Financing capital market intermediaries in East and Southeast Asia

목차 (Table of Contents)

• CONTENTS
• 1. FINANCING CAPITAL MARKET INTERMEDIARIES IN EAST AND SOUTHEAST ASIA
• Ⅰ. Introduction = 1
• Ⅱ. Limited Demand by Capital Market Intermediaries for Finance = 5
• A. The Impact of Basic Differences in Capital Markets = 5
• B. Dealing = 6
• 1. Proprietary Positions = 6
• 2. Market Making = 7
• 3. Marking to Market = 8
• C. Underwriting = 9
• 1. Low or No Commitment Risk = 9
• 2. Pre-sales = 10
• 3. Rights Offers = 11
• 4. Government Bond Underwriting = 11
• D. Brokerage = 11
• 1. Large Block Assemblage = 11
• 2. Margin Lending = 12
• E. Clearing and Settlement = 13
• 1. Falls = 15
• 2. Linkage to Foreign Markets = 17
• 3. Netting = 18
• 4. DVP(Delivery versus Payment) = 18
• 5. The Special Needs of Foreigners = 20
• F. The CMIs' Overall Need for Funds = 20
• Ⅲ. Constrained Supply of Finance for Capital Market Intermediaries = 21
• A. The Bank's Dominant Role as Sources of Funds = 22
• 1. Universal Banking = 22
• 2. Banks as Suppliers of Funds = 23
• 3. The Effect of Bank Dominance = 24
• B. Domestic Funding Sources That are Alternatives to Banks = 25
• 1. Market-Based Domestic Funding Sources and Their Effect = 25
• 2. Securities Finance Companies = 29
• 3. Customer Deposits as a Domestic Source of Funds = 30
• C. Foreign Funding Sources = 30
• Ⅳ. Future Demands for Increased Financing = 31
• A. Capital Market Instruments = 32
• B. Secondary Market Activity = 33
• 1. Investor Participation = 33
• 2. Position Limits = 35
• 3. Policies to Limit Price Movement = 35
• 4. Taxes = 36
• C. Changes in Operations = 36
• 1. Underwriters = 36
• 2. Brokers = 37
• 3. Dealers = 37
• 4. Clearing and Settlement = 38
• D. Capital Requirements = 39
• Ⅴ. Improving the Supply of Finance = 40
• A. Universal Banking = 40
• B. Sources of Finance = 41
• 1. Equity Capital = 41
• 2. Bank Lending = 42
• 3. Non-Bank Lending = 43
• 4. Government Lending = 46
• 5. Foreign Funding = 46
• C. An Overview of Supply Alternatives = 47
• Ⅵ. Conclusion = 48
• 2. FINANCING CAPITAL MARKET INTERMEDIARIES IN HONG KONG
• Ⅰ. Introduction = 51
• Ⅱ. General Overview of the Market = 54
• A. Over-view of the Market = 54
• B. Structure of the Capital Market = 55
• 1. Structure of the Stock Market = 55
• 2. Structure of the Debt Market = 61
• 3. Regulatory Structure of the Capital Market = 64
• C. Nonbank Financial Intermediaries and Investors in the Capital Market = 66
• 1. Nonbank Financial Intermediaries = 66
• 2. Investors = 69
• D. Issues and Recent Developments in the Capital Markets = 70
• 1. The Stock Market = 70
• 2. Corporate Debt Markets = 71
• 3. Government Debt Market = 74
• 4. Derivative Products = 75
• Ⅲ. The Current Situation of Capital Market Financing = 77
• A. Demand for Funds = 77
• 1. Funding Needs of Financial Intermediaries = 77
• 2. Funding Need for Clearing and Settlement = 81
• B. Supply of Funds = 82
• C. Characteristics of Capital Market Financing = 86
• 1. Absence of Alternative Financing Instruments = 86
• 2. Bank Access to Inexpensive Retail Deposits = 87
• 3. Strong Banking Relationships and Political Position = 88
• Ⅳ. Future Outlook = 89
• A. Potential for Change in the Capital Markets = 89
• 1. Future of Hong Kong as a Financial Center = 90
• 2. Other Changes Affecting Capital Market Developments = 90
• B. Clearing and Settlement Changes = 92
• 1 . Equity Clearing and Settlement = 92
• 2. Debt Clearing and Settlement = 101
• 3. Derivatives Clearing and Settlement = 101
• Ⅴ. Recommendations and Conclusions = 102
• 3. FINANCING CAPITAL MARKET INTERMEDIARIES IN INDONESIA
• Ⅰ. Introduction = 105
• Ⅱ. General Overview of the Capital Market = 106
• A. Structure of the Capital Market = 106
• 1. The Government's Role = 106
• 2. Instruments = 107
• 3. Investors = 108
• 4. Financial Intermediaries = 108
• B. The Importance of the Capital Market to the Financial System = 110
• C. Recent Developments = 111
• D. Characteristics of the Capital Market = 111
• Ⅲ. The Current Situation for Capital Market Financing = 113
• A. Demand for Funds = 113
• 1. Settlement = 113
• 2. Underwriting = 114
• 3. Inventory Financing = 115
• 4. Other = 116
• B. Supply of Funds = 116
• 1. Capital = 116
• 2. Offshore Financing = 117
• 3. Bank Loans = 117
• 4. Other Funding Sources = 118
• Ⅳ. Future Situation = 118
• A. Separation of Banking and Securities Businesses = 118
• B. Investors = 119
• C. Product = 120
• D. Technology = 120
• E. Privatization = 120
• F. Threats = 120
• Ⅴ. Recommendations = 121
• 4. FINANCING CAPITAL MARKET INTERMEDIARIES IN KOREA
• Ⅰ. Introduction = 123
• Ⅱ. General Overview of the Korean Capital and Financial Markets = 125
• A. Structure of the Capital Market = 125
• B. Structure of the Financial Market = 129
• C. Internationalization of Korean Market = 130
• Ⅲ. Current Situation for Capital Market Financing = 131
• A. Demand for Financing = 131
• 1. Function = 131
• 2. Derivatives = 135
• 3. Clearing and Settlement = 135
• 4. Government Policy = 138
• B. Supply of Financing = 140
• 1. Role of Korea Securities Finance Corporation = 140
• 2. Sources of Financing = 143
• 3. Government Policy = 146
• Ⅳ. Future Situation = 148
• A. Internationalization and Further Deregulation = 149
• B. Underwriting = 149
• C. Development of Public Debt Market = 149
• D. Derivative Market = 150
• Ⅴ. Recommendations = 150
• A. Issuance of Securities or Commercial Paper by Securities Companies = 150
• B. Overseas Borrowing = 151
• C. New Product Development = 151
• D. Use of Repurchase Agreements = 151
• 5. FINANCING CAPITAL MARKET INTERMEDIARIES IN MALAYSIA
• Ⅰ. Introduction = 159
• Ⅱ. Macroeconomic and General Overview = 160
• Ⅲ. General Overview of the Markets = 162
• A. Basic Market Structure = 162
• 1. Government Debt = 163
• 2. Corporate Debt Market and Cagamas Bonds = 163
• 3. Equity =165
• 4. Derivative Products = 167
• B. The Importance of Capital Markets to the Financial System = 167
• C. Important Market Characteristics = 168
• 1. Important Characteristics of the Capital Market = 168
• 2. Important Characteristics of Capital Market Intermediaries = 172
• 3. Important Characteristics of Investors = 175
• D. Recent Developments = 176
• 1. Strengthen and Broaden the Markets = 176
• 2. Strengthening Capital Market Intermediaries = 179
• Ⅳ. Current Demand for Capital Market Financing = 180
• A. Debt Markets = 181
• 1. Underwriting = 181
• 2. Brokerage = 181
• 3. Dealing = 181
• 4. Lending = 182
• B. Equity = 182
• 1. Underwriting = 182
• 2. Brokerage = 183
• 3. Dealing = 184
• 4. Margin Lending = 186
• Ⅴ. Methods for Financing Capital Market Activities = 186
• A. Merchant Banks = 187
• B. Commercial Banks = 189
• C. Discount Houses = 191
• D. Stockbrokers = 191
• E. Important Funding Related Observations = 192
• 1. Funding for Independent Stockbrokers = 192
• 2. The Dominance of Banks and Bank Deposits in Financing Capital Market Activities = 193
• 3. The Absence of Alternative Funding Sources for Stockbrokers = 193
• Ⅵ. Future Developments = 194
• A. Demand for Funds = 194
• B. Supply of Funds = 194
• Ⅶ. Recommendations and Conclusions = 195
• A. Alter Bank Involvement in Capital Market Activities = 195
• B. Recommendations = 197
• 1. Develop New Funding Tools for Banks = 197
• 2. Strengthen Bank Capital = 197
• 3. Reduce Affiliations with Stockbroking Companies = 198
• 4. Reduce Direct Capital Market Activities of Banks = 198
• 5. Funding Considerations = 199
• C. Conclusion = 200
• 6. FINANCING CAPITAL MARKET INTERMEDIARIES IN THE PHILIPPINES
• Ⅰ. Introduction and Executive Summary = 201
• Ⅱ. The Political and Economic Background = 203
• Ⅲ. General Overview of the Capital Markets = 206
• A. The Structure of the Capital Markets = 206
• 1. The Stock Market = 206
• 2. The Treasury Bill Market = 208
• B. The Under-developed Importance of the Capital Markets to the Financial System = 208
• C. Important Characteristics of the Capital Markets = 209
• 1. The Two Stock Exchanges = 209
• 2. Concentration of Equity Trades on a Small Number of Issues = 210
• 3. An Historic Look of Adequate Government Action to Boost the Capital Markets = 211
• 4. Different Minimum Capital Requirements for Banks and Securities Firms = 212
• 5. Limited Access for Foreign Investors = 213
• D. Other Recent Developments = 213
• 1. New Measures to Promote Foreign Investment = 213
• 2. A Substantial Liberalization of Foreign Exchange Controls = 214
• 3. Recent Movements of the Makatai and Manila Stock Price Indices = 214
• Ⅳ. Capital Market Financing - The Current Situation = 216
• A. The Demand for Funds for Position Financing = 216
• 1. By Securities Firms(Brokers and Dealers) = 216
• 2. By Underwriters = 218
• 3. By Authorized Government Securities Dealers = 219
• 4. By Investors = 219
• B. The Supply of Funds for Position Financing = 220
• 1. Equity Capital = 220
• 2. Bank Lending = 220
• 3. Other Kinds of Borrowing to Finance Positions by CMIs = 221
• 4. Foreign Funding of Position Taking = 222
• Ⅴ. Capital Market Financing - Future Prospects = 223
• A. The Promise of a General Improvement in the Political and Economic Situation = 223
• B. The Prospects for a Quickening of the Pace of Capital Market Developments = 224
• C. The Probability of a Substantial Increase in Position Taking and Position Financing = 224
• Ⅵ. Conclusion and Recommendations = 225
• 7. FINANCING CAPITAL MARKET INTERMEDIARIES IN SINGAPORE
• Ⅰ The Characteristics of Singapore's Market and Its Backdrop = 229
• Ⅱ An Outline of the Financial System = 231
• A. Financial Institutions = 231
• B. Monetary Authority of Singapore(MAS) = 231
• C. The Board of Commissioners of Currency of Singapore(BCCS) = 232
• D. Commercial Banks = 232
• 1. Full Bank = 232
• 2. Restricted Banks = 232
• 3. Offshore Banks = 233
• E. Merchant Banks = 233
• F. Finance Companies = 233
• G. Postal Savings Banks = 234
• H. CPF: The Central Provident Fund = 234
• I. Pension Funds = 234
• J. Insurance Companies = 234
• K. Securities Companies = 235
• L. The Stock Exchange of Singapore = 236
• Ⅲ. An Outline of the Securities System = 236
• A. Money Market Instruments = 237
• B. Bonds = 237
• C. Stocks = 238
• D. Unit Trust = 239
• Ⅳ. Positioning in the Market = 240
• 1. Intentional Positioning = 240
• 2. Unintentional Positioning = 241
• Ⅴ. Position Financing = 242
• 8. FINANCING CAPITAL MARKET INTERMEDIARIES IN TAIWAN
• Ⅰ. Introduction = 247
• Ⅱ. General Overview of the Market = 248
• A. Structure of the Capital Market = 248
• 1. The Securities and Exchange Commission = 248
• 2. Securities Company = 249
• 3. Securities Finance Company = 250
• 4. Securities Investment Trust Companies = 250
• 5. Investors = 251
• 6. Commission and Tax Rate = 252
• B. The Capital Market and the Financial System = 252
• C. Recent Developments = 254
• D. Important Characteristics of the Taiwan Stock Market = 254
• Ⅲ. The Current Situation for Capital Market Financing = 255
• A. Demand for Funds = 255
• 1. Category of Functions = 255
• 2. Settlement and Clearing = 257
• B. Supply of Finance for CMIs = 258
• 1. By Instruments = 258
• 2. Foreign Funding = 260
• Ⅳ. Future Outlook = 262
• Ⅴ. Recommendation for the Country = 265
• 9. FINANCING CAPITAL MARKET INTERMEDIARIES IN THAILAND
• Ⅰ. Introduction = 269
• Ⅱ. General Overview of the Market = 272
• A. Structure of the Capital Market = 272
• 1. Instruments = 272
• 2. Participants = 272
• B. The Capital Market and the Financial System = 273
• C. Recent Developments = 274
• D. Important Characteristics of the Capital Market = 274
• Ⅲ. The Current Situation for Capital Market Financing = 275
• A. Demand for Funds = 275
• 1. Introduction = 275
• 2. Demand by Function = 276
• 3. Demand by Instrument = 279
• 4. Other Sources of Demand: Margin Lending = 281
• 5. Other Sources of Demand. Clearing and Settlement = 282
• 6. Impact of Government Policies on CMIs' Demand for Finance = 285
• 7. Important Observations = 285
• B. Supply of Finance for CMIs = 286
• 1. Introduction = 286
• 2. By Instrument = 286
• 3. Security Finance Companies and Other Special Institutions = 291
• 4. Foreign Funding = 292
• 5. The Impact of Important Government Policies = 293
• Ⅳ. The Future Situation = 296