1. CHINA NEWS
SHFE Begins Trading Futures on Gold
The Shanghai Futures Exchange’s new gold contract got off to a dramatic start on Jan. 9, quickly reaching the 5% daily price limit on the upside. Trading was frenetic through the month, racking up a total volume of 1.2 million contracts for January. The physically delivered contract, which was approved for trading on Dec. 28, is denominated in renminbi and has a 5% daily price limit and a 7% margin requirement. To discourage speculation by individual investors, the exchange increased the size of the contract to 1,000 grams of gold from 300 grams as originally proposed. The exchange also said it will not allow individual investors to take delivery of physical gold at expiration.
http://news.xinhuanet.com/english/2007-12/30/content_7339208.htm
http://www.shfe.com.cn/docview.jsp?docid=80221
http://www.shfe.com.cn/shfe/upload/dir_200824/5557_200824.pdf
HKEx Sets March 3 for Trading and Clearing Systems Upgrade
After nearly a year of preparation, Hong Kong Exchanges and Clearing will install new versions of its derivatives trading and clearing systems on March 3, the exchange announced on Feb. 18. To make sure that the new systems work properly, the exchange will be prepared to fall back to the previous systems if necessary during a two week “stabilization” period, the exchange said. The two systems—Hong Kong Futures Automated Trading System (HKATS) and the Derivatives Clearing and Settlement System (DCASS)—currently use the Release 17.1 software product supplied by OMX. The upgrade to Release 19.1 will allow HKEx to leverage the new functional and technical capabilities of the OMX software and assure OMX’s support going forward.
http://www.hkex.com.hk/news/hkexnews/0802182news.htm
http://www.hkex.com.hk/infra/hkatsdcass19/upgrade19_1.htm
JPMorgan to Launch Futures Joint Venture in China with Zhongshan
JPMorgan will offer commodity futures trading and execution in China starting in March through a joint venture with Zhongshan Futures Co., a brokerage firm based in Guangdong, the bank announced on Jan. 29. The joint venture, which received regulatory approval in September, gives JPMorgan access to the three Chinese commodity futures exchanges. JPMorgan said it expects to expand into financial futures when stock index futures start trading at the China Financial Futures Exchange, though a launch date for the contract has not been announced.
China Suspends Foreign Investment in Futures Brokers
China’s regulators suspended any further approvals of joint ventures with Chinese futures brokers, according to a Jan. 9 report in a local paper. The move came less than two weeks after the government lifted a suspension on joint ventures in the securities industry. ABN Amro, Calyon Financial, and JPMorgan are the only foreign firms to have formed futures joint ventures in China to date. The regulator said that no further proposals for additional joint ventures would be considered until applicable rules have been revised.
http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=b888d5ac-e82e-49e9-a784-e31d4f9ee3cb
CSRC and CFTC Strengthen Cooperation
The U.S. Commodity Futures Trading Commission and the China Securities Regulatory Commission announced on Feb. 12 that the agencies have agreed to hold regular meetings to promote enhanced cooperation and collaboration. These meetings will be designed to promote investor protection, market integrity, and the supervision of derivatives trading occurring on a cross-border basis between China and the U.S., the two agencies said.
http://www.cftc.gov/newsroom/generalpressreleases/2008/pr5453-08.html
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China’s Banking Regulator Adds Singapore and U.K. Markets to “Allowed” List for Domestic Investors
The China Banking Regulatory Commission designated two additional countries as eligible markets for domestic institutional investors, the latest example of the government’s willingness to ease the restrictions on outbound investments. The change in policy resulted from the establishment of agreements between the CBRC and its counterparts in Singapore and the U.K. The move is part of China’s “qualified domestic institutional investor” program initiated last year, under which Chinese institutional investors are permitted to invest in a growing number of overseas markets. Institutional investors that fall under the jurisdiction of China’s securities and insurance regulators already have access to large number of foreign markets, but the CBRC had limited overseas investment by banks to only one country, Hong Kong, until these two agreements. The CBRC reportedly is close to finalizing agreements with regulators in Germany, Japan and the U.S. that would ease access to those markets as well.
China’s Sovereign Wealth Fund Source of Domestic and Global Capital
The Wall Street Journal reported Jan. 2 that China’s sovereign wealth fund, the China Investment Corp., injected $20 billion of capital into China Development Bank to beef up its balance sheet (see item below on CDB). The CIC has been getting much publicity because of its investments around the world. Last year it made substantial investments in Morgan Stanley, Blackstone Group and Barclays. The CIC has also been a source of domestic capital, however. In addition to the CDB, the CIC had provided a total of $60 billion in capital to three of China’s largest banks ahead of their initial public offerings. The Agricultural Bank of China also is expected to get a capital injection from CIC of some $45 billion in preparation for its IPO.
http://online.wsj.com/article/SB119908730820859121.html?mod=sphere_ts
http://online.wsj.com/article/SB119791739652334499.html?mod=sphere_ts
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Shanghai Stock Exchange to Revise Suspension Rules
The SSE is likely to adopt trading suspension rules similar to those of the Hong Kong exchange, according to China Daily. Under the current system, trading suspensions have been frequent and penalties for rule violations too weak. Under proposed rules, deadlines would be set for companies suspected of violating rules or causing irregular trading.
http://www.chinadaily.com.cn/bizchina/2008-01/15/content_6394645.htm
Chinese Banks Top World Capitalization Rankings
Bloomberg reported Feb. 4 that Chinese banks have shot to the head of the rankings, with Industrial & Commercial Bank of China capturing the top spot by capitalization. China Construction Bank and Bank of China are in the fourth and fifth places, respectively. The former No. 1 bank, Citigroup Inc., fell to seventh place. Enthusiasm for Chinese stocks helped propel Chinese bank valuations at the same time that the sub-prime crisis in the U.S. and Europe deflated the values of giants such as Citigroup and UBS. Citigroup share prices fell 47% in 2007. Bank of America still retains second place and HSBC third place, just ahead of China Construction Bank. Banks less reliant on securities trading and more so on consumer business, including Bank of America and HSBC, fared relatively well amid the turbulent trading markets of 2007. HSBC was also helped by its high exposure to the Chinese market. Bloomberg noted that Chinese banks are now among the most expensive in the world relative to earnings, assets, and revenue.
http://www.bloomberg.com/apps/news?pid=20601109&sid=aBhYtHt.s3gM&refer=home
HKEx Announces plans for Mini H-Shares Index Futures
HKEx plans to introduce Mini Hang Seng China Enterprises (H-shares Index) futures on the last day of March to expand its range of Mainland China-related derivatives, according to a Jan. 15 press release. The value of one Mini H-shares index futures will be one-fifth that of an H-shares index futures contract. The Mini H-shares index is a cap-weighted index that tracks the performance of shares of major mainland-incorporated companies listed in Hong Kong. H-share index futures were introduced in 2003 and traded 44,271 contracts in 2007, up 122% from the prior year. The increase in the value of the existing H-shares contract drove the decision to create a mini-version that would attract a new swathe of investors.
http://www.hkex.com.hk/news/hkexnews/080115news.htm
The most recent HKEx newsletter is available here:
http://www.hkex.com.hk/publication/newsltr/exchange_jan08.htm
China to Commercialize China Development Bank
China’s cabinet has approved a plan to turn China Development Bank, a state bank whose function has been to finance highways and other public works, into a private sector lender, according to reports in several local newspapers on Feb. 18. The move is the latest in a series designed to privatize the Chinese banking system and boost its competitiveness and efficiency. In its new incarnation, CDB would engage in both commercial and investment banking, and most likely would seek a stock market listing. No date has been disclosed for the conversion, which is expected to take place through a series of reforms.
http://www.forbes.com/feeds/ap/2008/02/17/ap4665024.html
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2. INDIA NEWS
NYSE Euronext Buys 5% of India’s MCX
NYSE Euronext announced on Feb. 15 that it has agreed to pay 2.4 billion rupees (US$61 million) for a 5% equity stake in the Multi Commodity Exchange, India’s largest commodity exchange. Closing of the transaction is expected to take place during the first half of 2008, subject to regulatory approvals.
“We believe that our investment in MCX will produce new business opportunities for NYSE Euronext in the commodities sector and deliver value to NYSE Euronext shareholders,” Duncan Niederauer, NYSE Euronext’s chief executive officer, said in a statement. “This transaction underscores our long-standing commitment to India and is consistent with our strategic business goal of aligning NYSE Euronext with partners globally and diversifying our product portfolio.”
The 5% equity investment is the maximum equity interest permitted by foreign investors in derivative exchanges under current Indian law. MCX has several other foreign shareholders, including Fidelity, Citibank and Merrill Lynch. NYSE Euronext also owns 5% of the National Stock Exchange of India, the largest market for equity futures and options in India.
The investment builds on an existing relationship between the two exchanges. In July 2006, MCX and Liffe, NYSE Euronext’s derivatives business, entered a licensing agreement that allows MCX to list domestic futures contracts for Robusta coffee and white sugar based upon Liffe prices.
In related news, the Indian government on Jan. 30 issued a ruling that limits foreign investment in commodity exchanges to 5% per investor and 49% in aggregate, in line with the guidelines that apply to foreign investment in stock exchanges. The government also said that 26% will be reserved for foreign direct investors and 23% for foreign institutional investors.
http://www.nyse.com/press/1202988069353.html
http://pib.nic.in/release/release.asp?relid=35007&kwd=foreign
India’s Sebi to Work More Closely with U.S. Securities Regulator
The Securities and Exchange Board of India is developing a closer relationship with the U.S. Securities and Exchange Commission in areas such as enforcement, technical cooperation and training. In a Jan. 8 press release, the two regulators said they have agreed on the terms of a regular dialogue. One of the top priorities is to improve cooperation and the exchange of information in cross-border securities enforcement matters, but the dialogue will also focus on continued training and other “capacity-building” measures as well as such issues as corporate governance and internal controls, regulatory and compliance issues relating to outsourcing, and oversight of dually regulated entities. The announcement came after a two-week “capacity-building and technical cooperation session” held in India by the SEC in December that included a program for chief compliance officers of U.S. registered investment advisers located in Asia.
http://www.sec.gov/news/press/2008/2008-3.htm
Government Names New Sebi Chief
The Indian Government has appointed Chandrasekhar Bhaskar Bhave as the new chairman of the Securities and Exchange Board of India for a period of three years. He replaced M. Damodaran who reached the end of his term as chairman. Bhave, a career bureaucrat with a degree in electrical engineering, was a senior official at Sebi from 1992 to 1996, and played an important role in the reforms that led to the creation of the National Stock Exchange of India. Bhave is presently the chairman and managing director of National Securities Depository Limited, where he is spearheading a drive to shift from paper to electronic documentation of share certificates.
http://www.sebi.gov.in/Index.jsp?contentDisp=SubSection&sec_id=25&sub_sec_id=25
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Indian Banks Reach Abroad
Punjab National Bank, the second largest public sector commercial bank in India, opened a Hong Kong branch in late January to meet the banking needs of its customers doing business in China, according to Xinhua news agency. The bank also has started the process of upgrading its Shanghai representative office into a full-fledged commercial banking branch. The bank’s chairman, K. C. Chakrabarty, noted that trade between China and India had reached US $38 billion in 2007.
In related news, the State Bank of India, India’s largest bank by assets, received approval from the U.S. Federal Reserve to open an additional branch in the U.S. The new branch in Jackson Heights, a suburb of New York City, will provide a range of commercial banking services. The bank already had branches in New York City and Chicago, as well as an agency in Los Angeles and a representative office in Washington, D.C.
http://federalreserve.gov/newsevents/press/orders/orders20080125b1.pdf
UBS Drops India Acquisition Plan
In a Dec. 28 press release UBS Global Asset Management announced that it would not proceed with its planned acquisition of Standard Chartered Bank’s mutual funds management business in India. The release also said that UBS’s strategic alliance with Standard Chartered Bank, which was announced at the same time as the planned acquisition, was unaffected.
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3. JAPAN NEWS
OSE Plans to Permit Remote Access
The Osaka Securities Exchange plans to improve access to its derivatives market by introducing a remote trading membership scheme. This will enable end-users from outside Japan to directly connect to the market, the exchange’s chief executive officer, Michio Yoneda, said in an address published in the January issue of the exchange’s newsletter.
http://www.ose.or.jp/e/profile/ml/0801/ml_0801.html
TSE Starts Give-Ups, Suffers Big Glitches
The Tokyo Stock Exchange’s new trading system, which was installed on Jan. 15, suffered from a glitch that led to a system shutdown and suspension of the March Topix futures contract on Feb. 7. At the end of the morning session, the TSE system failed to process trades or calculate the price of the futures contract, leading to the cancellation of all the mornings trades. The new system includes give-up processing capability, long sought by industry participants.
http://online.wsj.com/article/SB120245439507653543.html
http://www.tse.or.jp/english/news/200712/071218_a.html
http://www.tse.or.jp/english/news/200711/071127_a.html
Japan’s Tocom and TSE to Cooperate in Listing of Commodity ETFs
The Tokyo Commodity Exchange and the Tokyo Stock Exchange Group signed a memorandum of understanding to promote cooperation between the two exchanges. In particular, the two exchanges said they will look at cooperating in the listing of exchange-traded funds on TSE that track commodity prices and commodity indices, and the listing of commodities and commodity indices on Tocom, and arbitrage between the two sets of products.
http://www.tse.or.jp/english/news/200801/080116_a.html
FIA Japan Chapter Examines Clearing Issues
The FIA Japan Chapter has formed a task force to examine the role and function of the clearinghouse in the Japanese futures markets. The first priority will be the commodity clearing function where the chapter believes much improvement is needed. The task force will survey the practices and design of the clearinghouses in the U.S. and Europe and develop a position paper setting forth its recommendations for the commodity markets in Japan.
http://www.fiaasia.org/japan/downloads/Jan08newsletter.pdf
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FSA Proposes Regulatory Overhaul
Japan’s Financial Services Agency on Dec. 21 published a package of reform proposals designed to revitalize the country’s financial and commodity markets. The reform plan calls for reducing the separations between banking and securities activities and reducing taxes on overseas fund managers. The reform plan also calls for improving supervision through “intensive dialogue” with the industry on the principles for financial regulation as well as “close monitoring of market developments.”
The reform plan contains several provisions of particular interest to the futures industry. One provision would allow “alliances” between financial and commodity exchanges and would let exchanges offer a “full line of products” including futures and options on both commodities and financial instruments. The plan also calls for legal reforms to allow for the creation of exchange-traded funds based on commodity markets and to allow banks to act as commodity dealers.
In related news, Japan’s two commodity regulators have backed the idea of allowing financial and commodity exchanges to combine. A joint committee of the Ministry of Agriculture, Forestry and Fishery and the Ministry of Economy, Trade and Industry released an interim report on Dec. 7 that recommends a number of reforms to strengthen Japan’s commodity futures business and improve its international competitiveness. The report noted that the volume of futures and options trading worldwide tripled in the last three years, but shrank by 45% on Japan’s commodity futures exchanges during the same period. The report’s recommendations include allowing securities and commodity exchanges to handle each other’s products and to form equity partnerships with international exchanges, allowing the creation of exchange-traded funds based on commodity futures, encouraging lower transaction costs, increasing the participation of financial institutions and institutional investors, and increasing the range of listed commodities.
http://www.fsa.go.jp/en/news/2007/20071221.html
http://www.meti.go.jp/english/report/downloadfiles/071207CommodityExchange_InterimReport.pdf
Japanese Fixed Income Trading Keeps Rising: Greenwich Associates
According to a study by Greenwich Associates, a U.S. consulting group, fixed income trading in Japan rose substantially in the first half of 2007, driven mainly by increases in government bond trading. Japanese domestic fixed income trading rose 15% in the 12-month period ending July 2007 after remaining flat the prior year, the study said. The credit crunch brought on by the sub-prime crisis led to a fall-off in the latter half of the year, but growth should return in 2008, the study predicted. Japanese fixed income markets were less affected by the sub-prime crisis than other major economies because 85% of total domestic trading was in Japanese government bonds. The rise of the yen relative to the dollar is spurring flows into Japanese instruments. Asset-backed securities have seen strong growth, including mortgage-backed instruments, which doubled in 2007 to US $153 billion.
In contrast to many other markets, Japanese fixed-income investors have spurned electronic trading systems in favor of traditional voice methods. Only 14% of yen investors traded electronically over the period studied. In Europe, the U.S., and the rest of Asia, over half of fixed income trading is electronic.
One reason for the sparse use of electronic trading in Japan is the near-absence of hedge funds in the domestic fixed-income market. Paradoxically, Japanese institutional investors trail only U.S. institutional investors in terms of their asset allocation to hedge funds. Japanese corporate funds allocate 9% of assets to hedge funds, compared to 16.6% for U.S. institutions.
http://www.greenwich.com/WMA/in_the_news/press_releases/1,1638,,00.html?rtOrigin=G&vgnvisitor=fKWYnqaHoQ
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4. OTHER ASIA NEWS
Thailand Futures Exchange to Accept New Broker Applications
Due to a sharp increase in volume at the exchange, the Thailand Futures Exchange will accept new applications for membership until April 2008, according to a story in the Bangkok Post. Kesara Manchusree, the TFEX President, said the exchange “has no policy to limit the number of brokers at the moment. The next round of applications won’t be for another two years.” She said that TFEX had sent invitations to a number of companies qualified to trade derivatives, such as banks and insurance companies. Average daily volume, which was 5,000 contracts in 2007, jumped to 9,000 contracts in January, with a single-day peak of 13,000. TFEX inaugurated trading in April 2006 with the SET50 stock index futures contract, adding options in 2007. Kesara said that the exchange hoped to launch individual stock options in the fourth quarter.
http://www.tfex.co.th/en/press/files/TFEXRelease21_2007_Eng.pdf
Taiwan Exchange Seeks Foreign Partner
Bloomberg reported December 31 that the Taiwan Stock Exchange was in discussions with Nasdaq, NYSE Euronext, the CME Group, and Deutsche Boerse about selling up to 25% of its shares. An exchange spokesperson said a foreign partner or partners would provide “platforms” and additional channels for trading. The government is in the process of merging all of Taiwan’s financial markets and market infrastructure organizations into a holding company structure. This holding company will include the Taiwan Stock Exchange, the Taiwan Futures Exchange, the Taiwan Depository and Clearing Corp., and the GreTai Securities Trading Co., which handles the trading of bonds. It appears that the sale of shares to other exchanges will take place after the completion of the merger, now slated for later this year.
NYSE Euronext Expands Asia Presence
NYSE Euronext announced in two separate press releases at the end of January that it was expanding its offices in Singapore and Tokyo. In Singapore, Stefan Ullrich will join the firm’s international derivatives unit, Liffe, to develop its derivatives business in the region. Ullrich had previously represented Eurex in Asia since 1999. He will join Anthony Payne, a specialist in proprietary trading firms, who moved to Singapore recently from Liffe’s London office. They will be co-heads of the Liffe Singapore office, reporting to Peter Tierney, the managing director of NYSE TransactTools for Asia-Pacific.
In Tokyo, NYSE Euronext announced the addition of a team from NYSE TransactTools. The NYSE TransactTools team is already involved in a number of trading infrastructure projects with Japan-based sell-side and exchange clients. The press release said that the firm has been “seeing higher demand for direct electronic trading access across Asia-Pacific markets.”
http://www.nyse.com/press/1201259489041.html
http://www.nyse.com/press/1201607525544.html
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Four Asian Exchanges Choose OMX as Technology Supplier
OMX, the Scandinavian market operator that is being acquired by Nasdaq and Borse Dubai, announced agreements to provide technology to four Asian exchanges—the Tokyo Commodity Exchange, the Singapore Commodity Exchange, the Bombay Stock Exchange, and the Indonesia Stock Exchange.
In the case of Tocom, OMX will deliver integrated trading and clearing systems to the Japanese exchange, with NTT Data, the exchange’s traditional technology supplier, acting as systems integrator and operator. The new system, OMX’s first in Japan, is scheduled to be operational by March 2009. Masaaki Nangaku, Tocom’s chairman and chief executive, said the new platform would help the exchange offer faster and more efficient trading services to its customers and “improve our position in the global commodity marketplace.”
In the case of Sicom, OMX will deliver an integrated trading and clearing system for the exchange’s commodity futures products, principally futures on rubber. Under the terms of the contract, OMX will be the system provider for both the implementation and support of the new system, which is scheduled to be operational by September 2008. Sicom added that the new system will allow market participants to access the exchange through their own order management systems or the exchange’s web-based trading solution. Lim How Teck, Sicom’s chairman, said the new system “will appeal to a wider market segment, who are keen to capitalize on the recent boom in commodity prices.”
Third, OMX will deliver trading and clearing systems to strengthen BSE’s derivatives and securities trading capabilities. The Indian exchange said it is targeting mid-2008 for the rollout of the new systems. The exchange put particular emphasis on the importance of the clearing system, saying this will allow BSE to clear a wider range of products, as well as offer a new set of clearing services to its members.
Lastly, the Indonesia Stock Exchange has signed an agreement with OMX to provide its trading platform and integrate the systems used at the Jakarta and Surabaya stock exchanges, its two predecessor exchanges. With the new system, the exchange can operate trading of all its financial products, including equities, derivatives, mutual funds and bonds, on a single platform. The system is scheduled to be operational at the end of 2008.
http://www.omxgroup.com/nordicexchange/newsandstatistics/companynotices/Article/?msgId=628558&lang=en
http://www.omxgroup.com/nordicexchange/newsandstatistics/companynotices/Article/?msgId=625931&lang=en
http://www.omxgroup.com/nordicexchange/newsandstatistics/companynotices/Article/?msgId=632966&lang=en
Bursa Malaysia in Talks with CME
Bursa Malaysia is discussing “potential collaboration” with CME Group, the Malaysian exchange disclosed on Dec. 10. According to local news reports, CME Group is seeking to buy 10% of Bursa Malaysia, but the Malaysian exchange said the discussions are “still at a preliminary stage, and no terms have been agreed.” The disclosure came less than one month after CME agreed to sell its 50% stake in the Joint Asian Derivatives Exchange to the joint venture partner, the Singapore Exchange. SGX established Jade two years ago with the Chicago Board of Trade as a regional center for commodity futures trading in competition with exchanges such as Bursa Malaysia.
http://www.klse.com.my/website/bm/media_centre/media_releases.html?/bm/media_centre/media_releases/years/2007/20071210_105421016.html
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5. FIA AND FIA ASIA NEWS
FIA Asia Elects Board Members and Officers
FIA Asia elected three industry professionals to serve as members of its board of directors and as officers of the organization. Emmanuel Faure, chief executive officer, Newedge Asia (ex-Japan), will serve as FIA Asia’s chairman. Rama Pillai, senior vice president and head, intermediaries and market access, Singapore Exchange, will serve as secretary. Nicholas Forgan, managing director, JPMorgan Securities Singapore, will serve as treasurer. Faure is responsible for all the business lines of the Newedge Group in the Asia-Pacific markets ex-Japan, including trading and clearing for institutional investors. Prior to his current position, he was deputy general manager of the brokerage department at Société Générale Tokyo, in charge of the trading business in fixed income and equity futures, options and OTC products. Pillai has been with the SGX for over 16 years. His responsibilities have included product, marketing and business development efforts for the exchange’s derivatives business. Forgan, who has been with JPMorgan for 15 years, is responsible for the futures and options business in Asia-Pacific. He has served as a member of the Appeals Advisory Panel (under the Securities and Futures Act), a Singapore government body, since April 2003. He also served as a board member of SGX from 1998 to 2000. Forgan currently is a member of the FIA Asia Formation Committee and was appointed chairman of the FIA Asia Education Committee in April 2007. The organization has two committees; the education committee and the membership committee, and three subcommittees: the risk management subcommittee, the best practices subcommittee, and the China subcommittee.
FIA Cautions Congress on Linking China Trade Policy to Currency Appreciation
The FIA joined with several other trade associations and a host of U.S. companies such as Boeing and GE in signing a letter addressed to Representative Charlie Rangel, the New York Democrat who chairs the powerful House Ways and Means Committee, and to Representative Jim McCrery, the most senior Republican member of the committee. While acknowledging the “various trade challenges” that the U.S. faces with China, the letter urged the legislators to avoid passing measures that would violate international rules and harm U.S. relations with China. In particular, the letter opposed pending legislative proposals to impose duties on Chinese imports based on a “unilateral currency policy analysis.” Such measures “are more likely to prompt China to restrict, rather than open, its own market, as well as take other countermeasures that would undermine U.S. competitiveness and our economic interests,” the letter said.
http://www.uschina.org/public/documents/2008/02/chairman-rangel.pdf
http://www.uschina.org/public/documents/2008/02/ranking-member-mccrery.pdf
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FIA Asia Hires Marketing Manager
FIA Asia has hired Anna Lee as marketing manager for FIA Asia. She will be based in Hong Kong. Most recently, she was project director for business development and investor relations consulting at IR Global. During her career, she has organized presentations for IPO “roadshows” for Chinese firms preparing to list on exchanges outside China, including Hong Kong, New York, and Tokyo. She has broad experience in related fields including investor relations, event planning for the financial industry, and financial journalism. Anna has a Master’s Degree in Applied Finance from the University of Macquarie and is certified as a Chartered Wealth Manager by the American Academy of Financial Management. She is fluent in Mandarin, Cantonese and English, and conversational in Italian.
CFTC Commissioner Bart Chilton Speaking at FIA Asia Events in Hong Kong, Singapore and Tokyo
Bart Chilton, a Commissioner of the Commodity Futures Trading Commission, is traveling in Asia during the weeks of February 17 and 24 and will be addressing FIA Asia in Hong Kong and Singapore and FIA Japan in Tokyo. His topics will be industry-related developments in Washington and futures markets globally. For details on these events, contact Anna Lee, marketing manager for FIA Asia, at alee@fiaasia.org.
FIA Asia and CFFEX Hosting Shanghai Seminar on April 22
FIA Asia and the China Financial Futures Exchange will hold a seminar for local futures brokers in Shanghai on April 22. The seminar will focus on risk management issues for futures brokers. FIA Asia will provide presenters and instructors. For details, contact Anna Lee, marketing manager for FIA Asia, at alee@fiaasia.org.
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