Osaka Exchange, Inc. (OSE) introduced Osaka Exchange Alert Mail today, which immediately notices any trading suspension etc. of OSE derivative products due to system trouble, and the delay in publication etc. of settlement prices or SPAN Risk Parameter Files by Japan Securities Clearing Corporation. Please see the following page for details.
read more...The Launch Of Osaka Exchange Alert Mail
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ASIC Cancels Gallop International’s Australian Financial Services Licence
ASIC has cancelled the Australian financial service licence (AFS) licence of Gallop International Group Pty Ltd, formerly known as Weather Pro Exchange Pty Ltd (ACN 147 664 551) (Gallop). The cancellation of the AFS licence is effective from 24 May 2017.
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The Egyptian Cabinet Approves Some Amendments In The Regulations Managing EGX
The Egyptian Cabinet today approved the proposed amendments submitted by EGX regarding the duration of the chairmanship of EGX to be 4 years non-renewable. Due to EGX's regulatory and supervisory dimension, also compared to regulations of other supervisory authorities like the Egyptian Financial Supervisory Authority (EFSA), this is the highest supervisory authority in the capital market.
In this context, Dr. Mohammed Omran, the current Chairman of EGX demonstrated that the Cabinet of Ministers approval on this amendment is consistent with the country's political strategy that limits holding public positions for long period of times. In order to allow continuous renewal and development, this demand for continuous development is required due to the fast transactions that occur in the capital market.
The Cabinet also approved some amendments to the law regulating the nomination of members of EGX Board of Directors, which includes amending the regulations of selecting the seat representing small and medium-sized companies which are listed on Nilex. This amendment is actually deleting the maximum capital of the company that was EGP 25 million stipulated in the previous organizing regulations.
Dr. Omran also declared that the cabinet's approval of the proposed amendments comes in the context of the government's goal to move ahead with economic reforms that would positively reflect on the investment climate, especially on the medium and small enterprises sector.
EGX management decided to call for the elections of its Board's members on the 22nd of June 2017, as the current one is scheduled to end its period by the end of June 2017.
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Finalization Of Japan’s Stewardship Code (Revised version)
The Council of Experts on the Stewardship Code (hereafter, the “Council”) (Chairman: Hiroyuki Kansaku, Professor, University of Tokyo Graduate Schools for Law and Politics) discussed the revision of “Principles for Responsible Institutional Investors âªJapan’s Stewardship Codeâ«” (hereafter, the “Code”) from January 2017, and developed an exposure draft of the revised version of the Code this March.
The Council then published the draft of the revised version of the Code and solicited comments from March 28 until April 27, 2017 (as for the English translation, until May 8, 2017).
The Council received comments to the Japanese draft from 18 individuals/entities and from 11 individuals/entities to the English translation. The Council expresses its gratitude to those who submitted comments.
Based on the received comments, the Council finalized the revised Code (hereafter, the “revised Code”). The final version of the revised Code (English translation) is provided in Appendix 1. The revised Code with track changes from the previous version of the Code (English translation) is provided in Appendix 2.
The summary of comments received and the Council’s view on them has been posted in Japanese and will soon be published in English as well.
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DIFC Announces Enactment Of Electronic Transactions Law 2017
Dubai International Financial Centre Authority (DIFC Authority) has announced that His Highness Sheikh Mohammed bin Rashid Al Maktoum, in his capacity as the Ruler of Dubai, has enacted new Electronic Transactions Law, DIFC Law No. 2 of 2017 (“Electronic Transactions Law”).
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Astana International Financial Centre JSC And Nasdaq Sign Technology Deal For New AIFC Exchange - The AIFC Exchange Will Run On Nasdaq Financial Framework Trading Technology - The New Exchange Is Targeted To Launch In Late-2017
Nasdaq, Inc. (Nasdaq:NDAQ) and Astana International Financial Centre JSC (AIFC) today announced a new, significant agreement. Nasdaq has been selected to power Kazakhstan’s nascent stock exchange, the AIFC Exchange. The exchange is targeted to launch in late-2017 and will initially trade equities and fixed income with other asset classes for future phases.
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DIFC Announces Enactment Of DIFC Laws Amendment Law 2017
Dubai International Financial Centre Authority (DIFC Authority) announced that His Highness Sheikh Mohammed bin Rashid Al Maktoum, in his capacity as the Ruler of Dubai, has enacted the DIFC Laws Amendment Law, DIFC Law No. 1 of 2017 (Law).
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Dividends Seamlessly Disseminated To 331,000 Investors Via iVESTOR Card And Bank Transfer: DFM Successfully Accomplished Distribution Of AED 12.6 Billion Of Cash Dividends For The Financial Year 2016
For the fifth consecutive year and as part of its leading investor and issuer services, Dubai Financial Market (DFM) has successfully accomplished the cash dividend distribution for the financial year 2016. As much as AED 12.6 billion been disseminated to 331,000 investors.
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HKEX: Forfeiture Of Unclaimed Final Dividend For 201
Pursuant to the Articles of Association of Hong Kong Exchanges and Clearing Limited (“HKEX”), the unclaimed final dividend for 2010 is forfeited and reverts to HKEX.
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Cyprus Stock Exchange Monthly Bulletin - April 2017
The total value of transactions during the month in review reached €4,83 million, with an average of € 0,28 million per trading session.
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BME: The MedCap Forum Brings Together 100 Companies And 150 Investors Tomorrow
100 Small and Midcap companies listed on the Spanish stock market - of which 70 are listed on the main market and 30 on MAB - and more than 150 institutional investors – of which 100 are Spanish and 50 non-residents - will participate during three days in the 13th MEDCAP Forum of Small and Medium Capitalisation companies, which BME will host in the Madrid Stock Exchange, starting tomorrow.
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Qatar Stock Exchange Index Committee Decides To Temporarily Remove Ezdan Holding From The Components Of QSE Index
In a meeting held last night, the Index Committee of Qatar Stock Exchange (QSE) decided to temporarily remove Ezdan Holding Group Co. from the components of QSE Index in light of Ezdan EGM decision in principle to transform it from a public shareholding company to a private joint stock company.
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Securities Commission Malaysia Charges Former Substantial Shareholder Of Maxbiz For Insider Trading
Securities Commission Malaysia (SC) today charged a former substantial shareholder of Maxbiz Corporation Bhd (Maxbiz), Datuk Andrew Leong Wye Keong, with four counts of insider trading.
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Millennium Exchange Release 9.2 Oslo Børs – Updated Application Certification Policies
Application certification is required for all software applications before they can be used towards Oslo Børs’ trading system, Millennium Exchange. The purpose is to ensure that new software applications accessing the trading system does not pose threats to the normal operation and stability of the system. Functional verification of software applications is beyond the scope of such certification process.
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Homophily in Entrepreneurial Team Formation -- by Paul A. Gompers, Kevin Huang, Sophie Q. Wang
We study the role of homophily in group formation. Using a unique dataset of MBA students, we observe homophily in ethnicity and gender increases the probability of forming teams by 25%. Homophily in education and past working experience increases the probability of forming teams by 17% and 11 % respectively. Homophily in education and working experience is stronger among males than females. Further, we examine the causal impact of homophily on team performance. Homophily in ethnicity increases team performance by lifting teams in bottom quantiles to median performance quantiles, but it does not increase the chance of being top performers. Our findings have implications for understanding the lack of diversity in entrepreneurship and venture capital industry.
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Short Run Gravity -- by James E. Anderson, Yoto V. Yotov
Short run gravity is a geometric weighted average of long run gravity and bilateral capacity. The model features (i) joint trade costs endogenous to bilateral volumes, (ii) long run gravity as a limiting case of efficient investment in bilateral capacities, (iii) a structural ratio of short run to long run trade elasticities equal to a micro-founded buyers' incidence elasticity, and (iv) tractable short and long run models of the extensive margin. Application to manufacturing trade of 52 countries during the globalization period 1988-2006 strongly supports the model. Results solve several time invariance and trade elasticity puzzles in the literature.
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Long Run Growth of Financial Technology -- by Maryam Farboodi, Laura Veldkamp
In most sectors, technological progress boosts efficiency. But financial technology and the associated data-intensive trading strategies have been blamed for market inefficiency. A key cause for concern is that better technology might induce traders to extract other's information from order flow data mining, rather than produce information themselves. Defenders of these new trading strategies argue that they provide liquidity by identifying uninformed orders and taking the other side of their trades. We adopt the lens of long-run growth to understand how improvements in financial technology shape information choices, trading strategies and market efficiency, as measured by price informativeness and market liquidity. We find that unbiased technological change can explain a market-wide shift in data collection and trading strategies. But our findings also cast doubt on common wisdom. First, although extracting information from order flow does crowd out production of fundamental information, this does not compromise price informativeness. Second, although taking the opposite side of uninformed trades is typically called "providing liquidity," the rise of such trading strategies does not necessarily improve liquidity in the market as a whole.
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On the Geography of Global Value Chains -- by Pol Antras, Alonso de Gortari
This paper develops a multi-stage general-equilibrium model of global value chains (GVCs) and studies the specialization of countries within GVCs in a world with barriers to international trade. With costly trade, the optimal location of production of a given stage in a GVC is not only a function of the marginal cost at which that stage can be produced in a given country, but is also shaped by the proximity of that location to the precedent and the subsequent desired locations of production. We show that, other things equal, it is optimal to locate relatively downstream stages of production in relatively central locations. We also develop and estimate a tractable, quantifiable version of our model that illustrates how changes in trade costs affect the extent to which various countries participate in domestic, regional or global value chains, and traces the real income consequences of these changes.
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Asset Pricing in the Quest for the New El Dorado -- by Daniel Andrei, Bruce I. Carlin
Creative destruction not only involves bringing new technology to market, it imposes higher risk on the future of existing assets. We characterize the asset pricing implications of creative destruction when investors compete for market share. Compared to the social optimum, the quest for oligopoly rents leads to over-investment in uncertain projects, spikes in asset prices and risk premia, and an aftermath in which prices fall steeply as uncertainty resolves. These pricing patterns resemble a bubble ex post, but arise solely from competitive behavior and do not require information asymmetry, behavioral biases, or financial frictions. Our analysis yields novel empirical predictions and we discuss how financial innovation might be used to predict bubbles ex ante.
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And the Children Shall Lead: Gender Diversity and Performance in Venture Capital -- by Paul A. Gompers, Sophie Q. Wang
With an overall lack of gender and ethnic diversity in the innovation sector documented in Gompers and Wang (2017), we ask the natural next question: Does increased diversity lead to better firm performances? In this paper, we attempt to answer this question using a unique dataset of the gender of venture capital partners' children. First, we find strong evidence that parenting more daughters leads to an increased propensity to hire female partners by venture capital firms. Second, using an instrumental variable set-up, we also show that improved gender diversity, induced by parenting more daughters, improves deal and fund performances. These effects concentrate overwhelmingly on the daughters of senior partners than junior partners. Taken together, our findings have profound implications on how the capital markets could function better with improved diversity.
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