capital markets

With a restrained grin, Mihaly Varga, Hungary’s economy minister, pressed the button to open trading at the Budapest Stock Exchange (BSE) on Friday – simultaneously inaugurating the Xetra trading system for the first time in the Hungarian capital. Continue reading »

It has been a dramatic year of structural reforms for Russian markets. Joseph Dayan, head of markets at BCS Financial Group, the largest broker on the Moscow exchange, explains to FT Trading Room editor Philip Stafford the impact for international investors of changes in clearing and settlement.

Chinese government bond futures are back, ending an 18-year halt after an investment scandal shuttered the market. The move is part of efforts to encourage development of the government bond market and offers a hedge against market volatility.

The China Securities Regulatory Commission (CSRC) said on Friday that a proposal to issue government bond futures had been approved by the State Council and that the futures would be publicly traded on the China Financial Futures Exchange (CFFEX) in two months’ time. Continue reading »

Southeast Asian equity markets are on a tear. Ripped on the Fed’s easy money, the markets keep rising and the cash keeps coming in.

Thailand and the Philippines – the two best performing stock markets in the world last year – have continued their rise more or less uninterrupted with the former up 15 per cent so far this year and the latter up an eye-brow raising 24 per cent! And this is in spite of some concerns bubbling up about regional growth ratesContinue reading »

Rain washed out the inaugural anniversary celebration for Taiwan’s president Ma Ying-jeou; forecasts for full-year economic growth are being cut; and two of the country’s fighter jets have crashed during training exercises in the last week.

But there could soon be at least one bright spot in the gloom for Taiwan. Legislators are trying to lighten an unpopular transaction tax that has weighed on the local market since it first passed last year. Continue reading »

By Chiara Francavilla of This is Africa

Morocco is finalising a new securitisation law that will allow the state and companies to issue sukuk, the Islamic equivalent of bonds. Preparations for a corporate and a sovereign sukuk are already underway, according to Islamic finance experts. Continue reading »

When Xiao Gang, the new boss of the China Securities Regulatory Commission, used ‘China dream’ as the theme of his first public speech following his appointment back in March, he was making an obvious echo of president Xi Jinping’s evoctaion of a ‘China dream’. Xiao’s speech was published on CSRC’s website to just before China’s May 4th Youth Day.

However, whether Xiao really is a reformist remains to be seen. He certainly seems willing to continue the reforms started by his predecessor, Guo Shuqing. But progress will require something more practical than dreams. Continue reading »

In the pantheon of financial news, China’s decision to open its interbank bond market to foreign investors may seem a small item. But the announcement, made on Wednesday, is a big one for two reasons.

First, it gives foreign institutions access to a major asset class. Second, its timing signifies that China’s financial reform train is still very much in motion just a few days after the dust finally settled on the country’s leadership reshuffle. Continue reading »

Peru is typically grouped with Mexico, Panama, Colombia and Chile as one of Latin America’s high-growth economies, a darling of international investors. But how easy is it to invest in? Not easy at all, says Luis Miguel Castilla, Peru’s finance minister.

“Our diagnosis is that our own capital market is poorly developed; not deep; scarcely liquid,” he tells beyondbrics. Continue reading »

Argentina has a problem: people save too much.

That, at least, is how the national stock market regulatory body sees things. Argentina is awash with pesos – some 380bn in bank deposits, for example – yet only 8 per cent of even the most educated social classes has ever invested in a market instrument. Continue reading »

A new alliance in the fast-moving world of stock exchange partnerships: the venerable Bombay Stock Exchange (BSE) has teamed up S&P Dow Jones Indices – and is marking the deal by giving its indices the prefix S&P. Continue reading »

Global squabbles over exchange rates have emerged as a key concern for South Korea, as policy makers struggle to battle strong headwinds from Japan’s expansionary monetary policy.

A Bank of Korea report on Monday showed conflicts over currencies listed for the first time among the top five risks facing the country’s financial system, while concerns about China’s economic hard-landing and a delayed recovery in the US economy have subsided. Continue reading »

Korea Housing Finance Corp will hit the road this week to sell a benchmark-sized international covered bond. It’s not the first such deal in this nascent market, but it’s certainly the most confusing. Continue reading »

By Tarik Kurbegović, chief executive, Sarajevo Stock Exchange

On the walls of the conference hall of the Sarajevo Stock Exchange hang copies of shares from the era when Bosnia was ruled by the Austro-Hungarian monarchy. While this suggests a long tradition of capital markets culture, it does not, alas, reflect the true state of awareness among Bosnian citizens. We have started to work on improving the country’s financial literacy. But it will take time. Continue reading »

The clang of a bell announced the launch of Kenya’s new small and midcap market segment on Tuesday, but its founders are determined that will be the only old-fashioned thing about it.

The Growth Enterprise Market Segment (GEMS) could be the solution to several constraints on the growth of Kenya’s economy, which relies on small business for 40 per cent of the country’s $36bn GDP, and may provide the route for Kenyans to invest in the country’s nascent natural resource sector. Continue reading »