金砖五国证券及期货市场(英文版2013香港联交所).pdfVIP

THE BRICS SECURITIES AND DERIVATIVES MARKETS By Research Corporate Development 31 December 2012 The BRICS Exchange Alliance was announced in October 2011. Member exchanges have begun cross-listing their respective benchmark equity index derivatives, and are planning to develop new equity index product s together. This paper briefly describes each market in the alliance – the key exchanges and their market segments, product offerings , and latest international cooperation initiatives. The BRICS1 acronym refers to the five developing countries — Brazil, Russia, India, China and South Africa — which have attracted attention because of their growth potential. In October 2011, Hong Kong Exchanges and Clearing Limited (HKEx) in the Chinese economy and exchanges from the other BRICS countries — BMFBOVESPA from Brazil, Moscow Interbank Currency Exchange (MICEX, now Moscow Exchange MICEX-RTS) from Russia, BSE Limited (BSE) and the National Stock Exchange of India (NSE) from India, and the Johannesburg Stock Exchange (JSE) from South Africa — announced the formation of BRICS Exchange Alliance. The alliance’s first initiative was the cross-listing of benchmark equity index derivatives on one another’s trading platforms in March 2012. The initiative enables member exchanges to expand their product offerings beyond their own markets and their investors to gain exposure to the dynamic, emerging, and increasingly important BRICS economics. The alliance is continuing to work on possible new product initiatives. This article gives a brief description of each BRICS country’s securities and derivatives markets (focusing on finan