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BSE Index based market wide circuit breaker for the Quarter 1st July, 2012 to 30th September, 2012
June 29, 2012--The Exchange implements on a quarterly basis (SEBI circular SMDRPD/Policy/Cir-37/2001 dated June 28, 2001) the index based market wide circuit breaker system.
The system is applicable at three stages of the index movement either way at 10%, 15% and 20%. This circuit breaker brings about a coordinated trading halt in all equity and equity derivative markets nationwide.
The market wide circuit breakers would be triggered by movement of either SENSEX or the NSE S&P CNX Nifty whichever is breached earlier.
In case of a 10% movement of either of these indices, there would be a 1-hour market halt if the movement takes place before 1 p.m. In case the movement takes place at or after 1 p.m. but before 2.30 p.m. there will be a trading halt for ½ hour. In case the movement takes place at or after 2.30 p.m. there will be no trading halt at the 10% level and the market will continue trading.
In case of a 15% movement of either index, there will be a 2-hour market halt if the movement takes place before 1 p.m. If the 15% trigger is reached on or after 1 p.m. but before 2 p.m., there will be a 1 hour halt. If the 15% trigger is reached on or after 2 p.m. the trading will halt for the remainder of the day.
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Source: BSEIndia
Approval of Mainland-traded Hong Kong stock ETFs and Hong Kong-listed RQFII A-share ETF
June 29, 2012--The Securities and Futures Commission (SFC) welcomes the China Securities Regulatory Commission's approval today of two exchange-traded funds (ETFs) to be listed on the Shanghai and Shenzhen Stock Exchanges that will invest directly in Hong Kong listed stocks, each tracking a Hong Kong stock index (Hong Kong Stock ETFs).
The approval of the Hong Kong Stock ETFs represents a milestone in implementing the relevant measures under supplements VI and VII to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA). Hong Kong Stock ETFs provide an alternative channel for Mainland investors to participate in the Hong Kong securities market and further strengthen the co-operation between the Mainland and Hong Kong capital markets,” the SFC’s Chairman, Dr Eddy Fong said.
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Source: Securities and Futures Commission
ASIC updates policy guidance on approach to cross-border financial regulation
June 29, 201--ASIC has today released updated policy guidance about its approach to facilitating cross-border financial regulation to assist foreign providers of financial facilities, services and products that wish to operate in Australia.
The updated guidance is covered in new versions of:
Regulatory Guide 54 Principles for cross-border financial regulation (RG 54)
Regulatory Guide 176 Foreign financial services providers (RG 176), and Regulatory Guide 178 Foreign collective investment schemes (RG 178).
The new versions remove outdated references since the guides were last published and also include content refinements following feedback from respondents to the Joint Treasury/ASIC Consultation Paper 98 Cross-border recognition: Facilitating access to overseas markets and financial services (CP 98), and ongoing industry consultation.
‘ASIC takes a flexible and forward-looking approach to cross-border financial regulation, covering both unilateral and mutual recognition of other international regulatory regimes’, ASIC Commissioner John Price said.
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Source: ASIC
Shanghai Stock Exchange Dividend Series Indices To Be Launched
June 28, 2012--To further enhance the SSE index family as well as to provide new analysis tools and underlying instruments for investors, SSE and CSI together announced that 5 dividend indices to be launched on July 20, 2012, including the SSE180 dividend index, SSE380 dividend index,
SSE State-owned Enterprises Dividend Index, SSE Central State-owned Enterprises Dividend Index and SSE Private-owned Enterprises Dividend Index. Regarding the methodology and more details of the above indices, please refer to the official website of SSE ( www.sse.com.cn ) and the official website of CSI (www.csindex.com.cn) respectively.
Source: WFE
12-143MR ASIC consults further on key market structure reforms
June 28, 2012--ASIC today published a consultation paper (Consultation Paper 179 Australian market structure: Draft market integrity rules and guidance (CP 179)), draft market integrity rules and guidance on market structure reforms.
This marks the next stage of an ongoing consultation process with industry on these reforms. ASIC announced its approach to the rules and guidance in April, and has today published the proposed rules and guidance for consultation, consistent with that approach.
ASIC has also published the feedback report on Consultation Paper 168 Australian equity market structure: Further proposals (CP 168), Report 290 Response to submissions on CP 168 Australian equity market structure: Further proposals (REP 290).
view the Consultation Paper 179 Australian market structure: Draft market integrity rules and guidance
Source: ASIC
HKEx, Shanghai Stock Exchange And Shenzhen Stock Exchange To Establish Joint Venture In Hong Kong For New Products And Services
June 28, 2012--Introduction
On 18 August 2011, the Board announced that HKEx had agreed in principle to enter into detailed discussions with SHSE and SZSE with a view to establishing a joint venture company to be incorporated in Hong Kong.
The Board is pleased to announce that the JV Agreement for the establishment of the JV Company is signed today.
Key Terms of the JV Agreement
1. Initial Capital
The JV Partners shall have equal shareholding interest in the JV Company, and each shall invest HK$100 million in the JV Company as initial paid-up capital.
2. Principal Business
The business of the JV Company shall include, without limitation, the development and franchising of index-linked and equity derivatives products, and to support this activity to compile cross-border indices based on products traded on the three markets; develop industry classification for listed companies, information standards and information products; promote securities markets, and enhance market participants services, technical services and infrastructure establishment; and any other business as agreed between the JV Partners.
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Source: Hong Kong Exchanges and Clearing Limited
China to create special currency test zone
June 28, 2012--China plans to create a special zone to experiment with currency convertibility in Shenzhen, the city where it introduced key economic reforms three decades ago.
The measure will enable Hong Kong banks to lend renminbi directly to companies in Qianhai Bay – a new economic zone on a peninsula across the water from Hong Kong – according to Chinese state media.
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Source: FT.com
Trading after the Launch of OSE DJIA Futures
June 27, 2012--Osaka Securities Exchange Co., Ltd. (OSE) launched futures contracts based on the Dow Jones Industrial AverageSM ("OSE DJIA Futures") on May 28, 2012.
The trading volume of OSE DJIA Futures was as follows.
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Source: OSE
12-142MR ASIC releases information sheet for licensing of financial services in emissions units
June 27, 2012--ASIC has released an information sheet to assist those intending to apply for an Australian financial services (AFS) licence to provide services in emissions units and related derivatives from 1 July.
ASIC’s Information Sheet 156 Applying for a licence for emissions units (INFO 156) coincides with the end of a two-month registration period (1 May – 30 June 2012) that temporarily authorised registrants to provide certain financial services regarding emissions units prior to holding an AFS licence for those activities.
From 1 July, various types of emissions units will be financial products under the Corporations Act 2001. Any individual or entity that provides financial services in those units will therefore require an AFS licence unless an exemption applies. For those who already hold an AFS licence, a variation may be required to cover emissions units.
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Source: ASIC
OSE's Year-to-Date Derivatives Trading Volume has exceeded 100 Million Units
June 26, 2012--Osaka Securities Exchange Co., Ltd. (OSE) is pleased to announce that the total trading volume of derivatives on their market since January 2012 recorded 100,622,841 units (preliminary estimates) today.
OSE achieved the record earlier than last year, when the volume exceeded 100 million units on July 4
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Source: OSE
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