Asia Etrader Magazine Issue Six
Here we are in Spring, and with it renewal and hopefully improving capital markets. It has already brought new perspectives on algorithmic trading from regulators in Australia and Hong Kong, generally regarding as favourable and spelling out what the local regulators expect to be a level playing field. Both markets, interestingly, are polar opposites with one having cutting edge technology and competition and the other lacking both. Despite the tough environment, hedge funds are moving to Asia while local Asian brokers are seeking growth from beyond the region.
On competition, India now has three national exchanges vying for liquidity, the same number of venues as Japan. The former has the smallest tick sizes in Asia and a fast growing derivatives segment and the latter the largest tick sizes and a tiny futures market, relative to its GDP. Mongolia, that land-locked nation, has one of the smallest capital markets in the world but is writing laws and overhauling regulations to open its markets to anyone willing to trade. China is its next door neighbour and largest trading partner, who’s new regulatory chief thinks that pooled assets are akin to shadow banking keeps the door closed.
Asia is, in the famous words of Winston Churchill, “…a riddle, wrapped in a mystery, inside an enigma.” With this our sixth issue of the Asia Etrader we hope to offer some clues to the puzzle.
IN THE ZONE
Our quarterly round-up of industry news and developments across Asia last quarter.
Fund migration: Agile hedge funds seeking investment – Hedge funds are coming to Asia though with less AUM than in the past. Find out how they are coping.
Many possible paths for new Indian Exchange: MCX-SX has the potential to challenge the NSE and BSE, but there are pitfalls along every avenue for growth.
FX Trading in India – The NSE and MCX-SX dominate FX trading in Asia but that could all change if restrictive rules aren’t lifted.
Eastern brokers look west – A new breed of sell-side are moving from the domestic to the international market successfully.
Asia Futures Trading Q1 2013 Recap – See how Asia’s derivatives exchanges faired this past quarter.
Volatility in Asia Q1 2013 – We compare volatility profiles of various benchmarks in Asia.
What markets are on your radar for 2013? See how the industry voted between China, India and the emerging ASEAN countries
Collateral Management – The New Normal in Asia: We hear from a panel of industry experts on the latest developments in collateral management
Capitalizing on Compliance – Never has there been greater focus on compliance. Read how you can capitalize on it.
Saruul Ganbaatar, the deputy CEO at the Mongolian Stock Exchange spoke with Asia Etrader about the challenges of developing a young trading industry, algorithmic trading and the technology behind the exchange
Playing Aussie pools – Australia is bringing clarity to off-market trading, writes Dan Barnes
Asia’s Fragmentation Footprint Q1 2013 – A new Chi-X Aus CEO, a new exchange in India and big volume in Japan.
Asia Equity Trading Q1 2013 Recap Our quarterly review of turnover, average trade sizes, spread and market impact costs on Asia’s exchanges.
WORD ON THE STEET
What do you think of the Australian government’s decision to delay competitive clearing for 2 years? – 5 of your industry peers weighed in.
London to Singapore: From pillar to post-trade – Could the two exchanges make a clearinghouse work?
Pushed beyond the boundaries – Technological advances have led markets to trip over their own feet
* Dates – Exchange holidays and important industry events
* Directory – A listing of Asia’s electronic trading industry participants
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