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Tokyo Exchange Enters $30 Billion Merger Wave With Bid for Rival in Osaka
November 23, 2011--Tokyo Stock Exchange Group Inc.’s takeover of Osaka Securities Exchange Co. marks its entry into a global wave of mergers that has seen $30 billion in proposed acquisitions over the last 13 months.
TSE offered 480,000 yen a share for its smaller rival, a 14 percent premium to Osaka’s close the previous day and 23 percent above its average price since the talks were announced March 10, according to data compiled by Bloomberg. Osaka Securities, whose derivatives platform hosts Nikkei 225 Stock Average futures, rose 4.6 percent to 440,500 yen. The offer implies the bourse is worth 129.6 billion yen ($1.68 billion).
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Source: Bloomberg
China Property Dip Sparks Bank Fears
November 21, 2011--The number of property transactions in China’s largest cities has fallen to dangerously low levels, according to regulatory documents obtained by the Financial Times.
According to the documents, the China Banking Regulatory Commission earlier this year ordered domestic banks to weigh the impact of a 30 per cent decline in housing transactions in “stress tests” aimed at determining the health of the Chinese financial system.
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Source: CNBC
TSE launches New Tdex+ System
A New Dawn for the TSE Derivatives Market
November 21, 2011--Tokyo Stock Exchange, Inc. ("TSE") is pleased to announce today the successful launch of "New Tdex+ System", a new trading platform for derivative products.
The New Tdex+ System is an advanced electronic trading system based on the LIFFE CONNECT® system used by NYSE Liffe in London, the largest European derivatives exchange. LIFFE CONNECT® is highly regarded for its superb performance and state-of-art functionality by investors worldwide. Options trading has been conducted on the existing Tdex+ System since October 2009, but this migration of futures to New Tdex+ System will integrate both trading platforms of the TSE derivatives market and greatly increase system efficiency.
With the introduction of the system, order processing performance is dramatically improved to an average order response of 5 milliseconds* and 36 thousand* orders processed per second. In addition to this, user convenience is greatly enhanced through advances such as the introduction of strategy trading.
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Source: Tokyo Stock Exchange (TSE)
BSE proposes index for climate change
November 17, 2011--Leading bourse BSE today began the consultation process for launch of a carbon index, a move that will help investors mitigate their exposure to financial risks associated with the climate change.
The exchange today released a concept note on its 'Carbon Indexing Project', marking the first-ever attempt to create a Carbon Index in an emerging economy.
Source: The Economic Times
BSE reports record F&O turnover of Rs 1,600 cr
November 17, 2011--The leading stock exchange BSE today achieved a record daily turnover of about Rs 1,600 crore in its derivatives segment, helped by a slew of positive measures taken to boost futures and options trading on its platform.
The BSE's future and option (F&O) turnover today hit a new record high of Rs 1,600.1 crore, surpassing the previous record volume of 1,509.8 crore achieved on February 13, 2008.
Source: Economic Times
SSE Consumer 50 Index To Be Launched
November 17, 2011--To further enhance the SSE and CSI index family as well as to provide new analysis tool and underlying instrument for investors, SSE Consumer 50 Index will be launched on
December 9th, 2011 by SSE and CSI.
Source: Shanghai Stock Exchange
Hong Kong Weighing OTC Derivatives Regulation With Consultation
October 17, 2011-- Hong Kong has begun consultation on proposals for regulation of the city’s over-the-counter derivatives market in a bid to reduce systemic risk in the wake of the 2008 collapse of Lehman Brothers Holdings Inc.
Main proposals included in the consultation paper released by the Hong Kong Monetary Authority and the city’s Securities and Futures Commission include mandatory reporting and central clearing of over-the-counter transactions. Hong Kong Exchanges & Clearing Ltd., the city’s bourse operator, will establish a clearing house for the transactions while the the HKMA will create a trade repository to collect data on the market. The consultation will end on Nov. 30.
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Source: Bloomberg BusinessWeek
Tokyo Stock Exchange Said to Forgo IPO Plan on Path to 2012 Bid for Osaka
November 16, 2011--Tokyo Stock Exchange Group Inc. dropped plans to sell shares to the public while it is in talks to buy a controlling stake in Osaka Securities Exchange Co., a person with direct knowledge of the matter said.
The TSE will forgo an initial offering during negotiations to purchase as much as 66.6 percent of its rival by mid-2012, said the person, who declined to be named because the discussions are private. Osaka Securities’ shares slipped 0.9 percent to close at 406,500 yen today.
Japan’s biggest bourses are discussing a merger after the country lost its place as the world’s second-largest equity market to China. A combination would give the 133-year-old Tokyo venue, home to Sony Corp. and Toyota Motor Corp., access to Osaka’s derivatives trading system and may create the world’s seventh-largest exchange company by share value. More than $30 billion in bourse mergers have been proposed worldwide since October 2010.
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Source: Bloomberg
OSE DJIA Futures and Nikkei 225 VI Futures Launch Date
November 15, 2011--Osaka Securities Exchange Co., Ltd. has determined the launch date for futures products based on “Dow Jones Industrial Average” and “Nikkei Stock Average Volatility Index” as follows.
Launch Date: Monday, February 27, 2012
Names of Products:
OSE DJIA Futures
Nikkei 225 VI Futures
Determination of Launch Date for "OSE DJIA Futures" and "Nikkei 225 VI Futures
Source: Osaka Securities Exchange
TOCOM Changes in Application of Circuit Breakers
November 15, 2011--From January 4, 2012, a new Exchange rule provides that a Circuit Breaker (CB) triggered for a specific contract month will affect only that contract month. (Under the current Exchange rules, a CB triggered in any one contact month affects all six contract months.)
For Gold Options, the new rules provide that when a strike price falls
outside the range Exchange specified, CB trigger will affect only one series
and does not automatically trigger a CB for any other series.
Source: TOCOM
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