This is an essential text for anyone working in the financial markets in Hong Kong. The book, written by a team of market professionals and academics associated with the Asian Institute of International Financial Law of the University of Hong Kong, provides a comprehensive review of the regulation of Hong Kong's financial markets
The financial markets of Hong Kong have a reputation for volatility, but careful analysis of past behaviour reveals consistent trends and coherent actions. This study, first published in 1991, at a time of uncertainty before Hong Kong’s transfer to China in 1997, analyses each of the financial markets in the colony, and explains the activities of banks, deposit-taking companies, the stock exchange, and markets in capital, gold, futures, unit trusts, and foreign exchange. Examining these in terms of structure, regulation and in competition, it constitutes not just a description but a thorough analysis of the characteristic dynamics of each market.
The financial markets of Hong Kong have a reputation for volatility, but careful analysis of past behaviour reveals consistent trends and coherent actions. This study, first published in 1991, at a time of uncertainty before Hong Kong’s transfer to China in 1997, analyses each of the financial markets in the colony, and explains the activities of banks, deposit-taking companies, the stock exchange, and markets in capital, gold, futures, unit trusts, and foreign exchange. Examining these in terms of structure, regulation and in competition, it constitutes not just a description but a thorough analysis of the characteristic dynamics of each market.
This book explains the structure and outline of Hong Kong's equity markets, and examines Hong Kong's rising prominence (ranked sixth largest in the world) and importance as a financial centre in the region. It details the workings of the equity market system, covering the basics of all the major derivatives, and gives a brief overview of its other regional contemporary markets. Hong Kong's equity market has changed beyond all recognition over the last decade. The rise of China and East Asia has fuelled tremendous growth in this market. In the last two years alone, the market capitalisation of stocks traded in The Stock exchange of Hong Kong (SEHK) has grown by almost 100%. This growth, reflecting both the appreciation of existing stock values and a flood of new listing, is expected to continue as the PRC develops in to a world economic power. The rising volumes of trading and recent flurry of 'H' share listings and other PRC-backed stocks, is also indicative of the PRC's commitment to establish Hong Kong as the centre of its financial system. Hong Kong's mantle as the financial
Since the publication of the first edition in 2006, financial regulation around the world has changed dramatically as a result of the 2008 global financial crisis. As one of the world's leading financial centres, international regulatory reforms have had a significant impact on the legal and regulatory system in Hong Kong. This new second edition provides a comprehensive and authoritative single-volume guide to the main areas of financial regulation and financial law in Hong Kong. Given the massive changes in financial regulation globally and in Hong Kong, the second edition has been substantially rewritten and revised to address changes in markets and their legal and regulatory frameworks, as well as the implications of these changes to future market development. The book is in five parts: The first part considers the evolution of Hong Kong's role as a financial centre and the development of its financial regulatory structure, one that is perhaps unusually complex given the size of the jurisdiction. The second part discusses the regulation of the banking, securities, insurance sectors, including the regulatory powers of the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission of Hong Kong (SFC), the Office of the Commissioner of Insurance (OCI), and the forthcoming Independent Insurance Authority (IIA). The third part covers regulation of financial products and services, including securities offerings and listings, investment products and asset management, financial derivatives, and takeovers and mergers. The fourth part addresses market conduct and misconduct, including corporate governance, market abuse and financial crime. Finally, the fifth part examines the international context, focusing on the relationship between Hong Kong's financial markets and regulation and mainland China as well as key issues for Hong Kong's role as a major global financial centre.
This book provides an overview of China’s financial markets and their latest developments. The book explores and discusses the difficulties in building modern financial markets that are compatible with an increasingly complicated market economy and examines the various strategies to reform China’s financial system. It covers a range of topics: China’s financial structure, financial regulation, financial repression and liberalization, monetary policy and the People's Bank of China, banking reforms, exchange rate policy, capital control and capital-account liberalization, and development of the stock markets. The book provides a basic understanding of the current issues related to the development of China’s financial markets. It enhances knowledge of China’s regulatory framework which has helped to shape China’s financial landscape. It provides specific, useful knowledge about investment in China, such as, market sense, to identify the investment opportunities in various asset classes.
Financial Markets in Hong Kong is a unique guide to the workings and the legal framework governing all aspects of Hong Kong's financial markets. Drawing upon the extensive experience of its contributors to present a lucid insight into the intricacies of the matrix behind the functioning of financial markets, it is possibly the only book to cover the spectrum ranging from a discussion on the regulatory framework to the various measures implemented to facilitate the further development of the markets to the important role assumed by professional advisers. Given the width of coverage, its clarity and readability, it will prove to be the ideal reference text for those with an interest in the financial sector of Hong Kong. Contributors include Templeton Asset Management Limited, Hong Kong; Standard & Poor's, Hong Kong; Ernst & Young, Hong Kong; Arthur Anderson & Co., Hong Kong; The Hong Kong Monetary Authority, among others.
A summary of how stock markets work for those looking to invest. This book is a practical guide to Asia’s stock markets for a general audience. It is for people who do not know much about financial markets but, for whatever reason, would like to learn more. They could be seasoned expatriate pilots, academics and other professionals, newcomers in the region as well as students or young men and women about to start in the finance industry. The idea is to cut through the alphabet soup of industry jargon to provide a clear understanding of how these markets work, how they differ from each other in size and depth, what unique features each stock market has and what drives all the different sectors in these markets – consumers, the internet, banks and technology. The book includes helpful history lessons and personal anecdotes drawn from the author’s 30 years in the world of Asian investments.
A groundbreaking exploration of US-China relations as seen through the lens of international finance Rising tensions between China and the United States have kept the financial markets on edge as a showdown between the world’s two largest economies seems inevitable. But what most people fail to recognise is the major impact that the financial markets themselves have had on the creation and acceleration of the conflict. In Financial Cold War: A View of Sino-US Relations from the Financial Markets, market structure and geopolitical finance expert James Fok explores the nuances of China-US relations from the perspective of the financial markets. The book helps readers understand how imbalances in the structure of global financial markets have singularly contributed to frictions between the two countries. In this book, readers will find: A comprehensive examination of the development of financial markets in both China and the US, as well as the current US dollar-based global financial system Insightful observations of the roles of technology, innovation, regulation, taxation, and politics in the markets, and on their resulting effect on US-Sino relations Thorough explorations of the role of Hong Kong as an intermediary for capital flows between China and the rest of the world Suggestions for how, balancing the many varying interests, policymakers might be able to devise effective strategies for de-escalating current Sino-US tensions Financial Cold War is a can’t-miss resource for anyone personally or professionally interested in the intersection of economics and international relations, financial markets, and the infrastructure underlying the international financial system.
This book provides a comprehensive and up-to-date description of the Hong Kong financial system, a system that has undergone immense change in recent years. Written by scholars and professionals in the finance sector, the book covers all aspects of the financial system--commercial banking and non-depository institutions, the major financial markets, monetary policy, international financial relations, and information technology.