Transique Corporate Advisors’ Post

Unlisted firms may list on IFSC exchanges in 2-3 months: IFSCA Chairman The IFSCA has tweaked norms for direct listing on Gift IFSC exchanges. The final regulations are likely to be placed for approval by the end of this month. Read the full story here https://bit.ly/4cdgWeM

Our 88th article titled, "SEBI's Instantaneous Trade Settlement: Evaluating the Implications on Foreign Investors". ".....In September 2023, Securities and Exchange Board of India (“SEBI”) announced the plan for the implementation of instantaneous trade settlements, which has caused a plethora of debate regarding the future implications of such a move....." https://lnkd.in/gPwiD9dy #legalblog #article #legalwriting #blogpost

REMINDER: The QFII scheme went through a major overhaul in November 2020 which substantially relaxed its qualification and regulatory requirements, opening it up to a broader class of offshore investors, including offshore commodities traders. Since 2 September 2022, it has offered an alternative path for offshore investors to trade commodity futures and options on the main Chinese commodity futures exchanges. Offshore commodities traders may wish to consider this new access path to commodity futures and options products that were previously only accessible to on-shore Chinese entities. QFII licence holders may wish to consider extending their services to potential new commodity clients.

IFSCA has formed an Advisory Committee regarding Exchange Traded Currency Derivatives. IFSCA is a unified regulator for #capitalmarkets , #banking , insurance and pension verticals in GIFT-IFSC. IFSCA has put in place the regulatory framework comparable with existing best offshore jurisdictions. The Terms of Reference (ToR) of the Committee are as under: i. To review the developments in the currency derivatives market in key global jurisdictions and identify lessons and best practices ii. To study the international best practices for bench-marking the IFSC ecosystem in currency derivatives with developed markets. iii. To understand the existing challenges and opportunities in exchange traded currency derivatives in IFSC and recommend enabling policy measures iv. To make recommendations for widening the investor base in currency derivatives on the Stock Exchanges in IFSC v. To examine issues related to contract designs and new products in currency derivatives vi. To recommend measures for improving market safety, efficiency, transparency and integrity and reducing cost of transaction vii. To make recommendations for robust regulatory framework for currency derivatives in IFSC to enable GIFT IFSC to emerge as a Global Currency Trading Hub. viii. Any other matter related to exchange traded currency derivatives in IFSC #derivatives  

Yesterday ASX Benchmarks launched a BETA version of the Secured Overnight Funding Index Australia (SOFIA) rate. SOFIA is an overnight secured risk free rate based on transactions executed in the GC1 repo market. GC1 repo is made up of Government and Semi Government bonds, Treasury notes, and Commonwealth and State Government Indexed Bonds. SOFIA is a rate that measures the average cost of risk free funding in the $AUD overnight repo market. It also provides added price transparency into the market. SOFIA was developed by ASX Benchmarks team in consultation with the market. Learn more: https://lnkd.in/gE236K-z #ASX #BENCHMARKS #INTERESTRATES #DERIVATIVES Kristye van de Geer Luke Flory

IFSCA: RELEASES WORKING GROUP’S REPORT ON DIRECT LISTING OF LISTED COS. ON IFSC EXCHANGES IFSCA releases the Report of the Working Group on Direct Listing of Listed Indian Companies on IFSC Exchanges”; Apprises that, based on the study of the global best practices, the Working Group has recommended models for connecting depositories between the two jurisdictions for the purpose of operationalizing Direct Listing at GIFT IFSC; Underscores that the Working Group has made several other recommendations with respect to regulatory and operational aspects of dual listed companies, cooperation between institutions and authorities in both jurisdictions and necessary changes required in various legal frameworks to implement the proposed Direct Listing on the stock exchanges in IFSC; Authority remarks that “…the recommendations made in this report will contribute towards implementation of the vision of Government of India to facilitate raising of foreign capital into India through GIFT IFSC.”: IFSCA

📈🇮🇳 SEBI's Game-Changing Move: Faster Trade Settlements on the Horizon! 1️⃣ SEBI plans to introduce one-hour trade settlements by the end of this fiscal year. 2️⃣ It's an optional change for investors; traditional settlement remains. 3️⃣ The roadmap? From one hour to instantaneous! Stay tuned for a faster and more efficient market! 💹🏦 #SEBI #TradeSettlements #InstantaneousSettlements #CapitalMarkets #Investment #FinancialMarkets #Regulation #FPIs https://lnkd.in/dHb4xf4e

Foreign portfolio investors domiciled at the GIFT International Financial Services Centre and registered with the Securities and Exchange Board of India (SEBI) of India have been allowed to issue offshore derivative instruments (ODIs), popularly known as participatory notes. Our Partner, Sunil Gidwani shared his views on this matter during a recent conversation with Business Standard. Read here: - https://lnkd.in/dWt_ryZc #investors #financialservices #ifsc #fpi #sebi #teamnangiaandersen

SEBI to Introduce 1-hour trade settlement by end of FY24 before an instantaneous process: Capital markets regulator Securities and Exchange Board of India (SEBI) will introduce one-hour trade settlements by the end of this fiscal, in the run up to making such processes instantaneous, according to a top official quoted in a report by news agency PTI.   Amid concerns raised by certain foreign portfolio investors (FPI) on the shortening of the settlement cycles citing forex-related worries, the official made it clear that faster settlements are optional and investors can opt out. Currently, the regulator is thinking of rolling out the one hour trade settlement for all investors by March next year, and is looking at a time frame of 6-8 months more for the instantaneous settlements.   SEBI has adopted a roadmap towards realising its aim of making trade settlements instantaneous, according to the report. “From one day to one hour to instantaneous is the roadmap," the official was quited as saying by PTI, adding one hour settlements are much quicker to implement than instantaneous.   The official said technology for one hour trade settlements already exists and the market regulator is confident about the same, while the instantaneous settlements need more technology development.   The Application Supported by Blocked Amount (ASBA)-like facility for secondary markets will start by January for all investors and it will take another couple of months for the one-hour cycle to set-in after that, the official added.   Addressing investor concerns, the early settlement facility will be optional for investors and they can opt out of it and stressed that data analysis does not indicate any problems on the trading side if some investors were to opt out.   "If the FPIs don't want to do that (instantaneous), they're free to do that. And we've looked at the matching data (on) whose trade matches with whom. So, our belief based on that data is that it will not be a problem for anybody," the official was quoted as saying in the PTI report. #finance #stockmarket #stocnerv

Let’s talk about covered bonds… and NIP’s (still) gone with the wind ✅ The primary market for covered bonds has once again its active side: a colourful bouquet of deals, particularly with regard to terms and jurisdictions. Deals have been decently oversubscribed despite dynamic tightening processes and rather small new issue premiums. ✅ In a rather quiet market phase, Sparkasse Hannover seized the opportunity to make its first appearance in the EUR benchmark segment. The successful debuts from Singapore by Standard Chartered Singapore and Maybank Singapore have shown that the APAC region remains a growth market and the importance of covered bonds should continue to increase here. This is also how we interpret the latest reports from the South Korean Financial Services Commission (FSC). ✅ In the secondary market the picture differs in relation to maturity considerations. Short to medium maturities remain subject to heightened demand. In the longer maturity segment, however, we have noticed a bit of a headwind in recent days. Tight issue levels, in tandem with an extremely flat credit curve, falling swap spreads, a yield curve that has recently become more inverted and larger holdings are the driving forces behind this movement. ✅ In terms of fundamental data we have a look at the composition of cover pools in Germany based on “Transparency requirements §28 PfandBG” data compiled by Verband deutscher Pfandbriefbanken (vdp) and DSGV - Deutscher Sparkassen- und Giroverband's "pfanbrief office" in our weekly publication. Furthermore, the vdp property price index provides us with a current state of play also in the CRE-segment. ✅ And do not miss what Norman, Lukas-Finn and Christian have to say about the “EU as a mega issuer”. Not only because the EU is nothing less than the biggest issuer of their SSA coverage! ✅ If you want to meet in person you can find us next week at the 11th annual Covered Bond Investor Conference on June 6th in Frankfurt, organized by ICMA - International Capital Market Association, Verband deutscher Pfandbriefbanken (vdp), and The Covered Bond Report. NORD/LB Floor Research Norman Rudschuck Lukas-Finn Frese Christian Ilchmann Lukas Kühne Alexander Grenner