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India's financial globalisation
January 7, 2011--Summary: India embarked on reintegration with the world economy in the early 1990s. At first, a certain limited opening took place emphasising equity flows by certain kinds of foreign investors. This opening has had myriad interesting implications in terms of both microeconomics and macroeconomics.
A dynamic process of change in the economy and in economic policy then came about, with a co-evolution between the system of capital controls, macroeconomic policy, and the internationalisation of firms including the emergence of Indian multinationals.Through this process, de facto openness has risen sharply. De facto openness has implied a loss of monetary policy autonomy when exchange rate pegging was attempted. The exchange rate regime has evolved towards greater flexibility.
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Source: IMF
Thai bourse licenses Classic Gold Futures Co.,Ltd. as gold broker
January 6, 2011--The Thailand Futures Exchange (TFEX) has confirmed Classic Gold Futures Co., Ltd. as its sixth official gold broker. The firm will commence trading on January 10.Classic Gold Futures has met all requirements of TFEX, Thailand Clearing House Co., Ltd., and the Securities and Exchange Commission, TFEX Managing Director Kesara Manchusree reported.
Classic Gold Futures Co., Ltd. is a subsidiary of Classic Gold Co., Ltd., which is more commonly known as Chiab Seng Heng. The parent company, which has been operating for more than 25 years, is recognized as a leading importer-exporter of bullion, gold ornaments and other jewelry.
“Since its conception, gold futures have been well-received by investors, and TFEX has thus continued to expand the investor base for this instrument. Classic Gold Futures Co., Ltd., as a new member of TFEX, will help develop the country’s gold futures trade and make it another successful product in the market”, said Ms.Kesara.
Food price inflation spirals in India
January 6, 2011--Indian food prices have hit their highest level in more than a year, rising at an annual rate of 18 per cent in what economists have taken as a worrying sign that the impact of surging commodity prices is hitting the broader economy.
Food inflation in India is being driven by many of the same factors that have pushed the price of global commodities like wheat and barley to record highs. It also highlights rising fears of a global prices in the developing world, with the UN’s Food and Agricultural Organisation warning this week that global prices had surpassed levels seen during the 2007-08 crisis
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Source: FT.com
Asian Financial Integration: Trends and Interruptions -IMF Working Paper
January 5, 2011--The paper compares trends in financial integration within Asia with those in industrialized countries and other regional groups. Declines in cross-country dispersion in equity returns and interest rates suggest increased Asian integration, with the process interrupted by crises and global volatility.
Cross-border equity and bond holdings have also increased, but Asian countries remain considerably more financially integrated with major countries outside the region than with those within the region. The paper also discusses whether potential benefits of regional financial integration, such as increased risk-sharing and stability of the investor base, have materialized.
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Source: IMF
Inflation, Capital Inflows: Asia and the Challenges of Success in 2011
Asian growth expected to slow to more sustainable levels
Future risks posed by financial spillovers and possible slowing of global economy
Exchange rate flexibility, macroprudential policies needed to manage capital inflows
January 5, 2011--Asia—including the Association of Southeast Asian Nations, industrial and Emerging Asia—is expected to post an average of 7 percent growth in 2011, one percentage point slower than last year, but the region will still need to continue managing its exit from stimulus programs and the large capital inflows pouring into the region, says one of the IMF’s leading economists.
In a wide-ranging interview with IMF Survey online looking at the prospects for the world’s fastest growing region, the head of the IMF’s Asia and Pacific Department, Anoop Singh, warned that the strength of Asia’s growth could lead to the threat of inflation.
Asia also had to contend with the risks posed by possibly weaker global economic growth and financial spillovers from advanced economies, suggested Singh, but he predicted that the region’s economic importance would continue to increase. Following is the text of the interview:
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Source: IMF
ListSearchPrint China's Futures Market Turnover Tops CNY 300 Trillion
January 5,2011--China's futures market set a new turnover record in 2010 with CNY 308.665 trillion traded, 2.3 times larger than 2009's futures market turnover. Industry insiders pointed out that the listing of stock index futures and large capital inflows into the commodity futures market were the direct driving forces behind the large rise in futures market
turnover in 2010. Growth is expected to slow in 2011 due to price controls and other related policies. 3.133 billion futures contracts were traded in China in 2010.
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Source: Mondovisione
Strong Growth In SGX Derivatives, Commodities And OTC Clearing
January 5, 2011--Singapore Exchange (SGX) said Jan 5 volumes in derivatives, commodities and OTC clearing have grown strongly from a year ago.
KEY HIGHLIGHTS
Securities Market
As at 31 December 2010, there were 782 companies listed on SGX Mainboard and Catalist, with a combined market capitalisation of $902 billion.
Securities market volume for December 2010 was at $28 billion with an SDAV of $1.2 billion.
Derivatives and Commodities Markets
Derivatives market volume was at 4.9 million contracts in the month of December, with an average daily volume of 223,448.
SGX S&P CNX Nifty Index futures achieved volume of 865,769 contracts, which is 33% higher year-on-year.
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Source: Asia Etrading
Thai Futures Exchange Trades Over 4.5 Million Contracts In 2010
January 5, 2011-- Trading on the Thai Futures Exchange (TFEX) in 2010 was 46.96% more than in 2009, reaching 4,519,436 contracts for 2010, a daily average of 18,676 contracts. SET50 Index Futures was the most popular product, accounting for 54.68% of total contracts traded, followed by gold futures and single stock futures at 21.49% and 21.45%, respectively.
TFEX’s record rise in total trades was over double its target of 20.00%, TFEX Managing Director Kesara Manchusree revealed. Single stock futures was a major factor contributing to the impressive performance, as the 2010 volume of 969,353 contracts was 5.65 times the total of 145,758 contracts in 2009. This excellent growth was because investors had become more familiar with single stock futures and realized that it could be an investment alternative as well as an effective risk management instrument while trading in listed Thai stocks was heating up.
Moreover, gold futures has drawn sizable interest from investors in the past year, with daily trading volume doubling from 1,397 contracts in 2009 to 4,014 in 2010. Trade value in the past year totaled THB3.14 billion (approx USD104.46 million.) The launch of the 10-baht gold futures in August 2010 and the many gold futures roadshows held throughout Thailand have helped boost this product.
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Source: Thai PRNet
Newly Listed Contract Months for Nikkei 225 mini at the Launch Date of J-GATE
January 4, 2011--OSE will introduce the serial contract months(*1) for Nikkei 225 mini from the launch date of the new derivatives trading system (J-GATE), scheduled on February 14, 2011.
The contract months and calendar spread trading(*2) available from the launch date will be as follows.
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Contract month
Contract month Last trading day April 2011 April 7, 2011 May 2011 May 12, 2011 July 2011 July 7, 2011 read more
Source: Osaka Securities Exchange
ISDA Launches Initiative to Promote Portfolio Reconciliation and Reduce Risk in Asia Pacific Region
January 3, 2011-The International Swaps and Derivatives Association, Inc. (ISDA) today published the Asia Pacific Portfolio Reconciliation Memorandum of Understanding (MoU) to promote portfolio reconciliation and reduce risk in the Asia Pacific region. The objective of the MoU is to outline the process and frequency with which participating firms reconcile portfolios of collateralized derivatives transactions.
“Today, portfolio reconciliation is playing a key role in operational risk management and has already become market best practice in the west following the Financial Crisis,” said Keith Noyes, Regional Director, Asia Pacific, ISDA. “ISDA is pleased with the efforts of the Working Group and the participating firms in driving global portfolio reconciliation initiatives in Asia Pacific through the MoU. ISDA will continue to work collaboratively with regulators to further advance the understanding and promotion of better collateral management practices.”The important characteristics of the MoU are:
It is customized for Asia Pacific members to implement best practices;
Facilitates a proactive approach that enables firms to identify and resolve discrepancies and risk exposures quickly and accurately;
Contains flexible reconciliation choices and minimal data field requirements for ease of implementation. Firms can select a minimum of only three counterparties with whom to reconcile or choose to reconcile with all MoU participants.
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Source: ISDA
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