16 Competition FC Index - bookshop.iseas.edu.sg

385

Index 385

Index

AAbe, Shinzo, 131ABF (Asian Bond Fund), xxxv, 50, 52,

94, 348ABMI (Asian Bond Market Initiative),

xxxv, 50, 52, 54, 94, 347ABN Amro, 75ABS (asset-backed securities), 341Abu Dhabi Securities Exchange, 12accounting standards, xxxviiiAccounting Standards Board of

Japan, see ASBJACU (Asian Currency Unit), 106–08,

112–13, 115ADR (American Depository

Receipts), 248AFC (Asian financial centre), 333–34,

336, 338–39, 341–42criteria for, lix, lxi, lxii, lxiii, lxivhistorical perspective, 62–64macroeconomic trends, 334–38structural trends, 338–41

AIG, liiAIM (Alternative Investment

Market), 173Air New Zealand, 248algorithmic investments, 92American Depository Receipts, see

ADRAmerican Express Bank, 75

APEC (Asia-Pacific EconomicCooperation), 273

Apple Computer, 151APRA (Australian Prudential

Regulation Authority), 312APT (ASEAN+3) Finance Minister’s

Meeting, xxxv, xxxvi, 50–51, 54,347

arbitration, 53Asahi Bank, 140ASBJ (Accounting Standards Board of

Japan), 318ASEAN-5, 125ASEAN+6, xxxv, 53ASEAN 10+5 Economies, 101Asia, as global economic power, xl,

xli, xlii“Asia”, as Western invention, xliii, xlivAsiadollar market, 82Asian Bond Fund, see ABFAsian Bond Market Initiative, see ABMIAsian central banks, xlixAsian consumer class, xl, xlii, xliiiAsian Currency Unit, see ACUAsian Development Bank, 159, 190Asian family-owned business, xlviAsian financial centre, see AFCAsian financial crisis, xxx, xxxi, xxxiii,

xxxv, xxxvi, xlvi, 18, 30, 39, 41–42, 47, 54, 61, 66, 74, 77, 83, 87,

16 Competition_FC Index 4/16/09, 9:50 AM385

Masiah

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Reproduced from Competition among Financial Centres in Asia-Pacific: Prospects, Benefits, Risks and Policy Challenges edited by Soogil Young, Dosoung Choi, Jesus Seade and Sayuri Shirai (Singapore: Institute of Southeast Asian Studies, 2009). This version was obtained electronically direct from the publisher on condition that copyright is not infringed. No part of this publication may be reproduced without the prior permission of the Institute of Southeast Asian Studies. Individual articles are available at < http://bookshop.iseas.edu.sg >

http://bookshop.iseas.edu.sg

386

386 Index

100–05, 117, 119, 124–25, 127, 183,273, 278, 285–86, 296, 346–47, 365,376–77

Asian Gateway Initiative, 33Asian merger-acquisition boom, xliAsian Research Centre, 103Asian Tigers, 28Asia-Pacific Economic Cooperation,

see APECAsia-Pacific financial community, 5Asia-Pacific IFC Network, xxxiv,

xxxvi, 50–55Asia-Pacific markets, xxxiii,ASIC (Australian Securities and

Investments Commission), 199,207, 312, 315

asset-backed securities, 341ASX (Australian Stock Exchange), 27,

248AUD (Australian dollar), 86, 253AUM (assets under management), 8,

124, 306Australia

as financial centre, 198–200, 224–25costs of exporting fund

management, 211–13export orientation, 220–21fund management industry, 194–98,

201, 216–17government IFC efforts, 12–13reform efforts, 24regulation measures, 204–06venture capital hub, 316see also Sydney

Australian Competition andConsumer Commission, 312

Australian dollar, see AUDAustralian Prudential Regulation

Authority, see APRAAustralian retirement

(superannuation) scheme, 11

Australian Securities and InvestmentsCommission, see ASIC

Australian Stock Exchange, 27, 248Axiss Australia, 21, 223, 303, 314,

317–19, 321

BBangkok International Financial

Facilities, see BIBFBanker, The, 80Bank for International Settlements,

see BISBank Holding Company Act, 119Bank of England, lviBank of Japan, 142, 153, 177Bank of Korea, 291Bank of Tokyo, 139Bank of Tokyo-Mitsubishi, 139Bank of Tokyo-Mitsubishi UFJ Bank,

139bank secrecy laws, 373banks, fifteen largest in the world,

73–74Barclays, 373Barings Bank, 100Barton, Dominic, 20, 297, 367Basle Capital Accord, 107Basle Initiatives, 126BCCS (Board of Commissioners of

Currency, Singapore), 112Beijing Olympics, 29Beirut, as financial centre, 62“Belgian dentists”, 270, 276Berlin Wall, xxxviii“Better Regulations” Initiatives, 185–88BHQ (Business Headquarters) status,

100BIBF (Bangkok International

Financial Facilities), 107“Big Bang”, l, 109, 216

see also Japanese Big Bang


387

Index 387

BIS (Bank for InternationalSettlements), 64–65, 69, 82–83, 96,259, 283–84, 341, 368

BNP Paribas, 96Board of Commissioners of Currency,

Singapore, see BCCSBOJ (Bank of Japan), 142, 153, 177Bombay Stock Exchange, 372bond markets, 27, 28, 86–91, 96, 116–

19, 143, 148–52, 281–83, 308, 342,347, 349–50

trends, 152–55yen-denominated, 159–60

Bowden, Roger, 367Brunei dollar, 112Bursas Italiana, 27, 300Business Council of Australia, 312Business Headquarters status, see BHQ

CCalifornia State Teachers’ Retirement

System, 150CalPERS (California Public

Employees’ Retirement System),150, 176, 288

capital account globalization, 371Capital Market Consolidation Act,

289, 378capital markets, xlv, 49–50Cayman Islands taxation, 214CBRC (China Banking Regulatory

Commission), 239CCF (Common Contractual Funds),

196, 216, 219, 223CDO (collateralized debt obligations),

156CEFP (Council on Economic and

Fiscal Policy), 166–68, 177, 313,316, 319

Central Provident Fund, 114, 117–18,124

Chiang Mai Initiative, xxxv, 54Chicago Mercantile Exchange, 19, 116China

as supplier of global savings, 16companies in Hong Kong securities

market, 6developing IFC in Shanghai, 14–15,

231–32, 235influence on Hong Kong, 29rise of consumer class, xliisee also Shanghai; Shenzhen

China Banking RegulatoryCommission, 239

China Development Bank, 290China Securities Regulatory

Commission, 236, 239CIC (China Investment Corporation),

xlix, lCIRC (China Insurance Regulatory

Commission), 239CIRS (cross-currency interest rate

swap), 260, 262, 270, 276CIS (Collective Investment Schemes),

280, 294Citibank, 377Citigroup, 73, 172City of London Corporation, liv, 6,

35, 56, 63, 91, 144, 180, 351civil law tradition, 23CME (Chicago Mercantile Exchange),

19, 116Collective Investment Schemes, 280,

294Commodity Exchange Law, 169Communist Party of China, 231Company Law, 169, 177competition, financial, 93

rewards of, 41–42risks, 43–44, 51

“Controlled Foreign Corporations”regulation, 195


388

388 Index

Coordinated Portfolio InvestmentSurvey, 334, 345

corporate governance, xxxii, xxxviii,103, 208, 301

Corporation Law, 172Council of Economic and Fiscal

Policy, 27Cowen, David, 38–39, 354CPC (Communist Party of China),

231CPF (Central Provident Fund), 114,

117–18, 124CPIS (Coordinated Portfolio

Investment Survey), 334, 345cross-currency interest rate swap, 260,

262, 270, 276cross-border banking, 64–72cross-border capital flows, xxxix, xl,

xlv, 103, 134, 157–66, 237, 297,299, 366

cross-border claims, 65–66, 68cross-border liabilities, 65–67cross-listings, 53CSRC (China Securities Regulatory

Commission), 236, 239currency distribution of foreign

exchange, 86currency speculation, 108–09, 115, 122currency swaps, 114, 260, 270–71, 274,

276currency trading, 17current account deficit, 16cyber-banking, see Internet banking

DDai-Ichi Kangyo Bank, 139Daimler Chrysler, 151Daiwa Bank Holdings, 140DBU (Domestic Banking Unit), 106–

07, 110–11, 113, 115, 122debt market, lviii, 28Delaware, corporate law and

regulation in, 208

Deng Xiaoping, xli, 29, 231, 233derivatives, 64Deutsche Bank, 151dichotomized financial system, 106–

08, 113, 115, 121–23, 125, 299DI (direct investment), 125disaggregation of financial system, ldisclosure systems, xxxiv, xxxvDomestic Banking Unit, see DBUdomestic market capitalization, 64domestic market concentration, 75–80double listings, 53, 151Dow Jones Thailand Stock Index

futures, 116Dubai, as financial centre, l

EEast Asia FTA, 53East Asian Financial Area, 94East Asian Stock Exchanges, 64eBank, 140economies of scale, 48Economist Intelligence Unit, 32, 313Economist, The, 193, 375ECU (European Currency Unit), 106EDI (Electronic Data Interchange),

169Eichengreen, Barry, 96Eleventh Five-Year Plan, 14EMEAP (Emerging Market

Economies of Asia-PacificCentral Bankers), xxxv, 51, 348

equity markets, 247–50, 349–50ERSA (Employment Retirement

Securities Act), 288ETF (exchange traded funds), 26, 138,

155–56, 168–69, 172trends, 155–57

EU (European Union), 373euro, 135, 164Eurobonds, 250Euronext, 27, 94, 300European banks, 69, 70–71


389

Index 389

European Business Council, 319European Central Bank, 84European Climate Exchange, 316European Commission, 217European Currency Unit, 106European Investment Bank, 159European Union, 373Euroyen LIBOR futures, 116eurokiwi, 260, 262, 266–70euro-yen market, 159–60exchange traded funds, 26, 138, 155–

56, 168–69, 172trends, 155–57

EXIM (Export-Import Bank of Korea),290

Export-Import Bank of China, 290

FFCP (Fonds Commun de Placement),

219FDI (foreign direct investment), 39,

100, 135, 309Federal Old-Age, Survivors, and

Disability Insurance, see OASDIfinancial centre strategic map, li, liifinancial centres, in Asia Pacific, 353–

61financial deregulation, 119–20, 133,

136, 159, 291, 349, 369“financial industry districts”, 31Financial Instruments and Exchange

Law, see under Japanfinancial integration, xxxi, xxxiv, 50–

52financial market integration, 344–52Financial Reconstruction

Commission, 140, 191Financial Service Modernization Act,

119Financial Services Agency, see FSAFinancial Services Authority, 79–80Financial Supervisory Agency, 136financial volatility, 43–44

fiscal incentives, 107“FN hub Korea”, 291Fonds Commun de Placement, 219Fonterra, 251foreign direct investment, see FDIForeign Exchange, see ForexForeign Exchange and Foreign Trade

Control Law, 175foreign exchange currency markets,

xxxivForeign Exchange Law, 136, 141foreign exchange reserves, 296foreign reserve currency, xxxivForex (Foreign Exchange), 82–86

currency distribution, 86geographical distribution, 84market, 63trading, 48–49, 92traditional markets, 161–66

Fortune Global 1000, xliiiFRA (forward rate agreement), 252framework for monetary policy, 113–

15FRC (Financial Reconstruction

Commission), 140, 191Free Trade Agreements, 95FSA (Financial Services Agency), 11,

21, 23, 140, 166–67, 171, 173, 184–88, 191, 308, 312–13, 315–17

FTA (Free Trade Area), xxxv, 9, 53,297, 377

Fuji Bank, 139fund managers, 120

GGerman Stock Exchange, 300GFCI (Global Financial Centres

Index), liv, 6–7, 9, 20, 30, 35, 39,56, 144

definition of market accessibility, 25GIC (Government Investment

Corporation of Singapore), lviii,25, 114, 117, 373


390

390 Index

Glass-Steagal Act, 119, 175GLC (government-linked companies),

116, 123Global 500 companies, 28global banking, 72–75“global business zones”, 33“global cultural exchange zones”, 33Global Financial Centres Index,

see GFCIglobal financial stock, xxxviiiglobal fund management, 194–95,

197, 225“global standards”, 366global stock crash, 100“global villages”, 33Globex, 19Goh Keng Swee, 99Goldman Sachs, 159, 354Goods and Services Tax, 195, 256Government Investment Corporation

of Singapore, see GICgovernment-linked companies,

see GLCGPIF (Government Pension

Investment Fund), 150, 154, 170,176, 341

Gramm-Leach-Bliley Act, 175Gruen, Nicholas, 305–06GST (Goods and Services Tax), 195,

256

HHashimoto, Ryutaro, 132, 135, 183hedge funds, 92, 139, 143, 157, 174,

177, 224, 227, 293, 308, 319, 334,337–38

Heritage Foundation, 103Hermit Kingdom, 371Hokkaido Takushoku Bank, 175home mortgage debt, 260–62Hong Kong

as financial centre, 6–7, 25, 63, 91,181, 325

bond market, 87–90Chinese companies in securities

market, 6cross-border banking, 65influence of Chinese government,

29SWOTs, 7

Hong Kong H-shares, 340Hong Kong Securities and Futures

Commission, 20Hong Kong Stock Exchange, 144Howard, John, 311HSBC (Hongkong and Shanghai

Banking Corporation), lii, 73, 75,96, 377

human capital, 273–75

IIASB (International Accounting

Standards Board), 315, 318IBA (International Bankers

Association), 174, 177, 179, 313–14

IBF (International Banking Facility),161

ICBC (Industrial and CommercialBank of China), xlvii

ICT (information andcommunications technology),180, 183

IFC, see International Financial CentreIFI (investment fund industry), 207IFRSs (International Financial

Reporting Standards), 169, 318,319

IFSB (Islamic Financial ServicesBoard), 8

IFSL (International Finances Services),69, 96

IMD World Competitiveness Handbook,103

IMD (International Institute forManagement Development), 32


391

Index 391

IMF (International Monetary Fund),38, 54, 125, 145, 183, 319, 334,336, 338, 342, 345

information and communicationstechnology, 180, 183

India, rise of consumer class, xliiIndian Stock Exchange, 373Individual Retirement Account, 167Individual Savings Account, 167, 168Industrial and Commercial Bank of

China, xlviiIndustrial Bank of Japan, 139“infrastructure bonds”, 250initial public offerings, 6, 64Institute of Southeast Asian Studies,

101International Accounting Standards

Board, 315, 318International Bankers Association,

174, 177, 179, 313–14International Banking Facility, 161International Finances Services, 69, 96International Financial Centre

assessment of, 20, 33–34, 301business environment, 23–24case study, 215–16competition, xxx, xxxi, xxxiv, 33–46countries competing for, 4, 5, 124definition, 100, 309, 369–70development, 182–83efficiency gains and regional

integration, 40–42features, 180–81human resources, 21, 22, 302–03in Asia-Pacific, xxxvi, 5infrastructure, 28–31landscape, 34–37market accessibility, 25–26prospects for financial business,

38–40quality of life, 32regional integration, 46–55risks, 43–50

strategies and SWOTs, 5–6world’s top ten, lv, 35–37, 180

International Financial Corporation,116

International Financial ReportingStandards, 169, 318, 319

International Institute forManagement Development, 32

International Islamic FinancialCentre, 341

international monetary crisis, 100International Monetary Fund, see IMFInternational Securities Exchange of

New York, 300International Swaps and Derivatives

Association, 157International Tax Review, 202, 210Internationalization of Japanese

Financial and Capital Markets,166

Internet banking, 81–82, 92intra-Asian trade and integration, xl,

xliii, xlivInvest Australia, 21investment fund industry, see IFIInvestment Manager Exemption, 174invoice currency, xxxivIPO (initial public offerings), 6, 64IRA (Individual Retirement Account),

167Ireland

as financial centre, 196, 199, 211,227

tax and regulatory structure, 210Irish Unit Trust, see IUTISA (Individual Savings Account),

167, 168ISDA (International Swaps and

Derivatives Association), 157ISEAS (Institute of Southeast Asian

Studies), 101ISEAS-NTU Index, 101–02Islamic banking, 8


392

392 Index

Islamic finance, xxx, 39, 338, 341, 367,372

Islamic Financial Services Board, 8Ito Yokado Group, 140IUT (Irish Unit Trust), 218–19IY Bank, 140

JJACD (Japan Association of

Corporate Directors), 177Japan

assets held by foreign investors,147

bond market 87, 143, 148–53, 308cross-border banking, 68–71cross border capital flows, 157–66financial background, 131–35Financial Instrument and Exchange

Law, 10–11, 23, 169, 171, 173–74, 177, 318

GDP (Gross Domestic Product),130–31, 134

government initiatives for Tokyo,171–73

government vision for Tokyo, 166–70, 180, 313–14

incentives for foreign entities, 174–75

market performance, 144–66see also Tokyo

Japan as Number One, 131Japan Association of Corporate

Directors, 177Japan Bank for International

Cooperation, 290Japan Depository Receipt, 167, 169Japanese Big Bang, 10, 77, 132–33,

148, 175, 303–04, 306–07, 311effect on Tokyo, 183–84impact, 138–41overview, 135–38

perspectives, 141–43see also “Big Bang”

Japanese government bonds, 149,152–53, 155

Japanese postal savings bank, xliiiJapanese Sarbanes-Oxley, 311, 315, 319Japan Net Bank, 140Japan real estate investment trusts,

138–39, 156, 168–69Japan Research Institute, 140Japan Securities Dealers Association, 170JDR (Japan Depository Receipt), 167,

169JGB (Japanese government bonds),

149, 152–53, 155JP Morgan, 14, 140, 321J-REITs (Japan real estate investment

trusts), 138–39, 156, 168–69J-Sox (Japanese Sarbanes-Oxley), 311,

315, 319JTC (Jurong Town Corporation), 118“Junsen”, 132Jurong Industrial Park, 100

KKAIST (Korea Advanced Institute of

Science and Technology), 19, 22,292

Kanebo, 315KDB (Korea Development Bank), 290Keating, Paul, 221KIC (Korean Investment

Corporation), 18–19, 26, 291, 293Kim Dae-jung, 277Kindleberger, Charles P., 309, 321Kinki Osaka Bank, 140Koizumi, Junichiro, 23Kokusai Securities, 139KOPEC (Korea National Committee

for Pacific EconomicCooperation), 379


393

Index 393

Koreaasset management, 284–85, 287,

288–89, 371bond market, 281–83capital market, 278–79, 280Capital Market Consolidation Act,

18, 24challenges, 375–78derivatives market, 283–84equity market, 280–81government IFC initiatives, 18–20government strategy, 285–94liberalization of outflows, 340see also Seoul

Korea Advanced Institute of Scienceand Technology, 19, 22, 292

Korea Composite Stock Price Index, 283Korea Development Bank, 290Korea Exchange, 12, 24, 283“Korea Fund”, 279Korea National Committee for Pacific

Economic Cooperation, 379Korean Investment Corporation, 18–

19, 26, 291, 293Korean Stock Exchange, 26, 155, 172Korea Securities Research Institute,

28, 30, 379KOSPI (Korea Composite Stock Price

Index), 283KRX (Korea Exchange), 12, 24, 283KSRI (Korea Securities Research

Institute), 28, 30, 379Kuwait Finance House, 372

Llaissez faire market-driven system, 126Lee Hsien Loong, 122Lee Jong-Wha, 38, 46, 354, 365Lee Myung Bak, 24Lincoln, Abraham, quote, 298Lingnan University, 75, 80, 95

Livedoor, 313, 315locational statistics, 65“local knowledge” factor, 93London, as financial centre, xxxiv,

xxxvi, xxxviii, xliv, li, liii, liv, lvi,lvii, 5, 25, 62, 80, 181, 299

London Stock Exchange, see LSELong-term Credit Bank of Japan, 141“lost decade”, 132, 142LSE (London Stock Exchange), 11, 27,

144–45, 151–52, 173, 300Luxembourg

as global financial centre, 207wealth management, 217

MM&As (mergers and acquisition),

xlvi, 6, 75, 119–20, 141, 372Macquarie Bank, 199, 300Macquarie Group, 305, 356–61MAFF (Ministry of Agriculture,

Forestry, and Fisheries), 173Malaysia, limit on foreign assets, 340Malaysian ringgit, 112market accessibility, definition of, 25market capitalization, xlviiMarket Force, 355market fragmentation, xxxi, 45–46, 53market integration, xxxi, xxxiii, 42,

45–46MAS (Monetary Authority of

Singapore), 8, 106–09, 111–15,117–19, 121–24

Mastercard Worldwide Centres ofCommerce Index, 30

McKinsey & Company, xlixmergers and acquisition, xlvi, 6, 75,

119–20, 141, 372Merrill Lynch, 159, 373METI (Ministry of Economy, Trade

and Industry), 172


394

394 Index

Ministry of Agriculture, Forestry, andFisheries, 173

Mitsubishi Securities, 139Mitsubishi Tokyo Financial Group, 139Mitsubishi Trust & Banking, 139Mitsubishi UFJ Financial Group, 139Mitsubishi UFJ Securities, 139Mizuho Bank, 139, 290Mizuho Corporate Bank, 139Mizuho Financial Group, 139Mizuho Holdings, 139Mizuho Security, 139MNCs (multinational corporations), 100Monetary Authority of Singapore,

see MASmonetary policy and foreign

exchange, 252–55Morgan Stanley, 14, 321, 354MSCI Singapore stock index futures,

116MTI (Ministry of Trade and

Industry), 112multinational corporations, 100Mumbai, as financial centre, 62–63Murakami Fund, 315

NNADFC (Northeast Asia

Development Financial Council),290

Nanyang Technological University,101, 103

Nara BankNasdaq, 144–45National Superannuation Fund, 256National Wages Council, 115negative-list regulation rules, 23

see also positive-list regulation rulesNETs (Network for Electronic

Transfers, Singapore), 110New York, as financial centre, xxxiv,

xxxvi, xxxviii, xliv, li, liii, liv, lvi,lvii, 5, 25, 62, 181, 299

New York Securities Exchange, 27New York Stock Exchange, see NYSENew Zealand

current account deficit, 16debt market, 28, 250–52, 368equity market, 247–50exchange rates, 257, 259home mortgage debt, 260–62human capital, 273–75monetary policy and foreign

exchange, 252–55savings habits, 255–56securitizations, 17SWOTs, 17see also Wellington

New Zealand dollar, see NZDNew Zealand Stock Exchange, see NZXNikkei Index, 132, 311Nikko Cordial Corporation, 172Nippon Trust Bank, 139Nomura Securities, 171Nomura Trust Bank, 171non-performing loans, 184, 288Northeast Asia Development

Financial Council, 290Northeast Asia Export Credit Agency

Summit, 290Northeast Asian financial centre, 277,

286Northeast Asian Financial Hub, 18Northern Trust, 218–20NPLs (non-performing loans), 184,

288NSF (National Superannuation

Fund), 256NTT DoCoMo, 140NTU (Nanyang Technological

University), 101, 103NYSE (New York Stock Exchange),

10, 94, 144–45, 151–52, 155, 279,300

NZD (New Zealand dollar), 16, 253,257, 259–60, 262, 270–74


395

Index 395

NZX (New Zealand Stock Exchange),247, 259, 271

OOASDI (Federal Old-Age, Survivors,

and Disability Insurance), 176OBUs (Offshore Banking Units), 222–

23OCR (Official Cash Rate), 252, 261OECD (Organization for Economic

Cooperation and Development),xxxiii, 45, 225, 299, 310, 320, 376

offshore financial centre, 100, 368OFS (online financial services), 121OHQ (Operational Headquarters), 100OI (other net investment), 125Olympics, Beijing, 29Omnibus Act, 120, 127online banking, 81–82, 92onshore financial centre, 100, 368, 369Operational Headquarters, 100Organization for Economic

Cooperation and Development,see OECD

Osaka Securities Exchange, 172OTC (over-the-counter) derivatives,

25, 63, 161–66, 234, 251–53, 274,283

other net investment, see OI“out-in” transactions, 107“out-out” transactions, 107Overseas Investment Commission,

248Overseas Investment Office, 248

PPanama, as financial centre, liPan-El incident, 100payment systems, 49PBOC (People’s Bank of China), 233PECC (Pacific Economic Cooperation

Council) InternationalConference, 375, 379

PEF (private equity funds), 288, 293–94, 334

Pension Fund Association, 150PER (price earning ratio), 280“petrodollars”, xliv, 82PI (Pioneer Industry) status, 100PI (portfolio investment), 125policy competition, xxixpolicy coordination, 50Political and Economic Risk

Consultancy, 103positive-list regulation rules, 23

see also negative-list regulation rulespound sterling, 164“power brokers”, xlixPOWL (public offering without

listing), 151–52preferential tax treatments, 143price earning ratio, 280PricewaterhouseCoopers, 310principles-based supervision, 24private banking, 120private equity funds, 288, 293–94, 334protectionism, 40PSM (Professional Securities Market),

168Public Company Law, 169, 177public offering without listing, 151–52Public Pension Reserve Funds, 150

QQFII (Qualified Foreign Institutional

Investor), 241“quantitative easing” monetary

policy, 142

RRBNZ (Reserve Bank of New

Zealand), 252, 257, 259, 261–62,275–76

RCC (Resolution and CollectionCorporation), 175

regional cooperation, 52–53


396

396 Index

regional integration, xxxiii, 46–50“regulatory dovetailing”, 209, 214–15“regulatory environment”, 23regulatory framework, 75–80, 94, 111–

13, 115, 121, 136, 183, 188, 314,349

regulatory laxity, 43–44regulatory oversight, xxxviiiREIT index, 156“relationship banking”, 158renminbi, 14, 237, 242–44, 339Reserve Bank of New Zealand,

see RBNZResolution and Collection

Corporation, 175Resona Holdings, 140Ripplewood, 141risk perceptions, 47RMB (renminbi), 14, 237, 242–44, 339Roh Moo-Hyun, 18, 277, 353Rooney, James, 348rules-based supervision, 24

SSakura Bank, 139“Samurai bonds”, 10, 159Sang Yong Park, 369Sanwa Bank, 176SARS (Severe Acute Respiratory

Syndrome), 102savings habits, 255–56Seade, Jesús, 297, 366Securities and Exchange Surveillance

Commission, 136, 170securitizations, 17self-regulatory organizations, 293Seoul

as financial centre, 62–63, 190government IFC initiatives, 18–20infrastructure, 31progress, 33

SWOTs, 19see also Korea

Separate Trading of RegisteredInterest and Principal ofSecurities, 290

SES (Stock Exchange of Singapore),116, 144, 155

SESC (Securities and ExchangeSurveillance Commission), 136,170

Severe Acute Respiratory Syndrome,102

SGX (Singapore Exchange), 119, 372Shanghai

as financial centre, li, lii, 14, 29, 62,179, 190

challenges, 235–39, 324China developing an onshore IFC,

14–15Eleventh Five-Year Plan, 14government measures, 239–44progress, 32–33strategic targets, 231–35SWOTs, 15see also China; Shenzhen

Shanghai Expo, 29Shanghai Foreign Exchange Trading

Centre, 243Shanghai Securities Exchange, 237,

240, 242Shanghai Stock Exchange, 26Shenzhen, xli, xlii, 235, see also China;

ShanghaiShenzhen Securities Exchange, 242Shinsei Bank, 141Shirai, Sayuri, 305, 307Silk Road, xli, xliv, 367SIMEX (Singapore Exchange), 108,

116Singapore

as financial centre, lvi, lviii, lix, lx,


397

Index 397

6, 8, 25, 62–63, 91, 99, 102, 121,181

as Zurich of Asia, 372bond market, 116–19consumer price index, 103cross-border banking, 65debt market, lviiifiscal incentives, 107framework for monetary policy,

113–15GDP (Gross Domestic Product), 99,

102government IFC strategy, 8, 99,

100–05, 272liberalizing pricing mechanism,

112–13, 117regional expansion, 110–11SWOTs, 9two-tier financial entity, 106–07

Singapore dollar, 106, 108–10, 112,114–18, 122–23

Singapore Exchange, 119, 372see also SIMEX

single market regions, 94small- and medium-sized enterprises,

235SMBC Friend Securities, 140SMBC Leasing Company, 140SMBC (Sumitomo Mitsui Banking

Corporation), 140SMEs (small- and medium-sized

enterprises), 235SMFG (Sumitomo Mitsui Financial

Group), 139, 140Smith Glaxo Kline, 249Societe des Bourses Francaises, 116Société de Gestion de Patrimoine

Familial, 196, 217Society for Worldwide Interbank

Financial Telecommunication,169

soft infrastructure, 29Sony Bank, 140sovereign wealth fund, xliii, xlvii,

xlix, 38, 256, 334, 336–37, 373special economic zone, 31SPF (Société de Gestion de Patrimoine

Familial), 196, 217spot currency trading, 259SRO (self-regulatory organizations),

293stagflation, 100Standard Chartered, 373standards, of financial centre, liStock Exchange of Singapore, 116,

144, 155“stock swap”, 172strengths, weaknesses, opportunities,

and threats, see SWOTs“String Theory”, 325–26STRIPS (Separate Trading of

Registered Interest and Principalof Securities), 290

subprime mortgage crisis, xxxii, 55,43–44, 120, 348

Sumitomo Bank, 139Sumitomo Mitsui Banking

Corporation, see SMBCSumitomo

Mitsui Card Company, 140Sumitomo Mitsui Financial Group,

see SMFGSunguard Treasury Systems, 253SWF, see sovereign wealth fundSWIFT (Society for Worldwide

Interbank FinancialTelecommunication), 169

Switzerland, foreign exchangetransactions, 84–85

SWOTs (strengths, weaknesses,opportunities, and threats), xxix,5, 37


398

398 Index

Sydney, 11as financial centre, 62–63, 306, 318infrastructure, 30–31, 307SWOTs, 13tax rate, 320see also Australia

Sydney Futures Exchange, 27, 248,251, 272

TTan Khee Giap, 297Tax Laws Amendment (Loss

Recoupment Rules and OtherMeasures) Act, 227

Telecom NZ, 251Temasek Holdings, 373TFP (total factor productivity), 131,

134“time difference” factor, 93TOCOM (Tokyo Commodities

Exchange), 319Tokai Bank, 176Tokyo

as financial centre, 25–26, 62, 131–35, 181, 188

challenges and opportunities, 187–90

effect of Japanese Big Bang, 183–84government initiatives, 171–73government vision, 166–70infrastructure, 30offshore market, 161stock market collapse, 10SWOTs, 11, 12weakness, 179–80, 189, 307see also Japan

Tokyo Commodities Exchange, 319Tokyo Stock Exchange, 10, 12, 26–27,

131, 138, 143–45, 151–52, 155–56,172–73, 188, 313, 372

total factor productivity, 131, 134

Toyo Trust & Banking, 176Trade Me, 249“traditional foreign exchange

markets”, 83“transport costs”, 48Treaty of Rome, 196“triad of incompatibilities”, 123Triangular Mergers, 172TSE, see Tokyo Stock ExchangeTsubasa Securities, 176two-tier financial entity, 106–07

UUBS, 14, 321, 377UFJ Bank, 176UFJ Holdings, 139, 176UFJ Tsubasa Securities, 176UFS Capital Market Securities, 176“uniform approach”, 299uridashis, 250, 260, 262–65, 269–70,

273U.S. banks, 69–72USD (U.S. dollar), 42, 47, 85–86, 114,

116, 161, 164–66, 176, 270–71,346

U.S. Federal Reserve, lvi

VVogel, Ezra, 131

WWall Street, 54Wall Street Journal, 103Wellington

as financial centre, 16, 324see also New Zealand

Wen Jiabao, 240“Wimbledon effect”, 181Wimbledon Phenomenon, 298World Bank, 159, 355World Economic Forum, 32


399

Index 399

World Federation of Exchanges, 96world’s fifteen largest banks, 73–74world’s top 10 IFC, lv, 35–37, 180world’s top 20 economies, projected

2040, 355WTO (World Trade Organization),

xxxii, xxxv, xxxv, 45, 53, 95, 125

XXu Mingqi, 369

YYahoo Japan Corp, 140Yamaichi Securities, 175Yasuda Trust Bank, 139yen, 164“yen carry trade”, 142Yongsan International School, 292

ZZ/Yen Limited, 179–80, 310, 320


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