HONG KONG - Hong Kong Exchanges and Clearing Limited (HKEx), Shanghai Stock Exchange (SHSE) and Shenzhen Stock Exchange (SZSE) signed an agreement yesterday (Thursday) to establish a joint venture (JV) in Hong Kong with an aim to develop financial index-linked and equity derivative products, such as exchange-traded funds(ETF) and related services. The Joint Venture will have an initial paid-up capital of HK$300 million, with HKEx, SHSE and SZSE each contributing HK$100 million (US$12.9 million).
The new company will develop a series of benchmark stock indexes covering big Chinese companies listed on the three exchanges based on products that can be traded on all three exchanges and are expected to be launched by year end. By the way, dozens of Hong Kong-listed Chinese companies, known as H shares, are already listed in Shenzhen or Shanghai with A-share stocks.
Hong Kong Exchanges has been seeking to expand its status as China's international bourse, diversifying beyond stock trading and initial public offerings in recent years.
Hong Kong is a Special Administrative Region (SAR) of China with its own financial system and currency. There has been little cooperation between stock markets in Hong Kong and the mainland until now.
Click on the HKEx website www.hkex.com.hk for more details.
Friday, June 29, 2012
Monday, June 18, 2012
Dragon Boat Festival Holiday in Asian Countries
In China, it is known as the Duan Wu Jie ( Jie in Chinese means festival), but in Hong Kong, it is known as the Tuen Ng Jit (literally translated in local Cantonese language).
Dragon Boat Festival or Duan Wu Jie is a Chinese festival celebrated on the fifth day of the fifth month based on Chinese calendar. Therefore, it also known as the 'Double Fifth Festival'.
This day is celebrated to commemorate the death of Qu Yuan in 287BC. Qu Yuan is a legendary Chinese patriotic poet who drown himself out of sadness when his home state fallen to a conqueror’s hand who is very corrupted.
In the past, Chinese rice dumplings largely made of glutinous rice was originally made and thrown into the river to prevent fishes from eating the body of Qu Yuan. Glutinous rice supposed to be a hard to digest food. So people hopes the fishes will get 'full feeling' and not eating the body of Qu Yuan.
Today, no rice dumplings are throw into the river instead dragon boats racing are organized to make heavy drum beating to scare away the fishes. Hence, it is also known as Dragon Boat Festival.
Nowadays, Chinese prepare the rice dumplings as a delicacy, typically made of glutinous rice, pork meat, duck yoke, chestnuts, spicy powders and many varieties which made this festival more like a 'Chinese Dumpling Festival'. The focus of the celebrations includes eating rice dumplings and racing dragon boats.
By the way, this year, the actual day for Dragon Boat Festival should be on June 23 (Saturday) but China and Hong Kong celebrated one day ahead as a holiday except Taiwan which stick on the actual day. (see table below)
The festival has also celebrated by the local Chinese in Singapore, Malaysia and Vietnam but it is not an official holiday there.
Asian countries celebrating Duan Wu Jie / Dragon Boat Festival this week are shown below.
* Although it is an official holiday in Hong Kong and Taiwan, but they never bring it one day ahead except China.
Dragon Boat Festival or Duan Wu Jie is a Chinese festival celebrated on the fifth day of the fifth month based on Chinese calendar. Therefore, it also known as the 'Double Fifth Festival'.
This day is celebrated to commemorate the death of Qu Yuan in 287BC. Qu Yuan is a legendary Chinese patriotic poet who drown himself out of sadness when his home state fallen to a conqueror’s hand who is very corrupted.
In the past, Chinese rice dumplings largely made of glutinous rice was originally made and thrown into the river to prevent fishes from eating the body of Qu Yuan. Glutinous rice supposed to be a hard to digest food. So people hopes the fishes will get 'full feeling' and not eating the body of Qu Yuan.
Today, no rice dumplings are throw into the river instead dragon boats racing are organized to make heavy drum beating to scare away the fishes. Hence, it is also known as Dragon Boat Festival.
Nowadays, Chinese prepare the rice dumplings as a delicacy, typically made of glutinous rice, pork meat, duck yoke, chestnuts, spicy powders and many varieties which made this festival more like a 'Chinese Dumpling Festival'. The focus of the celebrations includes eating rice dumplings and racing dragon boats.
By the way, this year, the actual day for Dragon Boat Festival should be on June 23 (Saturday) but China and Hong Kong celebrated one day ahead as a holiday except Taiwan which stick on the actual day. (see table below)
The festival has also celebrated by the local Chinese in Singapore, Malaysia and Vietnam but it is not an official holiday there.
Asian countries celebrating Duan Wu Jie / Dragon Boat Festival this week are shown below.
| Stock Exchange | Dragon Boat Festival |
| China | June 22 (Friday) |
| Hong Kong * | June 23 (Sat.) |
| Taiwan * | June 23, 2012 (Sat.) |
* Although it is an official holiday in Hong Kong and Taiwan, but they never bring it one day ahead except China.
Thursday, May 31, 2012
Indonesia to move to single time zone so as to match Singapore and Malaysia Clock
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.
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.
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.
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