12 Jun 2014, Aaron Woolner, Asia Risk
Charles Li, chief executive of Hong Kong Exchanges and Clearing, began the RMB FIC Market Strategy Forum with a keynote address on the potential for greater RMB fixed income and forex trading in Hong Kong. And despite the recently proposed Shanghai-Hong Kong stock connect initial restriction to cash equities, he argued that such mutual access arrangements were likely to be the biggest driver to expansion of the fixed income/commodity markets.
There were several high-profile speakers: panel chair, Shaun Roache of the International Monetary Fund, said that whenever the supranational body wanted to know what was going on in the RMB markets they called Andrew Fung, head of Hang Seng Bank's global markets arm and speaker on the first panel. While a number of speakers called for a greater range of RMB instruments, Crédit Agricole's Frances Cheung alluded to the recent problems faced by some Taiwan corporates by suggesting that some firms were already over-hedged.
Shui Ruqing, president of the China Central Depository & Clearing Co, provided insight into the development of the onshore bond market. And from further afield the CFTC's Ananda Radhakrishnan provided the second keynote, with an interactive session that saw him stride into the audience taking questions over the direction of US over-the-counter derivative regulation and expressing his support for the futurisation of the swap sector.
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