Example: bankruptcy

Hong Kong, China - Waseda University

Section 2: hong kong , China Bond Market GuideiASEAN+3 Bond Market guide | Volume 1 | Part 2 ASEAN+3 Bond Market guide | Volume 1 | Part 2 hong kong , China Bond Market guide Section 2: hong kong , China Bond Market GuideiiiASEAN+3 Bond Market guide | Volume 1 | Part 2 Acknowledgement ..viiI. Structure, Type, and Characteristics of the Market ..1A. Overview ..1B. Types of Bonds ..2C. Methods of Issuing Bonds ..7D. Credit Rating Agencies and Credit Rating of Bonds ..8E. Bond-Related Systems for Investor Protection ..8F. Governing Laws of Bond Issuance.

Section 2: Hong Kong, China Bond Market Guide vii ASEAN+3 Bond Market Guide | Volume 1 | Part 2 T he Asian Development Bank …

Tags:

  Guide, Chain, Hong, Kong, Hong kong

Information

Domain:

Source:

Link to this page:

Please notify us if you found a problem with this document:

Other abuse

Transcription of Hong Kong, China - Waseda University

1 Section 2: hong kong , China Bond Market GuideiASEAN+3 Bond Market guide | Volume 1 | Part 2 ASEAN+3 Bond Market guide | Volume 1 | Part 2 hong kong , China Bond Market guide Section 2: hong kong , China Bond Market GuideiiiASEAN+3 Bond Market guide | Volume 1 | Part 2 Acknowledgement ..viiI. Structure, Type, and Characteristics of the Market ..1A. Overview ..1B. Types of Bonds ..2C. Methods of Issuing Bonds ..7D. Credit Rating Agencies and Credit Rating of Bonds ..8E. Bond-Related Systems for Investor Protection ..8F. Governing Laws of Bond Issuance.

2 8G. Transfer of Interests in Bonds ..9H. Definition of Securities ..11I. Self-Governing Rules behind the Bankruptcy Procedures ..14K. Meetings of Bondholders ..14L. Event of Default ..15M. Options Available on the Bond Market ..16N. Parties in a Bond Issue and Their Respective Roles ..17O. Major Participants in the Market ..18II. Primary and Secondary Markets Regulatory Framework ..20A. hong kong Market Regulatory Structure ..20 B. Regulation of the hong kong Securities Markets ..22C. Regulations and Rules Related to Issuing Debt Instruments.

3 24D. Related Rules and Regulations on Investment in Debt Securities ..24E. Investor Protection ..25F. Taxation Framework and Tax Requirements ..25G. Offers of Bonds to Professionals ..28H. Definition of Professional Investors in the hong kong , China ..29I. Challenges and Expected Changes ..32 III. Trading of Bonds and Trading Market Infrastructure ..35A. Over-the-Counter Market Trading ..36B. Over-the-Counter Market Business Process ..36C. hong kong Bond Transaction Flow (For Foreign Investors) ..39 ContentsSection 2: hong kong , China Bond Market GuideivASEAN+3 Bond Market guide | Volume 1 | Part 2IV.

4 Future Developments ..41A. Repo Market ..41B. Liquidity in the Secondary Market ..41C. Renminbi-Denominated Bond Market ..41D. Conclusion ..42V. Description of the Securities Settlement System ..43A. Securities Settlement Infrastructure ..43B. Definition of Clearing and Challenges/ Expected Changes ..45VI. Cost and Charging Methods ..46A. Initial Maintenance (Ongoing) Costs ..46 VII. Market Size and Statistics ..47A. Market Size ..47B. The Renminbi Bond Market ..47C. Debt Issuance and Syndicated Loans vs. Equity Market.

5 47D. Market Data from ..48 VIII. Presence of an Islamic Finance (Islamic bond [Sukuk]) Market ..56A. Regulatory Framework for Islamic Finance ..56B. Types of Available Instruments, Segments, and Tenure ..56C. Basic Market Infrastructure for Islamic Finance ..56D. Tax-Related Issues ..56IX. History of Debt Market Development ..58A. Overview 58B. The Development of hong kong Debt Markets ..58X. Next Step Future Direction ..63A. Offshore Renminbi Bond Market (Dim-Sum Bond) ..63B. Enhancements to Post-Trade Processing in Asian Bond Markets.

6 63C. Group of Thirty Compliance ..64D. Group of Experts Barrier Report Market Assessment - hong kong (April/2010) ..65 Appendixes ..66 References ..72 Section 2: hong kong , China Bond Market GuidevASEAN+3 Bond Market guide | Volume 1 | Part 2 ASEAN+3 Bond Market guide | Volume 1 | Part 2 Box, Figures, and TablesBoxBox Appendix 8 Listing Fees, Transaction Levies and Trading Fees on New Issues and Brokerage ..69 FiguresFigure Bond Settlement Infrastructure in hong kong , China ..37 Figure Business Process Flowchart hong kong Bond Market (Over-the-Counter Market/Delivery versus Payment).

7 37 Figure hong kong Bond Transaction Flow for Foreign Investors ..39 TablesTable Current Levy on Exchange-Trade Product Transactions ..25 Table Duties and Taxes in the hong kong Market ..26 Table Market Charges in the hong kong , China Market ..46 Table Size of Local Currency Bond Market in Percentage of Gross Domestic Product (Local Sources) ..48 Table Foreign Currency Bonds to Gross Domestic Product Ratio ..50 Table Foreign Currency Bonds Outstanding (Local Sources) (USD billion) ..51 Table Issuance Volume of Local Currency Bond Market (USD billion).

8 51 Table Domestic Financing Profile ..53 Table Trading Volume ($ billion) ..54 Table Group of Thirty Compliance Recommendations ..64 Table Group of Experts Barrier Report Market Assessment on hong kong , China ..65 Table Central Moneymarkets Unit Tariff (CMU Instruments) ..66 Table General Debt Securities ..69 Table Debt Issuance Programme Securities ..71 Section 2: hong kong , China Bond Market GuideviiASEAN+3 Bond Market guide | Volume 1 | Part 2 The Asian Development Bank (ADB) Team, comprising Satoru Yamadera (Economist, ADB Office of Regional Economic Integration, - September 2011), Seung Jae Lee (Principal Financial Sector Specialist), Shinji Kawai (Senior Financial Sector Specialist, Banking), Shigehito Inukai (ADB consultant), Taiji Inui (ADB consultant), and Matthias Schmidt (ADB consultant)

9 , would like to express their sincere gratitude to National Member and Expert Institution, hong kong Monetary Authority (HKMA) for its comments on the Central Moneymarkets Unit (CMU) and RTGS systems in hong ADB Team also would like to express special thanks to Citibank, Deutsche Bank AG, HongKong Shanghai Banking Corporation (HSBC), Morgan, and State Street for their contribution as International Experts, and the Asia Capital Markets Association as supporter, in providing information from their respective market guides, as well as their valuable expertise.

10 Because of their cooperation and contribution, the ADB Team started the research on solid but not least, the Team would like to thank all the interviewees who provided their comments and responses to questions during the market should be noted that any part of this report does not represent the official views and opinions of any institution which participated in this activity as the ASEAN+3 Bond Market Forum members and experts. The ADB Team bears responsibility for the contents of this 2012 Asian Development Bank (ADB) TeamAcknowledgementASEAN+3 Bond Market guide | Volume 1 | Part 2 Section 2: hong kong , China Bond Market GuideviiiASEAN+3 Bond Market guide | Volume 1 | Part 2 List of Interviewees: hong kong , 18 May 2011 hong kong Monetary Authority (HKMA) Slaughter and May, hong KongHSBC, hong KongState Street MorganSection 2.


Related search queries