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4-Traders Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Hong Kong Exchanges and Clearing Limited    0388   HK0388045442

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EU clearing houses given last-gasp MiFID reprieve

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01/03/2018 | 10:17am CEST
FILE PHOTO: The Canary Wharf financial district is seen at dusk in London

LONDON (Reuters) - Regulators have granted a last-minute reprieve to three clearing houses in Germany and Britain from having to give customers more choice under new European Union market rules that come into effect on Wednesday.

One of the aims of the rules, known as the Markets in Financial Instruments Directive, or MiFID II, is to make it easier for people to choose where to clear the listed derivatives contracts they buy and sell.

This would be done through the "open access" rule, which stops any requirement to clear a derivative contract within the same exchange group that traded the contract.

But Britain's Financial Conduct Authority (FCA) said it received applications for an open-access waiver from ICE Futures Europe (>> Intercontinental Exchange Inc) and from the London Metal Exchange (>> Hong Kong Exchanges and Clearing Limited).

This means the exchanges would not yet have to make changes to allow customers to clear contracts elsewhere.

The FCA said it has decided to grant transitional arrangements in the interests of ensuring there is an "orderly functioning market".

"Accordingly, with effect from 3 January 2018, ICE Futures Europe and LME will not be required to consider open-access requests ... as they relate to exchange-traded derivatives, until the expiry of the transitional period on 3 July 2020."

BaFin, the German markets regulator, announced late on Tuesday that it had granted the same time-limited waiver to Deutsche Boerse's (>> Deutsche Boerse) Eurex Clearing arm.

Open access has been a feature of share trading and clearing for many years, but its introduction to listed derivatives has proved divisive.

Some EU policymakers and Deutsche Boerse had warned about financial stability risks from opening up derivatives clearing to competition, but critics had said this was an excuse to prevent competition.

(Reporting by Huw Jones; Editing by David Goodman)

Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE BOERSE -0.13% 111.55 Delayed Quote.15.24%
INTERCONTINENTAL EXCHANGE INC -0.34% 74.37 Delayed Quote.5.40%
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Financials ( HKD)
Sales 2018 15 967 M
EBIT 2018 11 291 M
Net income 2018 9 606 M
Finance 2018 63 318 M
Yield 2018 2,72%
P/E ratio 2018 33,85
P/E ratio 2019 29,78
EV / Sales 2018 16,2x
EV / Sales 2019 14,4x
Capitalization 323 B
Chart HONG KONG EXCHANGES AND CL
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Hong Kong Exchanges and Cl Technical Analysis Chart | 0388 | HK0388045442 | 4-Traders
Technical analysis trends HONG KONG EXCHANGES AND CL
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TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 316  HKD
Spread / Average Target 22%
EPS Revisions
Managers
NameTitle
Xiao Jia Li CEO & Ex-Officio Executive Director
Chung Kong Chow Chairman
Chi Kin Tai Joint Chief Operating Officer & Head-Clearing
Kwok Keung Lee Joint Chief Operating Officer
John F. Killian Chief Financial Officer
Sector and Competitors
1st jan.Capitalization (M$)
HONG KONG EXCHANGES AND CLEARING LIMITED7.61%41 128
CME GROUP13.03%56 194
INTERCONTINENTAL EXCHANGE INC5.40%43 207
INTERACTIVE BROKERS GROUP, INC.24.64%30 384
DEUTSCHE BOERSE15.24%26 452
LONDON STOCK EXCHANGE12.05%20 626