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Simex and the globalisation of financial futures

Author: Chia, Robert Kay Guan ; Soh, DoreenPublisher: Times Books, 1986.Language: EnglishDescription: 150 p. : Graphs/Photos ; 22 cm.ISBN: 9971653225Type of document: BookBibliography/Index: Includes bibliographical references
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Item type Current location Collection Call number Status Date due Barcode Item holds
Book Europe Campus
Main Collection
Print HG3881.5 .S C45 1986
(Browse shelf)
Available 001183361
Total holds: 0

Includes bibliographical references


Simex and the Globalisation of Financial Futures Contents Foreword Preface Acknowledgements Abbreviations 1. HISTORY AND INTERNATIONALISATION OF FINANCIAL MARKETS Introduction Raison d'etre for futures markets Futures industry in the United States (the Chicago Exchange) Futures trading in Europe: Liffe Instruments traded The market participants 2. THE GENESIS OF FUTURES IN SINGAPORE Background The Loco-Singapore market Loco-London The Gold Exchange of Singapore (formative years) Malpractices in the gold market Reactions of the regulatory authorities 3. THE TRANSITIONAL PHASE The need for a new and broadened futures market Exploratory discussions with Chicago (the CME) iii vi ix xvii 1 1 2 3 7 9 12 15 15 16 16 18 20 21 29 29 30 The Mutual Offset System and global trading capability Proposals to revamp the gold exchange 4. A PHOENIX REBORN The birth of Simex The new membership structure Corporate clearing members Corporate non-clearing members The locals or individual members The Simex organisational structure The Clearing House and financial safeguards The common bond system and financial integrity Margins and financial losses Regulations 5. STRATEGY, INCENTIVES AND PROMOTION The locals: Key factor in the new approach Role of foreign financial institutions in the success of Simex Local participation in Simex Promotional strategies: Marketing, incentives and training 6. THE PRE-LINKUP TRIALS Factors influencing the need for a CME-Simex linkup The CFTC's approval in the linkup The CFTC: Watchdog of the futures industry Unforeseen issues and problems arising from the proposed partnership with Chicago Factors influencing Simex's decision for a July opening 62 63 64 65 68 32 35 39 39 40 40 40 41 42 42 44 46 47 50 50 53 56 57 62 July 5: Advent of a new gold futures contract at Simex 7. THE SIMEX-CME ALLIANCE Activation of the Mutual Offset System MAS and the new futures market Futures Trading Act 1986 Benefits arising from the CME linkup Liquidity Lower commission cost Trading in interchangeable financial products Mutual benefits in gold futures Post-opening developments: An evaluation Yen futures and the relevance of Japanese institutional support Oil futures and Stock Index Contract The Stock Index Futures The Nikkei Stock Average contract 1986: Year of diversity 8. THE HONGKONG FUTURES EXCHANGE: RIVAL OR PARTNER? The Hongkong gold and commodity markets The government's response and impetus from the private sector Problems facing the start-up of the HKFE Events leading to the formation of the HKFE The HKFE vis-a-vis Simex 9. THE CHALLENGE AHEAD Implications for Singapore and the region Potential participation by finance companies Lessons of experience: Chicago Lessons of experience: Liffe 70 75 75 77 77 78 79 79 80 80 81 83 84 88 89 90 93 93 94 96 97 99 108 108 110 111 114 Competition, current developments and challenges Conclusion Appendixes Bibliography The Authors 117 125 130 146 150 APPENDIXES I. Specimen of Simex's application form (Individual Mem bers) II. Simex clearing members and corporate non-clearing members III. Specimens of Eurodollar and Deutschemark contracts

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