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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 CET
FILE PHOTO: The Canary Wharf financial district is seen at dusk in London

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)

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Financials ( HKD)
Sales 2017 12 996 M
EBIT 2017 8 657 M
Net income 2017 7 329 M
Finance 2017 114 B
Yield 2017 1,82%
P/E ratio 2017 49,83
P/E ratio 2018 42,78
Capi. / Sales 2017 19,6x
Capi. / Sales 2018 24,9x
Capitalization 369 B
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 264  HKD
Spread / Average Target -11%
EPS Revisions
Managers
NameTitle
Xiao Jia Li CEO & Ex-Officio Executive Director
Chung Kong Chow Chairman
Chi Kin Tai Co-Chief Operating Officer
Kwok Keung Lee Co-Chief Operating Officer
John F. Killian Chief Financial Officer
Sector and Competitors
1st jan.Capitalization (M$)
HONG KONG EXCHANGES AND CLEARING LIMITED23.08%47 194
CME GROUP3.70%51 796
INTERCONTINENTAL EXCHANGE INC6.01%44 035
INTERACTIVE BROKERS GROUP, INC.5.74%25 435
DEUTSCHE BOERSE0.76%23 071
LONDON STOCK EXCHANGE-2.58%17 815