JAKARTA - According the Indonesia’s trade ministry in a statement on Wednesday. Indonesia plans to switch to a single time zone on Oct. 28, allowing Southeast Asia’s biggest economy to align clocks same as Singapore and Malaysia if slow-moving bureaucracy does not prevent it from doing so. The committee, which is chaired by President Susilo Bambang Yudhoyono, had proposed that the change take effect at mid-night on Saturday, when business is usually low, before deciding on Oct. 28, a Sunday.
The Indonesian archipelago now has three time zones and Jakarta lies in the western time zone, which is one hour behind Asean neighbours like Singapore, Malaysia, Taiwan, China, Hong Kong and Philippines. Jakarta’s clocks are two hours behind cities in eastern Indonesia like Fakfak and Papua.
The change will put Indonesia eight hours ahead of Greenwich Mean Time (GMT). Currently, Jakarta is seven hours ahead of GMT which is GMT+7 (Same time zone with Thailand and Vietnam).
The move will help accelerate economic development across the country. After the change in clocks, Indonesia’s stock market will open 30 minutes after bourses in Singapore and Malaysia, from 90 minutes at present.
“The benefit will be in synchronized trade and financial transactions with regional markets.” said Mr. Anton Gunawan, chief economist at PT Bank Danamon Indonesia.
A unified time zone will help improve communication and productivity of Indonesia’s bureaucracy and help the spread of information through medium such as television broadcasts, also it will spur foreign exchange trading and tourists will find it more convenient to travel within a country that operates on one time zone instead of three.
Thursday, May 31, 2012
Tuesday, May 22, 2012
Singapore Exchange launches MSCI Indonesia equity futures from June 11, 2012
Singapore Exchange Limited (SGX) said on Tuesday that it will launch the world's first offshore Indonesia Index Futures from 11 June 2012.
This new contract will be based on the MSCI Indonesia index which is a widely followed Indonesian benchmark for institutional investors.
"SGX currently offers the widest suite of Asian equity index derivatives. We are confident that the SGXMSCI Indonesia Index Futures provides a unique value proposition to regional and international investors from both portfolio and risk management perspectives," said Mr Michael Syn, Head of Derivatives at SGX.
SGX has launched a string of equity derivative contracts in recent years, including popular ones tracking Japan's Nikkei 225 index and the Taiwanese stock market. Others though, such those tracking the Hong Kong and European stock markets have struggled to attract as much volume.
For the Indonesian contract, SGX has signed up three market makers: Barclays PLC , Credit Suisse and Amsterdam-based firm Optiver to provide both on screen and off screen liquidity. The contract will begin trading on June 11.
For more information, please visit www.sgx.com.
This new contract will be based on the MSCI Indonesia index which is a widely followed Indonesian benchmark for institutional investors.
"SGX currently offers the widest suite of Asian equity index derivatives. We are confident that the SGXMSCI Indonesia Index Futures provides a unique value proposition to regional and international investors from both portfolio and risk management perspectives," said Mr Michael Syn, Head of Derivatives at SGX.
SGX has launched a string of equity derivative contracts in recent years, including popular ones tracking Japan's Nikkei 225 index and the Taiwanese stock market. Others though, such those tracking the Hong Kong and European stock markets have struggled to attract as much volume.
For the Indonesian contract, SGX has signed up three market makers: Barclays PLC , Credit Suisse and Amsterdam-based firm Optiver to provide both on screen and off screen liquidity. The contract will begin trading on June 11.
For more information, please visit www.sgx.com.
Sunday, May 13, 2012
HKEx to tighten short-selling rules on 3 July 2012
The Stock Exchange of Hong Kong Limited, a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), Asia's biggest bourse operator, said it will implement changes to the short selling criteria for designated securities available for short selling to reflect development in the securities market following a review conducted earlier this year.
As a result of the review, the eligibility criterion related to the market capitalization and turnover velocity will be increased from $1 billion to $3 billion and from 40 per cent to 50 per cent respectively.
Therefore, Stocks eligible for short-selling must have a market capitalization of HK$3 billion from July 3, up from HK$1 billion now, the Hong Kong Exchanges and Clearing Limited (HKEx) said on Thursday.
The change reflects the fact that the average market capitalization of listed companies in Hong Kong has grown by around three times and the market turnover velocity has increased from around 40 per cent to over 50 per cent in the past decade.
Had the new short selling eligibility criteria been adopted in the last quarterly review in April this year, 82 out of the existing 646 designated securities would have become ineligible for short selling.
The new Regulation for short selling eligibility criteria has been approved by the Securities and Futures Commission and will take effect on 3 July 2012 (Tuesday).
Investors and Exchange Participants may refer to Regulation 18 of the Eleventh Schedule of the Rules of the Exchange available on the HKEx website www.hkex.com.hk for more details.
As a result of the review, the eligibility criterion related to the market capitalization and turnover velocity will be increased from $1 billion to $3 billion and from 40 per cent to 50 per cent respectively.
Therefore, Stocks eligible for short-selling must have a market capitalization of HK$3 billion from July 3, up from HK$1 billion now, the Hong Kong Exchanges and Clearing Limited (HKEx) said on Thursday.
The change reflects the fact that the average market capitalization of listed companies in Hong Kong has grown by around three times and the market turnover velocity has increased from around 40 per cent to over 50 per cent in the past decade.
Had the new short selling eligibility criteria been adopted in the last quarterly review in April this year, 82 out of the existing 646 designated securities would have become ineligible for short selling.
The new Regulation for short selling eligibility criteria has been approved by the Securities and Futures Commission and will take effect on 3 July 2012 (Tuesday).
Investors and Exchange Participants may refer to Regulation 18 of the Eleventh Schedule of the Rules of the Exchange available on the HKEx website www.hkex.com.hk for more details.
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