Lead Stories
CME sets sights on Asia Pacific with new Sydney office; CME Group has opened a new office in Sydney as it grows business in Asia Pacific.
By Hayley McDowell – The Trade
CME Group has opened a new office in Sydney Australia as the exchange operator looks to expand its presence in the Asia Pacific.
https://goo.gl/DNWp4A
A Japanese lesson for Wall Street; The humbling tale of the bankers who felt ashamed of the system’s failure
Gillian Tett – FT
During a trip to Tokyo last week, I made a little pilgrimage to the city’s Tama cemetery to pay my respects to an old acquaintance who died recently.
https://goo.gl/qaGNY5
Exchange News
SGX commodities head: China must stop meddling with prices
Michael McCaw – Risk.net
In late September, the China Securities Regulatory Commission (CSRC) – the country’s capital markets regulator – announced in the state-owned China Securities Journal that it planned to accelerate the opening of China’s domestic futures markets for overseas players and integrate more with the international financial community. Singapore Exchange’s (SGX) head of commodities, William Chin, believes this plan could bear fruit.
https://goo.gl/Wu5hkp
CME Group Expands Asia Pacific Footprint with Opening of Sydney Office
CME Group
CME Group, the world’s leading and most diverse derivatives marketplace, today announced the official opening of a new office in Australia.
https://goo.gl/nZ91b8
Regulatory News
HSBC Traders Used Code Word to Trigger Front-Running, U.S. Says
By Patricia Hurtado – Bloomberg
‘My watch is off’ was allegedly signal before a large order; Mark Johnson is on trial charged with fraud, conspiracy
A group of HSBC Holdings Plc currency traders in London and New York feverishly jumped ahead of a $3.5 billion client order after they were tipped off using the code words “my watch is off,” a U.S. prosecutor told a federal judge.
https://goo.gl/yhckay
Investing News
BlackRock, Other Funds Buy Japanese Arms Manufacturers
By Kurt Schussler – Bloomberg
Fund managers have stepped up purchases of some Japanese defense stocks ahead of a snap election called by Prime Minister Shinzo Abe amid increased tension with North Korea.
https://goo.gl/nrxuG5
Japan
BSP, Bank of Japan renew bilateral swap arrangement
By Lawrence Agcaoili -Philstar.com
The central banks of the Philippines and Japan renewed a deal for easier peso to yen – vice versa – transactions to further strengthen economic and trade ties between Manila and Tokyo.
https://goo.gl/oeB4Zo
Japan, U.S. to hold second round of economic dialogue on October 16
Reuters
Japanese Finance Minister Taro Aso said on Friday he would meet U.S. Vice President Mike Pence in Washington D.C. on Oct. 16 for the second round of an economic dialogue between the two countries.
https://goo.gl/cRE2rY
6.0 earthquake strikes off east coast of Japan
By Karen Friar – MarketWatch
An earthquake measuring at least 6.0 magnitude has struck off the east coast of Japan, according to an U.S. Geological Survey alert sent out early Friday. The tremors were detected off the coast of Honshu at 7:59 a.m. UTC, or 4:59 p.m. local time, it said.
https://goo.gl/SE6Skd
Japanese woman reporter died after 159 hours of overtime
Financial Express
Japan’s public broadcaster has vowed to reform its working practices as it revealed that a young reporter died of heart failure after logging 159 hours of overtime in a month.
https://goo.gl/z9R6GG
Mainland China
China’s Reserve Ratio Cut Is About Economic Efficiency; If the goal were purely to add liquidity, the PBOC had several tools other it could have used.
By David Millhouse – Bloomberg
The recent decision by the People’s Bank of China to cut the effective reserve requirement ratio for banks by half a percent to 1.50 percent under certain circumstances fits with the government’s attempt to reduce leverage in the financial system. And in many ways, it will lead to more efficiency and economic growth.
https://goo.gl/tkTccv
Gates Foundation Harnesses Chinese Private Sector to Bring Financial Services to World’s Poor – Caixinglobal.com
The Bill & Melinda Gates Foundation — the world’s largest private charitable foundation, with an endowment of over $40 billion — opened its China office more than 10 years ago. During its initial years in China, the foundation focused on domestic issues such as HIV prevention and tuberculosis control. But in recent years, it has begun partnering with local firms to carry out global development projects in other countries.
https://goo.gl/TaUKWC
Hong Kong
Hong Kong’s Hang Seng index hits post-financial crisis high
Edward White – FT
Hong Kong’s Hang Seng index hit its highest point since the global financial crisis on Friday, bolstered by a continued rally in Chinese corporates.
https://goo.gl/y2jF5D
Indonesia
StanChart said to be investigated over US$1.4bn Indonesian cash transfers from Guernsey to Singapore
South China Morning Post
Over 100 jurisdictions indicated they will sign up to a global framework for the exchange of tax data (CRS) at the start of 2016, but these won’t take effect in Singapore and Hong Kong until 2018
https://goo.gl/FuJpoL
Singapore
Singapore Launches First Financial Forensic Accounting Qualification in Southeast Asia | CFO innovation
By CFO Innovation
As a global financial center, Singapore has to be especially vigilant against financial crime, which has grown in complexity and scale in tandem with technological advancement and globalization.
https://goo.gl/kCcA3m
MAS to enhance the cyber resilience of Singapore’s financial sector
BY VALENTINA KIRILOVA – Leaprate.com
The Monetary Authority of Singapore’s (MAS) Cyber Security Advisory Panel (CSAP) announced that has discussed strategies to enhance the cyber resilience of Singapore’s financial sector, at its inaugural meeting on 5-6 October. The discussions covered areas ranging from regulatory guidance, supervision, and surveillance to information sharing and capability development. The list of CSAP members who attended the meeting can be found in Annex A.
https://goo.gl/LXnsof
Thailand
High-flying Thai political leader touted as potential future prime minister; Anutin Charnvirakul’s party could block any Thaksinist resurgence
MARWAAN MACAN-MARKAR
At diplomatic receptions in Bangkok, Anutin Charnvirakul, leader of Bhumjaithai, a middle-sized political party, is burnishing his credentials as a future star in Thailand’s political constellation. Dressed in dark, well-cut business suits, he holds court to eager listeners, peppering them with insights about surviving under a military regime that has banished political party activities since a 2014 coup.
Australia
The Australian dollar could be behind why the futures can’t pick the ASX
Patrick Commins – SMH.com.au
When the S&P/ASX 200 index plunged 50 points on Wednesday morning, traders raised their eyebrows.
https://goo.gl/QafcLL
The post Asia Pacific Financial News from John Lothian News – October 6, 2017 appeared first on John Lothian News (JLN).