted Capital Market Products
Following feedback received on these three Consultation Papers, a number of initiatives to enhance investor protection and achieve regulatory parity, provide shareholders with appropriate information for well-informed investment decision-making, and enhance sales practices for unlisted products are to be implemented.
1. The SC and Bursa Malaysia jointly announce that the threshold for shareholder approval relating to a listed company disposing all, or substantially all, of its assets resulting in it being no longer suitable for continued listing on Bursa Malaysia (Asset Disposal) is raised to 75%. This will apply to all new Asset Disposals announced on or after 28 January 2011. This will ensure that shareholders of listed companies will receive the same degree of protection regardless of the route that is chosen to privatise the company. In addition, companies undertaking an Asset Disposal are now required to provide their shareholders with independent advice and detailed disclosure on the utilisation of proceeds from the Asset Disposal. This will increase transparency and ensure shareholders are equipped with adequate information for decision making.
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Source: Bursa Malaysia Securities Berhad
ETF trading in Singapore to grow
January 27, 2011--Exchange Traded Funds (ETFs) are set to comprise a bigger part of trading volume on the Singapore Exchange (SGX), following in the footsteps of the US and European markets.
Currently, ETFs make up just 1.5 per cent of total daily trading on the SGX, but that number is likely to double in the next two years, according to Deutsche Bank.
ETFs account for 40 per cent of the daily market turnover in the US and 14 per cent in Europe.
ETFs, which often track the performance of an index and can be bought and sold like shares, have been around in Singapore for 9 years.
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Source: Channel News Asia
Indian firms join scramble for Africa
January 27, 2011-- Indian consumer goods makers are scrambling to buy assets in Africa, applying their knowledge of challenging, lower-income markets to a continent where spending power is on the rise.
Tapping Africa opens up new growth avenues for cash rich Indian makers of personal care products such as soaps, shampoos and hair and skin care products, with rising costs and fierce competition squeezing profits at home.
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Source: Asia-Pacific
TSE to permit exchange-traded notes - Nikkei
January 27, 2011--The Tokyo Stock Exchange plans to allow listings of exchange-traded notes that track indexes for the prices of precious metals, Asian stocks and other assets, from April, the Nikkei business daily reported.
Unlike exchange-traded funds, financial institutions that issue ETNs do not have to own the assets they are based on but hedge risk by investing in a range of commodities, Nikkei said.
The exchange, which plans to list ETNs in the form of depository receipts so that they can be traded like stocks, is likely to modify its listing rules on Friday, Nikkei said.
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Source: Reuters
S. Korea’s economic growth slows down
January 26, 2011--South Korea’s economy grew at its fastest pace in eight years in 2010 even as the expansion slowed in the final quarter amid weakness in capital spending, manufacturing and construction.
Gross domestic product advanced 6.1 percent last year, the Bank of Korea announced Wednesday, marking the best performance since a 7.2 percent surge in 2002. South Korea grew a meager 0.2 percent in 2009 amid the global economic slowdown that followed the worldwide financial meltdown of late 2008. The robust result for 2010 was achieved “owing to the buoyancy of exports and the ensuing pick-up in manufacturing and facilities investment,” the central bank said in a release.
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Source: Todays Zaman
India hikes rates to contain inflation
January 25, 2011--India’s central bank raised key interest rates Tuesday for the seventh time in little over a year as it attempts to contain inflation.
Inflation is clearly the dominant concern,” the Reserve Bank of India said in its latest review of monetary policy. India’s inflation rate jumped to 8.4 percent in December as prices climbed for fruit, vegetables, manufactured goods and fuel.
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Source: Todays Zaman
Long-term Funding Secured for Proposed ASX-SGX combination
January 24, 2011--Commitments for long-term financing facilities for the proposed ASX-SGX combination announced on 25 October 2010 have been secured.
The proposed combination brings together complementary businesses of two successful exchanges in the Asian time zone to create the premier international exchange in Asia Pacific.
The funding comprises term loans of S$3.8 billion and A$750 million to be made available by well-established banks - Australia and New Zealand Banking Group Limited, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Singapore Branch, DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and National Australia Bank Limited. Australia and NewZealand Banking Group Limited has been appointed as the co-ordinator in relation to these term loans.
Said Mr Magnus Bocker, CEO of Singapore Exchange, "We thank the six banks for their confidence in the proposed combination and their support towards creating the leading Asia Pacific exchange. This transaction has attracted significant interest from the loans market and we are pleased to have achieved competitive pricing consistent with our good credit standing."
The term loans are in tranches with tenors of three years and five years. The interest payable for the S$ term loan will be based on Singapore dollar swap offer rate plus a margin of 0.55% per annum for the 3-year tranche and 0.72% per annum for the 5-year tranche. The interest for the A$ term loan is based on the relevant Australian bank bill swap bid rate plus a margin of 0.75% per annum for the 3-year tranche and 1.01% per annum for the 5-year tranche.
Source: Singapore Exchange (SGX)
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