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Institutional Users of ETFs and ETPs in 2012

Over the past 15 years the number of institutional investors that reported using Exchange Traded Funds (ETFs) or Exchange-Traded Products (ETPs) increased 2,086%, rising from 154 in 1997 to 3,367 institutions located in 50 countries in 2012 based on our recent analysis of regulatory filings and mutual fund holdings as collected by Thomson Reuters/Lipper and documented in our new report “ETFGI Institutional Users of ETFs and ETPs, 2012 Review”

 

Measuring Sustainability Disclosure on the World’s Stock Exchanges

Stock exchanges can play an important role in promoting corporate sustainability reporting. By incorporating sustainability disclosure requirements into their listing standards, stock exchanges can create a strong incentive for companies to measure and publicly disclose their sustainability performance to the market.

T-Bond Futures with Chinese Characteristics

After an 18-year hiatus, Chinese Government bond futures are back. After more than a year of mock trading the CGB finally went live on September 6, racking up an impressive first day’s volume of 36,635 contracts. The celebratory first day gave way to more humdrum reality the following week, however, as turnover dropped off toward 5000 a day, where it has been bouncing around since. Open interest, a more robust measure of the breadth of participation, has been climbed steadily from 2,959 after the first trading day and has also settled to around 4500 contracts as of early October.

WFE Interviews Hans B. Sicat, PSE President and CEO

The Philippine Stock Exchange (PSE), the only stock exchange in the Philippines, was incorporated in July 1992 and began operations in 1994. It is the product of the unification of two exchanges, the Manila Stock Exchange (MSE) and the Makati Stock Exchange (MkSE). The predecessor firms each had histories dating back to 1927 and 1965, respectively.

WFE Interview with Eric Forest, Chairman and Chief Executive Officer of EnterNext (NYSE Euronext Group)

Eric Forest, Chairman and Chief Executive of EnterNext (NYSE Euronext Group) talks to Focus Magazine on SMEs and how the recently created EnterNext is going to advocate on their behalf.

Basic Product, Great Expectation

Chinese economy is undergoing structural changes as it slows down to streamline resource allocation. Misallocation of capital resources is blamed for the recent woes like cash crunch, credit difficulties and wild market fluctuations. Chinese capital markets are now called upon to activate idle funds and provide liquidity to support sound real-economy projects. Instead of sophisticated financial instruments, basic asset-backed securities seem to work just fine to channel funds to viable business projects. 

Are Global Standards in Commodity Derivatives Fit for Purposes?

The key question that has been posed to this panel is whether the global standards in commodity derivatives markets are fit for purpose. To address this question there are three sub-questions that I believe would be relevant in this regard.

The first one is why commodity markets are in focus for securities markets regulators in the first place? A second sub-question to this would be what trends are developing and impacting market infrastructure? And finally, what risks are being considered and addressed by market authorities of developed and emerging markets around the globe. I will share with you some of my observations around these three sub-questions.

Toward a Robust Policy Development Process

This article presents ways in which an exchange can structure its rule development processes so that they are effective, transparent, and consistent.

Exchanges tend not to focus on rule development unless it threatens to impede business initiatives they want to implement. And that’s not surprising – new rules can be abstruse, time consuming to vet once they’re written, and complex to code or implement, particularly if rule-writers and programmers don’t work together. Amending existing rules, or even clarifying them to describe what actually happens in the market, can be daunting, especially if the rules were originally crafted to favor entrenched interests, or to protect local market participants.

 

 

Rule Making as Project Management

On the June issue of Focus, we are pleased to feature an article by Daniel Labovitz, Managing Director at MarketReg Advisors.  While the responsibilities of self-regulatory organizations have changed much over the years, and differ widely between jurisdictions, implementing rule changes is a sometimes overlooked feature of the process. 

WFE Interviews the Amman Stock Exchange

The Amman Stock Exchange (ASE) assumed its tasks on March 11th, 1999 - after the restructuring of the Amman Financial Market - as a private nonprofit institution with administrative and financial autonomy and is authorized to practice as a regular market for trading in securities in Jordan, subject to the control of the Jordan Securities Commission (JSC). The ASE is managed by a seven-member Board of Directors; four of whom are elected by the General Assembly and three are appointed by the Board of Commissioners of the JSC.

 

 

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