www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Markets

Stock Connect set to buoy use of more financial instruments

By Emma Dai (China Daily) Updated: 2014-10-23 07:38

Apart from OTC derivatives targeting private banks, synthetic securities such as participatory notes and equity swaps will also find clients among global funds, said CLSA Ltd, a local securities house focusing on institutional business.

"P-notes are probably going to be the biggest derivative arrangement written from the sell side to the buy side on the back of Stock Connect," said Andrew Maynard, global head of trading and execution at CLSA.

Synthetic securities are combinations of securities that represent the properties of yet another security, which may not itself exist.

P-notes are synthetic structures that brokers write to allocate some of their quota to clients such as investment funds that are finding it difficult to acquire their own quotas. P-notes can also be used to bypass regulatory restrictions and avoid settlement problems.

Though Stock Connect will provide much easier access to Shanghai-listed stocks than the QFII and RQFII programs, P-notes are expected to be in demand, because global investors are wary of Chinese settlement rules and often unfamiliar with currency controls, said Maynard.

Northbound trading through Stock Connect is to be settled in offshore yuan, which are known as CNH in the currency markets.

"The problem is a lot of global custodians are not able to settle or hold securities denominated in CNH. It's not a convertible currency and there are only five offshore centers for it," he said.

"Equity investors are not familiar with the Chinese capital market, which is relatively new. The system has not been set up and due diligence has never been done properly. Besides, when you add the settlement scenario, pre-delivery requirements and different time zones, people would find Stock Connect too complicated."

Many investors are requesting P-notes, Maynard said. "I imagine swaps and P-notes would probably make up one-third of foreign activity going in (through Stock Connect). That's the same ratio of people using their own QFII quotas versus using our firm's QFII quota to invest in the mainland market right now.

Stock Connect set to buoy use of more financial instruments

Stock Connect set to buoy use of more financial instruments

Stock Connect delay worries investors  Hedge funds wait for green signal to ride 'through train' 

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 亚洲综合国产一区二区三区 | 成 人 黄 色 激 情视频网站 | 精品亚洲成a人在线播放 | 亚洲日韩中文字幕 | 免费午夜不卡毛片 | 在线亚洲观看 | 91精品久久国产青草 | 国产成人在线观看免费网站 | 日本暖暖在线视频 | 亚洲 欧美 精品专区 极品 | 一级片美国 | 久久久久免费观看 | 看欧美的一级毛片 | 国产精品二 | 丝袜足液精子免费视频 | 在线看欧美日韩中文字幕 | 国产中文字幕视频在线观看 | 国产男女爽爽爽爽爽视频 | 亚洲国产一区二区三区综合片 | 久久午夜鲁丝片午夜精品 | 国产成人午夜极速观看 | 高清国产美女一级a毛片录 高清国产亚洲va精品 | 久久aⅴ免费观看 | 手机看片久久国产免费不卡 | 国产剧情一区二区 | 日韩男人的天堂 | 亚洲国产精品综合久久20 | 久久久久久久久网站 | 日本欧美一级aaaaa毛片 | 中文无线乱码二三四区 | 99国产在线| 另类欧美日韩 | 二级毛片在线播放 | 久久一级视频 | 日本xxxxx久色视频在线观看 | 欧美一级手机免费观看片 | 国产天堂在线一区二区三区 | 久久免费在线视频 | 黄色美女网站在线观看 | 日韩精品视频美在线精品视频 | 免费观看情趣v视频网站 |