Asia Etrader Magazine Issue Eight

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Hedge funds have been steadily migrating into Asia (see Issue 6) to enjoy larger returns not seen in the West for a few years now. However, AUM tends to be lower on average putting pressure on costs coupled with emerging markets not yet adequately regulated or sophisticated to support these types of investors. In the competitive world of prime brokerage innovation falls to the sell-side to help develop hedge funds and the subsequent fees they can generate. Risk aversion and cautious CFOs provide for greater due diligence and transparency ensuring that just the right blend of leverage, financing and margin are blended to foster synthetic products to keep those hedge funds in business. Despite the hardships of modern brokerage it is this kind of innovation that will keep the wheels turning and the industry moving forward (though others may argue this was precisely what caused the GFC in the first place).

It is with great pleasure that we bring to you our eighth addition of our humble magazine where we see Asia continue grow and evolve.

Issue 8
IN THE ZONE
Our quarterly round-up of industry news and developments across Asia last quarter.

COVER STORY
Distilling synthetic PB – Synthetic prime offers access to closed markets in Asia for the buy-side and reduced costs for the sell-side, as pressure on broker financing increases.

COVER STORY
Connecting the dots - Trading has been thin on Konex, Korea’s newest stock market, but the writing’s not on the wall just yet.

DERIVATIVES
NZX to milk dairy futures with CFTC approval - The New Zealand Exchange may see volumes spike if dairy futures are approved by the US regulator.

Volatility in Asia Q3 2013 – We compare volatility profiles of various benchmarks in Asia.

BUY SIDE
ASEAN Trading Link’s hesitant growth - Ambitions to connect Southeast Asia’s stock exchanges have achieved limited success, one year after its formation.

REGULATION
Capitalizing on Compliance – Never has there been greater focus on compliance. Read how you can capitalize on it.

WHO’S WHO
Richard Leung SVP and co-head information technology division at Hong Kong Exchanges and Clearing Ltd spoke with Asia Etrader

REGULATION
ASIC puts a leash on broker dark pools – New rules succeed in pushing liquidity from dark to lit markets.

WORD ON THE STEET
“How do you prepare for significant market movements triggered by a trading error?” - Four of your industry peers weighed in.

OPINION POLL
How many separate pools of collateral do you oversee? – See how the industry voted and hear from Barnaby Nelson of BNP Paribas Securities Services offer his expert opinion.

OPINION & ANALYSIS
Hongsong Chou examines risk control and overseas regulation of quantitative trading

EQUITIES
HK SFC electronic trading rules cut out brokers and ISVs - Latest rules require an in-depth understanding of trading platforms, leading asset managers to ditch platforms and brokers.

Asia’s Fragmentation Footprint Q3 2013 – A snapshot of how fragmentation is developing in equity marekts

Asia Equity Trading Q3 2013 Recap Our quarterly review of turnover, average trade sizes, spread and market impact costs on Asia’s exchanges.

POST TRADE
One-stop repository – The DTCC’s ubiquity offers a path to cross-border trade reporting in Asia; however distrust will make breaking away from national reporting a challenge.

TECHNOLOGY
A panel discussion between heads of technology demonstrated the pull of adaptable technology.

BACK PAGE
* Dates – Exchange holidays and important industry events
* Directory – A listing of Asia’s electronic trading industry participants

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