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Banks and brokers in Hong Kong are showing interest in issuing derivatives related to mainland-listed stocks, a move analysts said would help the city consolidate its position as an international financial hub.

 

Cheril Lee, executive director and head of securitized derivative products at Goldman Sachs, revealed the firm intends to launch exchange traded fund (ETF) derivatives.

 

Lee referred to the A50 China Tracker, an ETF under Barclays Global Investors (BGI) that invests in A shares such as China Vanke and China Minsheng Bank.

 

"The ETF performed very well. Its daily turnover hit 730 million yuan on January 5, which prompted us to launch A-share warrants in Hong Kong," she said.

 

Societe Generale (SG), an active derivative issuer and trader, also said it would consider launching A-share products in Hong Kong.

 

The firm launched its first A-share derivative product on the Singapore Exchange (SGX) about a year ago.

 

"We considered launching the products in Hong Kong, but scrapped the plan due to the inactive response from the Hong Kong stock exchange," said Edmond Lee, senior vice-president of SG.

 

"We may issue A-share derivatives in Hong Kong if the local regulator responds positively," he added.

 

Hong Kong Exchanges and Clearing (HKEx) recently took an affirmative stance on the issuance of A-share derivatives for the first time.

 

Paul Chow, chief executive of HKEx, said earlier that the bourse is open-minded on the issuance of A-share derivatives.

 

"As long as they (the issuers) are well prepared for risk hedging, we don't see any problem," said Chow.

 

The HKEx's message is seen by some analysts as a signal that Hong Kong regulators are now encouraging market participants to take bolder moves in pushing the city's derivatives market.

 

That prompted some analysts to predict A-share derivatives could be launched sometime this year in Hong Kong.

 

If that becomes a reality, local investors will have another proxy to benefit from the rise of the mainland's stock market and its robust economy, analysts said.

 

That would offer an indirect way for Hongkongers to invest in yuan-denominated A shares.

 

Hongkongers are not currently allowed to directly buy A shares, except for a small number of qualified foreign institutional investors.

 

More importantly, the launch of such products would help Hong Kong consolidate its leadership in the region.

 

Though it is Asia's second-largest bourse, Hong Kong lags behind Singapore and the mainland in terms of derivatives trading.

 

Singapore allows initial public offerings and their derivatives set for trading on the same day, while in Hong Kong a stock's derivatives are available for trading five days after the stock is listed.

 

In terms of A-share derivatives, Singapore also leads.

 

It launched the world's first futures product based on the A-share stock index last September, prompting many Hong Kong-based analysts to urge Hong Kong issuers to follow suit.

 

As China's international exchange, Hong Kong should not lose its head start in launching A-share products.

 

"It's a sink-or-swim situation," said Casor Pang, an analyst with Sun Hung Kai Financial.

 

A cultural proximity and investors' familiarity with the mainland market, as well as its close economic ties with the mainland, will help it eclipse its peers.

 

(China Daily March 6, 2007)