[HONG KONG] Singapore's role as a regional equity derivatives trading centre may be curtailed after it lost a major index-licensing deal to Hong Kong. The next battle front between the two Asian financial hubs will be on China stock futures. Read more at The Business Times.
Singapore's role as a regional equity derivatives trading centre may be curtailed after it lost a major index-licensing deal to Hong Kong. The next battle front between the two Asian financial hubs will be on China stock futures.[HONG KONG] Singapore's role as a regional equity derivatives trading centre may be curtailed after it lost a major index-licensing deal to Hong Kong. The next battle front between the two Asian financial hubs will be on China stock futures.
Rivalry in the hedging tool for mainland equities sets up a skirmish between the cities that have competed as centers for a range of finance businesses from share listings to wealth management, analysts say. Singapore Exchange is currently the only overseas platform where investors can trade Chinese A-share futures, and the product accounts for about half of the bourse's equity derivatives volume. That may be short-lived as Hong Kong Exchanges & Clearing said last year it's working on a similar hedging tool for mainland stocks with MSCI, which is still pending regulatory approval.
"The launch would end Singapore Exchange's monopoly on offshore derivatives based on China's A shares," said Bruce Pang, head of macro research at China Renaissance Securities. The stakes are high for SGX as equity-derivatives sales alone accounted for 36 per cent of its total revenue for the quarter through March. Meanwhile, the exchange is facing other challenges such as a slowdown in listings and India's decision to move trading onshore for some futures contracts from Singapore.
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