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SIFMA Executive Vice President Randy Snook Remarks At SIFMA 2016 Operations Conference & Exhibit


Dalian Commodity Exchange: Notice On Providing the Material For Issuing The VAT Special Invoices

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According to the “Notice on Fully Promoting the Pilot Program for Replacing Business Tax with Value-Added Tax” (Cai-Shui [2016] No. 36) issued by the Ministry of Finance and State Administration of Taxation, starting from May 1, 2016, Dalian Commodity Exchange (DCE) will issue the Value-Added Tax (VAT) special invoices to the general VAT payers. The members in need of the VAT special invoices issued by DCE are requested to provide the following material before May 15:
  
I. Information Collection Form for Issuing VAT Special Invoice (see attachment);
 
II. Copy of National Tax Registration Certificate. Those who have achieved the “three certificates into one” shall provide the copy of business license.
 
III. The documentary evidence of the member units as an general VAT payer (any one of the following documents will be valid):
 
1. Those who have achieved the “three certificates in one” shall provide the copy of the “Notice on Taxation Issues” issued by the competent tax authorities for approving the special invoice or the copy of the “Qualification Registration Form for Ordinary VAT Payer” sealed by the competent tax authorities.
 
2. Those who have not achieved the “three certificates into one” or have achieved the “three certificates into one” without completing the information changing of taxpayer recognition code shall provide the copy of the qualification certificate of general VAT payer or the copy of the tax registration certificate sealed with the statement of “Ordinary VAT Payer”.
 
All the above-mentioned forms and copies shall be stamped with the official seal of the unit, and faxed to the DCE Clearing Department (the original documents shall be mailed afterwards as soon as possible).
 
Mailing Address: Clearing Department, Floor 7, Futures Building, 129 Huizhan Road, Shahekou District, Dalian City
Tel: 0411-84808583
Fax: 0411-84808840
 

ASIC- Innovation Hub: Regulatory Sandbox Proposal

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ASIC today provided a further update on its Innovation Hub (see 15-211MR for our previous update). ASIC’s Innovation Hub has now been operating for just over a year and is continuing to assist financial technology (fintech) start-ups navigate the regulatory framework.

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ASX Compliance Monthly Activity Report - April 2016

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Attached is a copy of the ASX Compliance Monthly Activity Report for April 2016.

MNI China Car Purchase Indicator: Chinese Car Buying Sentiment Turns More Optimistic - General Optimism Belies Drop In Ownership And Plans To Buy

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Chinese consumers were increasingly optimistic about the car buying environment in April but were less likely to act on this assessment as plans to buy a car over the next 12 months continued the downward movement seen since the start of the year. Meanwhile, a fall in expected running costs helped boost overall sentiment towards the sector.
 
The MNI China Car Purchase Indicator, a composite indicator designed to gauge overall conditions in the car market, rose 6% to 96.9 in April from 91.4 in March. The gain in the indicator, which is made up of two components, was driven by a combination of a decrease in consumers’ expectations for fuel costs, as well as an improvement in the assessment of the current buying conditions for cars. The Price of Gasoline component fell to 115.2 in April from 120.6 in March, with most consumers still expecting the price of fuel to increase in the coming months while the Car Purchase Expectations component edged up 5.5% to 109.1 in April, the second consecutive rise and the highest outturn since October 2010.
 
The improved sentiment towards the car market was not matched by actual ownership levels or planned purchases. The level of car ownership fell to 37.6% in April from 44.2% in March and there did not appear to be any plans to revise up this figure, with the proportion of consumers planning to buy a car in the next 12 months falling to 11.7% in April from 13.9% previously. Other detail in the report suggests uncertain economic prospects may have played a role, with 61.4% of respondents who thought it was a good time to buy a car putting it down to low prices rather than brighter income prospects or supportive policies.
 
Having continued to edge higher since March, the percentage of respondents with a car loan rose notably to 9.4% in April from 4.1% in March. Moreover, those with higher incomes (over CNY 96,000) were more likely to use leverage in April.
 
Of those still planning to buy a car, the planned budget of Chinese families gravitated towards the more expensive bands in April with the cheaper options falling out of favour. The largest percentage of responses went to the most expensive tier –over CNY 200,000– while there was a scale back in the mid-range of CNY 100,000 – CNY 140,000, which commanded the next highest proportion of responses. The second most expensive tier, CNY 150,000 – CNY 190,000, continued to gain more popularity between March and April.

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ASX Group Monthly Activity Report - April 2016

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Attached is a copy of the ASX Group Monthly Activity Report for April 2016.

Dubai Financial Services Authority Hosts Outreach On Corporate Governance And Investor Relations

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The Dubai Financial Services Authority (DFSA), together with Hawkamah, the Dubai International Financial Centre (DIFC) Institute for Corporate Governance, and the Middle East Investor Relations Society (MEIRS), organised an outreach event last week on topics of Corporate Governance and investor relations. Panelists from each of these groups covered key topics, provided market insight and answered questions at the event.

The event was targeted at representatives of companies listed on the DIFC markets, companies considering a listing, advisors and legal professionals advising firms on listing in the DIFC, investment bankers representing the buy-side for such listings, as well as investor relations professionals. Over 60 stakeholders attended the event.

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ASX Presentation To Macquarie Conference

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Attached is a copy of an ASX presentation to investors that will be delivered at the Australian Macquarie Securities Conference held in Sydney on 4 and 5 May 2016.


tiviti Expands Support Of Equity Options Markets - Itiviti Adds ISE And PHLX To Expand Equity Options Market Reach - Plans For Connectivity To BATS

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Itiviti, a world-leading technology provider for the capital markets industry, today announced the release of two new gateways in the equity options space, augmenting the current offering of Chicago Board Options Exchange (CBOE) and CBOE’s C2 with connectivity to Nasdaq PHLX and the International Securities Exchange (ISE).

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Qatar Stock Exchange Organizes London Forum To Promote Investment In Qatari Listed Companies

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Qatar Stock Exchange (QSE), in coordination with Goldman Sachs, today commenced in London a roadshow that aims to promote investment in the Qatari companies listed on QSE and support their investor relations practices. 

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Ljubljana Stock Exchange: Monthly Statistical Report April 2016

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Click here to download comprehensive monthly statistics of the Ljubljana Stock Exchange for April 2016.

Euronext Announces Volumes For April 2016

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Euronext, the leading exchange in the Eurozone, today announced trading volumes for April 2016.

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Taiwan Stock Exchange Outlines Future Development Plans At âInvest Taiwan, Kuala Lumpurâ Forum

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The Taiwan Stock Exchange (TWSE) outlined the many advantages of investing in the Taiwan market, as well as its future development plans, at the ‘Invest Taiwan, Kuala Lumpur’ Forum held today in Kuala Lumpur, Malaysia.

During his opening remarks, Mr. Chien Lih-chung, Senior Executive Vice President of the TWSE, outlined the exchange’s main focuses for the remainder of 2016 in the areas of corporate governance, as well as reforms to the ETF market, including:
-       Expanding the availability of e-voting and setup of audit committees at listed companies;
-       Promoting the upcoming Stewardship Code for institutional investors;
-       Extending trading hours for offshore ETFs; and
-       Increasing the number of foreign markets covered by ETFs listed on TWSE, as well as the number of ETF dual-listings.

The ‘Invest Taiwan, Kuala Lumpur’ Forum was jointly organized by TWSE, Sinopec Securities and RHB Banking Group. The corporate governance-focused event bought together 80 institutional investors from across Malaysia and Taiwan with ten Shariah-compliant Taiwan-listed companies. These companies are also constituents of the FTSE TWSE Taiwan Shariah Index, which launched in 2008.

 “The TWSE has been extremely active in marketing the Taiwan capital market to international audiences, particularly the presence of the ‘3Ps’ of Pricing (reasonable P/E ratios), Prosperity (high turnover rates) and Profitability (high dividend yields) in Taiwan. We are also taking steps to encourage better corporate governance and transparency following the launch of the Corporate Governance Roadmap and the establishment of the Corporate Governance Center together with Taiwan’s Financial Supervisory Commission. We also look forward to introducing more market reforms and deregulations, while also diversifying the range of financial products available on TWSE, in order to attract more global investors and to stimulate the market,” said Mr. Chien.

GreenKey Appoints Richard Garnier Chief Revenue Officer

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GreenKey<http://www.greenkeytech.com/>, creator of an award-winning voice-driven collaboration platform for global financial market participants, announced today the appointment of Richard L. Garnier to the new position of Chief Revenue Officer, effective immediately.  A 30-year financial services and information technology veteran and former executive with Thomson Reuters, Garnier is responsible for the firm's global sales, service, marketing and strategic partnership initiatives.

GreenKey CEO Paul Christensen said:  "Richard is a world-class performer with an exceptional track record. He has that rare breadth of international experience drawn equally from senior roles at large organizations and from early-stage, entrepreneurial growth ventures. Our client base includes the world's leading financial institutions, and Richard has navigated them all in his career. His energy and ability will help us scale the business and truly change the way the markets communicate."

Garnier said:  "Communication via voice remains an essential component not only of voice trading in certain markets but throughout the pre- and post-trade processes in all markets. I have been fascinated by GreenKey's collaborative, innovative approach to capturing that important human element in a way that leverages advanced technology yet respects how people work. There's an incredible opportunity for GreenKey to be a positive force of disruption in the financial markets, and I'm delighted to play a role in that fintech revolution."

Garnier said he intends to build on the strong GreenKey team already in place and identify key hires in Asia, Europe and the U.S. He will operate out of the London office, traveling globally.
In the course of his career, Garnier has spearheaded multi-channel, multi-product teams of up to 400 professionals globally, responsible for revenues of up to $600 million. He has worked in London, Stockholm, Frankfurt, Paris, Moscow, Warsaw, Istanbul, Hong Kong and New York.

Over a 12-year period at Thomson Reuters and a predecessor, Garnier held a variety of leadership positions, including Managing Director for Northern Europe and for the firm's Asset Management business in Europe, the Middle East and Africa. He also had fiduciary and operational responsibility for Thomson Reuters' trading entities across all Nordic countries.

Prior to joining predecessor firm Thomson Financial as Managing Director, Europe, Garnier served as Commercial Director for RAW Communications, an innovator in Internet broadband technology applications within the global equities markets. He created and executed the global sales and partner strategy with leading financial institutions until RAW's acquisition by Thomson in 2002.

He has held management roles with several other early-stage growth firms, including in the late 1990s as Managing Director, Europe, for Internet Securities, a financial data firm covering emerging markets. In that role, he managed 11 country operations prior to the firm's acquisition by Euromoney Institutional Investor.

Garnier also served as Director of Sales for the Financial Times in the late 1980s.

R.J. OâBrien Europe Limited Expands Listed FX Offering With Hiring Of Peter Jerrom, John Burt

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Chicago-based R.J. O’Brien & Associates (RJO), the oldest and largest independent futures brokerage and clearing firm in the United States, announced today that its London-based affiliate R.J. O’Brien Europe Limited (RJO Europe) has hired Peter Jerrom and John Burt as Senior Vice Presidents, Listed Foreign Exchange (FX) Brokers.

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Dalian Commodity Exchange Intensifies Control Over Over-Speculation

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Dalian Commodity Exchange (DCE) today (the 25th) issued a notice that starting on April 26, 2016, the trading fee rate of the iron ore and PP futures will be adjusted from 0.009% to 0.018% of the turnover, and the 50% discount for the intra-day trading of the same contract of No. 1 Soybeans and LLDPE futures will no longer be implemented (with the fee restored to RMB 2 / contract). So far, since last December the number of the futures products for which DCE increases the trading fee rates or suspends the discount for the intra-day trading has been increased to 6, and the control of the over-speculation has been increasingly intensified.
 
A market participant said that with significant fluctuations, rapidly increasing trading volumes and excessively high market turnover rates of some commodity futures products, the market has shown the tendency toward over-speculation. In addition to the traditional market-based measures such as expanding price limits and increasing the minimum trading margins, DCE has also taken the initiatives such as adjusting up the trading fees and cancelling the discounts of the intra-day trading fees for the related futures products, which will undoubtedly further increase the costs for short-term trading, relatively accurately cool down the trading of relevant futures products and curb the tendency towards over-speculation. This time DCE has expanded the scope of the products in adjusting the trading fee rates, in a bid to not only step up the supervision over the previously overheated products but also guard against the recent tendency of the products toward overheated trading in a timely way as well as prevent some funds from transferring to new products for short-term speculation.
 
The market participant further pointed out that the measures taken recently by the three major futures exchanges have resulted in some effects, but the final effects are yet to be tested in the market. Currently DCE has continued to step up the supervision, showing the resolute determination of DCE to curb over-speculation and hold fast to the bottom line of risks. Therefore, if the market tendency toward over-speculation is not lessened or picks up, DCE may adopt further regulatory measures.

First Independent Chinese Refiner Trades DME Oman

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Shandong Chambroad Petrochemicals Co., has become the first independent Chinese refiner to trade Oman crude oil futures on the DME, the leading east of Suez energy exchange.

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Arbitrage and hedging with liquid American options. (arXiv:1605.01327v1 [q-fin.MF])

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We generalize the fundamental theorem of asset pricing (FTAP) and hedging dualities in \cite{ZZ8} to the case where the investor can short American options. Following arXiv:1502.06681, we assume that the longed American options are divisible. As for the shorted American options, we show that the divisibility plays no role regarding arbitrage property and hedging prices. Then using the method of enlarging probability spaces proposed in arXiv:1604.05517, we convert the shorted American options to European options, and establish the FTAP and sub- and super-hedging dualities in the enlarged space both with and without model uncertainty.

Lie symmetries of (1+2) nonautonomous evolution equations in Financial Mathematics. (arXiv:1605.01071v1 [math.AP])

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We analyse two classes of $(1+2)$ evolution equations which are of special interest in Financial Mathematics, namely the Two-dimensional Black-Scholes Equation and the equation for the Two-factor Commodities Problem. Our approach is that of Lie Symmetry Analysis. We study these equations for the case in which they are autonomous and for the case in which the parameters of the equations are unspecified functions of time. For the autonomous Black-Scholes Equation we find that the symmetry is maximal and so the equation is reducible to the $(1+2)$ Classical Heat Equation. This is not the case for the nonautonomous equation for which the number of symmetries is submaximal. In the case of the two-factor equation the number of symmetries is submaximal in both autonomous and nonautonomous cases. When the solution symmetries are used to reduce each equation to a $(1+1)$ equation, the resulting equation is of maximal symmetry and so equivalent to the $(1+1)$ Classical Heat Equation.

Regrets, learning and wisdom. (arXiv:1605.01052v1 [physics.soc-ph])

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This contribution discusses in what respect Econophysics may be able to contribute to the rebuilding of economics theory. It focuses on aggregation, individual vs collective learning and functional wisdom of the crowds.

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