StanChart’s RMB Globalisation Index Up in November. The Standard Chartered Renminbi Globalisation Index (RGI) rebounded and hit a new high of 737 in November, up from 731 in October.
The bank attributes the growth to three of the four RGI constituents, Dim Sum bonds and certificate of deposits outstanding, offshore deposits, and trade settlement and other international payments. Further growth is expected following recovering confidence in China’s economy and CNY appreciation, says StanChart.
The bank says that the ratio of the Hong Kong, Singapore and London as centres for renminbi payments currently stands at 78:11:11, with cross-border RMB payments allowed in London to close the overall RGI gap with Singapore. The RGI was launched in November last year and covers the top three markets in offshore RMB business.
SGX Sees 17% Rise in Profits for Q4 2012. Singapore Exchange (SGX) saw a 17% rise in quarterly net profit, supported by its derivatives business’ performance, says the company. For the October to December quarter 2012, SGX reported net profit of SGD 76.3 million ($62.12 million), up from SGD 65.4 million for the comparable quarter in 2011.
The exchange says daily average traded value rose to SGD 1.2 billion from SGD 1.1 billion a year earlier, just under the SGD 1.3 billion recorded for the July to September quarter. The exchange’s derivatives business saw average daily trading volume of 358,532 contracts, a new record, and up 30% on the previous year.
Saxo Bank opens Istanbul branch. Saxo Bank, has opened its latest branch, Saxo Capital Markets Menkul De?erler A.?., in Istanbul. The opening of the new office follows Saxo’s acquisition of De?er Menkul De?erler, a local broker with a securities license. Saxo acquired 89.54% of the company in May last year. The new outlet will support Saxo’s growth initiative for its institutional client base, offering access to Turkish markets as well as providing Turkish investors with access to international financial markets.
The head of the new office is Egemen Kaya, previously head of emerging markets and precious metals desk at Saxo’s headquarters in Denmark. Kaya says, “Turkey has begun to demonstrate to the rest of the world its capabilities and investment potential. Low inflation and interest rates are present in Turkey, and Saxo Bank anticipates an increasing number of Turkish investors to ask for a broader range of international market products such as forex, international stocks, futures and options.”
Retail firm granted ASIC license. The Australian Securities and Investment Commission (ASIC) has granted a license to Intelligent Financial Markets (IFM), a new foreign exchange and contracts-for-difference brokerage, that is beginning operations this month.
The company will focus on assisted and automated trading for retails clients and will operate as an ECN/STP broker, using its own internally-developed proprietary systems.
IFM’s founding management team includes Reuben Stern, COO, who was most recently director of international sales and operations at AvaFX. The company is using AxiTrader, Australian FX and CFDs brokerage firm, as a counterparty for clearing.