Asia Pacific. Derivative Markets

Transcription

1 Asia Pacific Derivative Markets

2 Asia Pacl 'c Derivative Mar ets Erik Banks ~ MACMILLAN Business

3 Macmillan Press Ltd, 1996 Softcover reprint of the hardcover 1st edition 1996 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London WlP 9HE. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. First published in the United Kingdom by MACMILLAN PRESS LTD, 1996 Companies and representatives throughout the world. Distributed by Macmillan Direct Brunei Road, Houndmills, Basingstoke, Hants RG21 6XS. ISBN ISBN (ebook) DOI / A catalogue record for this book is available from the British Library While every care has been taken in compiling the information contained in this publication, the publishers and editors accept no responsibility for any errors or omissions. Every effort has been made to trace all the copyright-holders but if any have been inadvertently overlooked the publishers will be pleased to make the necessary arrangement at the first opportunity. Typeset by Lorraine Hodghton

4 Contents Acknowledgements Abbreviations 1: Asia Pacific Derivatives in the Global Financial Markets 1 2: Australia 43 3: China 111 4: Hong Kong 205 5: India 263 6: Indonesia 279 7:Japan 301 8: Malaysia 405 9: New Zealand : Philippines : Singapore : South Korea : Taiwan : Thailand 589 Appendix 1: Listed Derivative Exchange Contacts 609 Appendix II: Asia Pacific Domestic and Offshore Warrant Issues 617 Appendix III: Asia Pacific Domestic and Offshore Convertibles 661 Appendix IV: Asia Pacific Futures/Options traded on International Exchanges 695 References 707 Index of Listed Derivatives by Exchange 715 Index of Listed Futures and Options by Category 725 General Index 735 vu IX v

5 Acknowledgements Various individuals deserve thanks and recognition for their contribution to this text. I would like to express my gratitude to the following for their valuable assistance and helpful comments: T.S. Cheah at Goldman, Sachs in Hong Kong; John Bautista at Liberty Patriot in Hong Kong; Mohan Kohli at Price Waterhouse in Hong Kong; and, Dr. K. Sriram at BIM in India. Yukiko Kubo deserves thanks for helping obtain and translate Japanese source material. I would also like to thank the organizations listed below for their assistance in providing important data and information on a timely basis: ASX Derivatives Hong Kong Futures Exchange Indonesian Commodity Exchange Board Kansai Agricultural Commodity Exchange Korea Stock Exchange Kuala Lumpur Commodity Exchange Kuala Lumpur Options and Financial Futures Exchange Manila International Futures Exchange New Zealand Futures and Options Exchange New Zealand Stock Exchange Rating Agency of Malaysia Singapore Commodity Exchange Singapore International Monetary Exchange Stock Exchange of Singapore Sydney Futures Exchange Taipei Securities Dealers' Association Thai Rating and Information Service Tokyo Commodity Exchange Tokyo Grain Exchange Tokyo International Financial Futures Exchange Tokyo Stock Exchange Tremendous thanks are due to Andrea Hartill at Macmillan Press for being supportive of this project and permitting me to write under the Finance and Capital Markets Series once again. Sophie Lawrence and Penelope Allport deserve thanks for their great editorial assistance. And to my wife, Milena, the greatest thanks of all... Erik Banks September 1995, Hong Kong vii

6 Abbreviations Exchanges ASX ASXD BCE BSE CBOE CBOT CCFEH CME CUFE CZCE DCE GUFE HGE HKFE ICEB IMM IPE JSE KANE X KCE KLCE KLOFFE KLSE KRE KRSE KSE LIFFE MDCE MIFE MME NANPEX NGSE Australian Stock Exchange ASX Derivatives Beijing Commodity Exchange Bombay Stock Exchange Chicago Board Options Exchange Chicago Board of Trade China Commodity Futures Exchange of Hainan Chicago Mercantile Exchange Changchun United Futures Exchange China Zhengzhou Commodity Exchange Dalian Commodity Exchange Guangdong United Futures Exchange Hokkaido Grain Exchange Hong Kong Futures Exchange Indonesian Commodity Exchange Board International Monetary Market International Petroleum Exchange Jakarta Stock Exchange Kansai Agricultural Commodity Exchange Kanmon Commodity Exchange Kuala Lumpur Commodity Exchange Kuala Lumpur Options and Financial Futures Exchange Kuala Lumpur Stock Exchange Kobe Rubber Exchange Kobe Raw Silk Exchange Korea Stock Exchange London International Financial Futures Exchange Maebashi Dried Cocoon Exchange Manila International Futures Exchange Malaysia Monetary Exchange Nanjing Petroleum Exchange Nagoya Grain and Sugar Exchange lx

7 Abbreviations NSE NTE NYMEX NZFOE NZSE OSE OTE PHLX PSE SCE SCOE SEHK SES SET SFE ShCE SHSE SICOM SIMEX SME SMUFE SSE SuCE TDCE TGE TIFFE TOCOM TSE TwSE TUFE WSEC YRSE Nagoya Stock Exchange Nagoya Textile Exchange New York Mercantile Exchange New Zealand Futures and Options Exchange New Zealand Stock Exchange Osaka Stock Exchange Osaka Textile Exchange Philadelphia Stock Exchange Philippine Stock Exchange Shanghai Commodity Exchange Shanghai Cereals and Oils Exchange Stock Exchange of Hong Kong Stock Exchange of Singapore Stock Exchange of Thailand Sydney Futures Exchange Shenyang Commodity Exchange Shenzhen Stock Exchange Singapore Commodity Exchange Singapore International Monetary Exchange Shanghai Metals Exchange Shenzhen Metal and United Futures Exchange Shanghai Stock Exchange Suzhou Commodity Exchange Toyohashi Dried Cocoon Exchange Tokyo Grain Exchange Tokyo International Financial Futures Exchange Tokyo Commodity Exchange Tokyo Stock Exchange Taiwan Stock Exchange Tianjin United Futures Exchange Wuhan Securities Exchange Centre Yokohama Raw Silk Exchange X

8 Abbreviations Currencies FX rates used in this text A$ Australian dollar US$0.74/US$ HK$ Hong Kong dollar HK$7.74/US$ IDR Indonesian rupiah IDR2230/US$ IRP Indian rupee IRP31. 70/US$ JPY Japanese yen JPY90.0/US$ KRW Korean won KRW770/US$ MYR Malaysian ringgit MYR2.50/US$ NT$ New Taiwan dollar NTD27.40/US$ NZ$ New Zealand dollar US$0.65/NZ$ PHP Philippine peso PHP25.50/US$ RMB Chinese renminbi RMB8.30/US$ SGD Singapore dollar SGD 1.40/US$ THB Thai baht THB24.60/US$ Miscellaneous ccs bps FRA FX IRS Cross currency swap basis points Forward rate agreement Foreign exchange Interest rate swap xi