DOCSLIB.ORG

For Additional Information

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
For Additional Information April 2015 Attached please find the updated Foreign Listed Stock Index Futures and Options Approvals Chart, current as of April 2015. All prior versions are superseded and should be discarded. Please note the following developments since we last distributed the Approvals Chart: (1) The CFTC has approved the following contracts for trading by U.S. Persons: (i) Singapore Exchange Derivatives Trading Limited’s futures contract based on the MSCI Malaysia Index; (ii) Osaka Exchange’s futures contract based on the JPX-Nikkei Index 400; (iii) ICE Futures Europe’s futures contract based on the MSCI World Index; (iv) Eurex’s futures contracts based on the Euro STOXX 50 Variance Index, MSCI Frontier Index and TA-25 Index; (v) Mexican Derivatives Exchange’s mini futures contract based on the IPC Index; (vi) Australian Securities Exchange’s futures contract based on the S&P/ASX VIX Index; and (vii) Moscow Exchange’s futures contract based on the MICEX Index. (2) The SEC has not approved any new foreign equity index options since we last distributed the Approvals Chart. However, the London Stock Exchange has claimed relief under the LIFFE A&M and Class Relief SEC No-Action Letter (Jul. 1, 2013) to offer Eligible Options to Eligible U.S. Institutions. See note 16. For Additional Information The information on the attached Approvals Chart is subject to change at any time. If you have questions or would like confirmation of the status of a specific contract, please contact: James D. Van De Graaff +1.312.902.5227 [email protected] Kenneth M. Rosenzweig +1.312.902.5381 [email protected] Kevin M. Foley +1.312.902.5372 [email protected] Gary A. DeWaal +1.212.940.6558 [email protected] Christian B. Hennion +1.312.902.5521 [email protected] Foreign Listed Stock Index Futures and Options Approvals (April 2015) Options on Country/Exchange Underlying Futures Contracts Equity Options ETF Options Futures Contracts Australia/ASX 1-Day Option Contract None offered Approved for sale to None offered None offered based on the CBOT Mini- U.S. Persons (August Sized Dow Futures 8, 2006 No-Action Contract Letter issued to Sydney Futures Exchange (SFE)) Australia/ASX S&P/ASX 200 Approved for sale to U.S. None offered Approved for Eligible Not approved Persons (July 24, 2002 U.S. Institutions No-Action Letter issued (August 13, 2007 SEC to ASX Futures No-Action Letter issued Exchange) to ASX Limited) Australia/ASX S&P/ASX 200 A-Reit Not approved None offered Approved for Eligible None offered U.S. Institutions (August 13, 2007 SEC No-Action Letter issued to ASX Limited) Australia/ASX S&P/ASX 200 VIX Approved for sale to U.S. None offered None offered None offered Persons (August 30, 2014 certification) Australia/ASX S&P/ASX 50 Approved for sale to U.S. None offered Approved for Eligible None offered Persons (July 24, 2002 U.S. Institutions No-Action Letter issued (August 13, 2007 SEC to ASX Futures No-Action Letter issued Exchange) to ASX Limited) Australia/ASX Single name equities None offered None offered Approved for Eligible None offered U.S. Institutions (August 13, 2007 SEC No-Action Letter issued to ASX Limited) For the definitions of “Eligible U.S. Institution” and “Eligible Option” and for other explanatory information, please see the endnotes at the end of this table. 1 Options on Country/Exchange Underlying Futures Contracts Equity Options ETF Options Futures Contracts Australia/ASX SPI 200 Approved for sale to U.S. Approved for sale to Not approved None offered Persons (August 10, U.S. Persons (August 1999 No-Action Letter 10, 1999 No-Action issued to SFE) Letter issued to SFE) Austria/Wiener Borse ATX Not approved None offered Not approved None offered Austria/Wiener Borse CECE Indices (CEX, Not approved None offered Not approved None offered CTX, HTX, PTX) Austria/Wiener Borse Russian Traded Not approved None offered Not approved None offered Austria/Wiener Borse Single name equities None offered None offered Not approved4 None offered Belgium/Euronext BEL 20 Approved for sale to U.S. None offered Approved for Eligible None offered Brussels16 Persons (August 31, U.S. Institutions 2011 No-Action Letter (September 17, 2014 issued to Euronext Representation Letter Brussels) from Euronext Brussels to SEC)4 Belgium/Euronext Mini BEL 20 (index None offered None offered Not approved None offered Brussels16 participation units) Belgium/Euronext Mini Dow Jones Euro None offered None offered Not approved None offered Brussels16 STOXX (index participation units) Belgium/Euronext Single name equities Not approved None offered Approved for Eligible None offered Brussels16 U.S. Institutions for Eligible Options on individual equities that are listed and traded on Euronext Brussels (September 17, 2014 Representation Letter from Euronext Brussels to SEC)4 For the definitions of “Eligible U.S. Institution” and “Eligible Option” and for other explanatory information, please see the endnotes at the end of this table. 2 Options on Country/Exchange Underlying Futures Contracts Equity Options ETF Options Futures Contracts Brazil/BM&F Bovespa BSE Sensitive Approved for sale to U.S. None offered Not approved None offered S.A. Persons (March 12, 2013 certification) Brazil/BM&F Bovespa FTSE/JSE Top 40 Approved for sale to U.S. None offered Not approved None offered S.A. Persons (March 12, 2013 certification) Brazil/BM&F Bovespa Hang Seng Approved for sale to U.S. None offered Not approved None offered S.A. Persons (March 12, 2013 certification) Brazil/BM&F Bovespa Ibovespa Approved for sale to U.S. Approved for sale to Not approved None offered S.A. Persons (August 26, U.S. Persons (August 2009 No-Action Letter 26, 2009 No-Action issued to BM&F Bovespa Letter issued to BM&F S.A.)2 Bovespa S.A.) Brazil/BM&F Bovespa Ibovespa Flex None offered None offered Not approved None offered S.A. Brazil/BM&F Bovespa IBrX 50 Index Futures Approval pending None offered Not approved None offered S.A. Contract Brazil/BM&F Bovespa MICEX Approved for sale to U.S. None offered None offered None offered S.A. Persons (March 12, 2013 certification) Brazil/BM&F Bovespa Mini Ibovespa Approved for sale to U.S. None offered None offered None offered S.A. Persons (August 26, 2009 No-Action Letter issued to BM&F Bovespa S.A.) Brazil/BM&F Bovespa S&P 500 Index Approved for sale to U.S. None offered None offered None offered S.A. Persons (September 24, 2012 certification) For the definitions of “Eligible U.S. Institution” and “Eligible Option” and for other explanatory information, please see the endnotes at the end of this table. 3 Options on Country/Exchange Underlying Futures Contracts Equity Options ETF Options Futures Contracts Canada/Montreal FTSE Emerging Markets Approved for sale to U.S. None offered None offered None offered Exchange (Bourse de Index Persons (March 21, 2014 Montréal) CFTC No-Action Letter issued to Montreal Exchange) Canada/Montreal iUnits S&P/TSE 60 Index None offered None offered None offered Approved for U.S. Exchange (Bourse de Participation Fund (i60 Persons generally Montréal) Fund) pursuant to Registration Statement (see S&P/TSX Canada 60 above) Canada/Montreal iUnits S&P/TSX Capped None offered None offered None offered Approved for U.S. Exchange (Bourse de Energy Index Fund Persons generally Montréal) pursuant to Registration Statement (see S&P/TSX Canada 60 above) Canada/Montreal iUnits S&P/TSX Capped None offered None offered None offered Approved for U.S. Exchange (Bourse de Financials Index Fund Persons generally Montréal) pursuant to Registration Statement (see S&P/TSX Canada 60 above) Canada/Montreal iUnits S&P/TSX Capped None offered None offered None offered Approved for U.S. Exchange (Bourse de Gold Index Fund Persons generally Montréal) pursuant to Registration Statement (see S&P/TSX Canada 60 above) For the definitions of “Eligible U.S. Institution” and “Eligible Option” and for other explanatory information, please see the endnotes at the end of this table. 4 Options on Country/Exchange Underlying Futures Contracts Equity Options ETF Options Futures Contracts Canada/Montreal iUnits S&P/TSX Capped None offered None offered None offered Approved for U.S. Exchange (Bourse de Information Technology Persons generally Montréal) Index Fund pursuant to Registration Statement (see S&P/TSX Canada 60 above) Canada/Montreal S&P/TSX 60 Index Mini Approved for sale to U.S. None offered None offered None offered Exchange (Bourse de Futures Persons (April 19, 2012 Montréal) certification) Canada/Montreal S&P/TSX Canada 60 Approved for sale to U.S. None offered Approved, including None offered Exchange (Bourse de Persons (December 9, approval of all other Montréal) 1999 CFTC No-Action index options, for sale Letter issued to Montreal to U.S. Persons Exchange)3 generally that are now or may in the future be listed (Post-Effective Amendment No. 27 to Registration Statement on Form S-20 filed by Canadian Derivatives Clearing Corp.; SEC File No. 2-69458) Canada/Montreal S&P/TSX Capped Sector Not approved None offered Approved for U.S. None offered Exchange (Bourse de Persons generally Montréal) pursuant to Registration Statement (see S&P/TSX Canada 60 above) For the definitions of “Eligible U.S. Institution” and “Eligible Option” and for other explanatory information, please see the endnotes at the end of this table. 5 Options on Country/Exchange Underlying Futures Contracts Equity Options ETF Options Futures Contracts Canada/Montreal Single name equities None offered None offered Approved for all options None offered Exchange (Bourse de on individual securities Montréal) listed on the Montreal Exchange that are now or may in the future be listed for sale to U.S.
Load more

Recommended publications
  • Overview of Japan Exchange Group and Recent Developments in Japanese Capital Market
    Overview of Japan Exchange Group and recent developments in Japanese capital market 1 October 2015 Japan Exchange Group, Inc. © 2015 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved Establishment of JPX The January 2013 merger combined the complementary strengths of TSE and OSE in the cash equity and derivatives markets. JPX aims at market expansion and improved efficiency to improve user convenience and raise competitiveness. 【Tokyo Stock Exchange Group】 【Osaka Securities Exchange】 • A global leader boasting a comprehensive • Largest derivatives market in Japan with exchange centered on the TSE 1st Section, leading Nikkei 225 futures and options TOPIX futures and JGB futures • Operates the JASDAQ venture market • Vertically integrated group offering listing, • Japan’s only listed exchange trading, and clearing & settlement services • Dominant domestic stock market with strong brand image Japan Exchange Group Akira Kiyota, Group CEO Cash Equities Trading Derivatives Trading Self-Regulation Clearing Japan Exchange Japan Securities Clearing Tokyo Stock Exchange Osaka Exchange Koichiro Miyahara, Hiromi Yamaji Regulation Corporation President & CEO President & CEO Takafumi Sato Hironaga Miyama President President & CEO Change in trade/corporate names : Osaka Securities Exchange → Osaka Exchange (March 24, 2014), Tokyo Stock Exchange Regulation → Japan Exchange Regulation (April 1, 2014) © 2015 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved 2 Markets and Products on JPX Listing examination and
    [Show full text]
  • The Design of Financial Exchanges: Some Open Questions at the Intersection of Econ and CS
    The Design of Financial Exchanges: Some Open Questions at the Intersection of Econ and CS Eric Budish, University of Chicago Simons Institute Conference: Algorithmic Game Theory and Practice Nov 2015 Overview 1. The economic case for discrete-time trading I Financial exchange design that is predominant around the world continuous limit order book is economically awed I Flaw: treats time as a continuous variable (serial processing) I Solution: treat time as a discrete variable, batch process using an auction. Frequent batch auctions. I Eric Budish, Peter Cramton and John Shim (BCS) 2015, Quarterly Journal of Economics 2. The computational case for discrete-time trading I Discrete time respects the limits of computers and communications technology. Not innitely fast. I Benets for exchanges, algo traders, regulators I Qualitative/informal argument in BCS 2015, would benet greatly from Econ/CS research 3. Other Econ/CS Questions about the Design of Financial Exchanges I Flash crashes I Speed vs. Smarts Tradeo I Circuit Breakers Overview 1. The economic case for discrete-time trading I Financial exchange design that is predominant around the world continuous limit order book is economically awed I Flaw: treats time as a continuous variable (serial processing) I Solution: treat time as a discrete variable, batch process using an auction. Frequent batch auctions. I Eric Budish, Peter Cramton and John Shim (BCS) 2015, Quarterly Journal of Economics 2. The computational case for discrete-time trading I Discrete time respects the limits of computers and communications technology. Not innitely fast. I Benets for exchanges, algo traders, regulators I Qualitative/informal argument in BCS 2015, would benet greatly from Econ/CS research 3.
    [Show full text]
  • CS ETF (CH) on SLI Holding AG, Novartis AG and UBS AG
    Simplified Prospectus • October 2011 ® the SLI® as at August 15, 2011 were as follows: Nestlé SA, Roche CS ETF (CH) on SLI Holding AG, Novartis AG and UBS AG. The composition of the index is Subfund of the Umbrella Fund of the Category periodically updated by SIX Swiss Exchange. “Other Funds for Traditional Investments” Risk Profile of the Subfund Simplified Prospectus The value of the Subfund’s investments is governed by the market value of investments at any given time. Depending on the prevailing stock October 2011 market trend and the performance of the stocks held in the portfolio, the net asset value can fluctuate considerably. The possibility of a depreciation Distribution in Switzerland and Liechtenstein in value over longer periods cannot be ruled out. There is no guarantee that the investors will receive a certain return and that they will be able to return their units to the fund management company for redemption at a certain price. When redeeming units, it is possible that an investor will not Note recoup the amount originally invested in the Subfund. This simplified prospectus contains a summary of the key information on CS ETF (CH) on SLI®1 (the “Subfund”). The legal and financial aspects Performance of the Subfund (in %) are governed conclusively by the full sales prospectus with integrated fund (change in the net asset value where distributions are reinvested) contract. These govern, among other things, the rights of the investors, the duties and obligations of the fund management company and the 40.0% custodian bank, and the investment policy of the Fund.
    [Show full text]
  • Japanese and US Financial Derivatives
    Fordham International Law Journal Volume 18, Issue 5 1994 Article 26 Japanese and U.S. Financial Derivatives Markets: Recommendations for Loosening Japan’s Tightly Regulated Market Marc Levy∗ ∗Fordham University Copyright c 1994 by the authors. Fordham International Law Journal is produced by The Berke- ley Electronic Press (bepress). http://ir.lawnet.fordham.edu/ilj JAPANESE AND U.S. FINANCIAL DERIVATIVES MARKETS: RECOMMENDATIONS FOR LOOSENING JAPAN'S TIGHTLY REGULATED MARKET Marc Levy* INTRODUCTION Substantial losses suffered by powerful financial institutions in recent months due to derivative instruments1 have triggered calls for increased regulation of financial derivatives markets.2 Because derivatives potentially can devastate institutions that im- properly employ them, Japan, a country with little experience in the derivatives markets,' seeks to insulate its financial markets * J.D. Candidate, 1996, Fordham University. 1. See KENNETH R. KAPNER &JOHN F. MARSHALL, THE SWAPS HANDBOOK: SWAPS AND RELATED RISK MANAGEMENT INSTRUMENTS 494 (1990). "Derivative instruments" are fi- nancial instruments that derive their value from some other instrument or asset, such as futures and options. Id. There are many types of derivatives. DAVID L. SCOTT, WALL STREET WORDS 96 (1988). For example, an option is a type of derivative instrument that secures value from the underlying security that may be purchased by exercising the option. Id. The "underlying asset" is simply the asset that gives value to the derivative security. Id. at 371-72. For instance, the underlying asset of a stock option is the stock that may be purchased if the option is exercised. Id. 2. See Sara Webb et al., Britain'sBarings PLC Bets on Derivatives-andthe Cost is Dear, WALL ST.
    [Show full text]
  • EEX Selects Trading Technologies for Direct Screen Service Nasdaq OMX
    EEX Selects Trading Technologies for Direct ASX Offers to Acquire 49% Stake in Yieldbroker Screen Service The Australian Securities Exchange announced on Sept. 18 that The European Energy Exchange, one of Europe’s leading markets it offered to pay A$65 million (US$57 million) for a 49% stake in for futures on power and gas, has contracted with Trading Technolo- Yieldbroker, a firm that supports electronic trading in interest rate gies to provide the exchange’s trading participants with direct ac- derivatives and Australian and New Zealand debt securities. cess via the internet. The two companies said the TT service can be More than 100 banks and financial institutions are connected to used to access EEX markets for power derivatives, emissions spot Yieldbroker’s markets, trading an average of A$130 billion (US$115 and derivatives as well as coal and guarantees of origin. It replaces billion) each month. In addition, Yieldbroker has received no-action the service EEX currently provides, called EEX Direct Screen, and relief from the Commodity Futures Trading Commission, allowing is expected to be rolled out to market participants during the fourth it to provide direct access to U.S. persons to transact interest rate quarter. “It’s simple for the customers, they do not need any installa- swaps on its market. tion, just internet access and a current browser,” said Steffen Köhler, If the acquisition is completed, Yieldbroker will remain inde- chief operating officer of the German exchange, which is majority- pendently managed. Other investors in Yieldbroker include ANZ, owned by Eurex. Commonwealth Bank of Australia, Citi, Deutsche Bank, J.P.
    [Show full text]
  • Ishares SMI®
    For Professional Clients Only. iShares SMI® ETF (CH) CSSMI August Factsheet Performance, Portfolio Breakdowns and Net Assets information as at: 31-Aug- 2021 All other data as at 07-Sep-2021 Investors should read the Key Investor Information Document and Prospectus prior to investing. Capital at risk. All financial investments involve an element of risk. Therefore, the value The Fund seeks to track the performance of an index composed of the 20 largest Swiss companies. of your investment and the income from it will vary and your initial investment amount cannot Effective from 18 September 2017, the maximum weighting to any one stock is restricted to 18% on be guaranteed. a quarterly basis KEY FACTS Asset Class Equity KEY BENEFITS Fund Base Currency CHF Share Class Currency CHF Targeted exposure to the 20 largest Swiss companies 1 Fund Launch Date 06-Oct-1999 Direct investment into blue-chip companies representative of leaders in Switzerland Share Class Launch Date 06-Oct-1999 2 Benchmark Swiss Market Index (SMI®) 3 Single country and large market capitalisation companies exposure ISIN CH0008899764 Total Expense Ratio 0.35% Distribution Type Ad-Hoc Key Risks: Investment risk is concentrated in specific sectors, countries, currencies or companies. Domicile Switzerland This means the Fund is more sensitive to any localised economic, market, political or regulatory Methodology Replicated events. The value of equities and equity-related securities can be affected by daily stock market Product Structure Physical movements. Other influential factors include political, economic news, company earnings and Rebalance Frequency Quarterly significant corporate events. Counterparty Risk: The insolvency of any institutions providing UCITS No services such as safekeeping of assets or acting as counterparty to derivatives or other Use of Income Distributing instruments, may expose the Fund to financial loss.
    [Show full text]
  • Dow Jones Industrial Average Futures and Options
    EQUITY PRODUCTS Dow Jones Industrial Average Futures and Options E-mini Dow ($5), DJIA ($10) and Big Dow DJIA ($25) contracts offer flexible opportunities to trade the large-cap U.S. Equity market. About the Dow Jones Industrial Average Benefits The Dow Jones Industrial Average (DJIA) is a price-weighted index of 30 blue chip U.S. companies • Transparent, deep liquid markets representing nine economic sectors including financial service, technology, retail, entertainment and consumer goods. The leadership position of the component stocks in The Dow tends to result in an • Global access virtually 24 hours a day to extremely high correlation of the DJIA to broader U.S. indexes, such as the S&P 500 Index. the speed and efficiency of electronically traded contracts Trading Platform • Simplified benchmarking with broad U.S. These index contracts are now available on CME Globex – a robust electronic trading platform stock market exposure through 30 delivering fast, efficient and anonymous trading. For more information on CME Globex, representative blue-chip stocks visit www.cmegroup.com. • Centralized source to manage all your global equity exposure needs E-mini Dow ($5) Futures Average Daily Volume by Month • Favorable performance bond (margin) 250,000 requirements vs. alternative trading instruments 200,000 • Central clearing and counterparty guarantee of CME Clearing 150,000 100,000 www.cmegroup.com/equityindexresearch Learn how to take advantage of 50,000 opportunities from a popular S&P 500 vs DJIA spread using CME Group Equity 0 Index contract 07 07 07 b − 03 b − 05 b − 06 eb − 04 eb − 07 Apr − 02Jun − Aug02 − 02Oct − 02Dec − 02Fe Apr − 03Jun − Aug03 − 03Oct − 03Dec − 03F Apr − 04Jun − Aug04 − 04Oct − 04Dec − 04Fe Apr − 05Jun − Aug05 − Oct05 − 05Dec − 05Fe Apr − 06Jun − Aug06 − Oct06 − 06Dec− 06F Apr − 07Jun − Aug07 − Oct − Dec − For more information, visit www.cmegroup.com/dow.
    [Show full text]
  • Download Download
    The Journal of Applied Business Research – September/October 2017 Volume 33, Number 5 The Effect Of Corporate Governance On Unfaithful Disclosure Designation And Unfaithful Disclosure Penalty Points Bo Young Moon, Dankook University, South Korea Soo Yeon Park, Korea University, South Korea ABSTRACT This paper investigates the relation between Unfaithful Disclosure Corporations (“UDC”) and corporate governance using listed firm (KOSPI and KOSDAQ) data in Korea. Prior literature reports that corporate governance has an impact on the level of disclosure and the quality of disclosure provided by companies. However, it is hard to find the studies about corporate governance and UDC at the term of disclosure quality. Compare to some financially advanced countries, Korea established corporate governance in a relatively short period of time; hence concerns have been raised the corporate governance have not played effective role to monitor management. We question how corporate governance affects companies’ unfaithful disclosure by using several corporate governance proxy variables and UDC data which is unique system in Korea. From the empirical tests, we find a negative association between the proportion of outside directors, an indicator of the board’s independence, and UDC designation, among companies listed on both KOSPI and KOSDAQ. On the other hand, there is a significant positive association between the proportion of outside directors and UDCs’ imposed and accumulated penalty points among KOSDAQ-listed companies. This implies that outside director system effectively play a monitoring role however due to different natures of members included in outside directors, the system often fails to control regarding based reasons for penalty points imposition. In addition, we find the percentage of foreign equity ownership showed statistically significant positive association with UDC designation and a significant positive association with the imposed and accumulated penalty points among KOSPI-listed companies.
    [Show full text]
  • Price Drift Before US Macroeconomic News
    Working Paper Series Alexander Kurov, Price drift before U.S. Alessio Sancetta, Georg Strasser macroeconomic news: private and Marketa Halova Wolfe information about public announcements? No 1901 / May 2016 Note: This Working Paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB. Abstract We examine stock index and Treasury futures markets around releases of U.S. macroeconomic announcements. Seven out of 21 market-moving announcements show evidence of substantial informed trading before the official release time. Prices begin to move in the \correct" direction about 30 minutes before the release time. The pre-announcement price drift accounts on average for about half of the to- tal price adjustment. These results imply that some traders have private infor- mation about macroeconomic fundamentals. The evidence suggests that the pre- announcement drift likely comes from a combination of information leakage and superior forecasting based on proprietary data collection and reprocessing of public information. Keywords: Macroeconomic news announcements; financial markets; pre-announcement effect; drift; informed trading JEL classification: E44; G14; G15 ECB Working Paper 1901, May 2016 1 Non-technical Summary Macroeconomic indicators play an important role in business cycle forecasting and are closely watched by financial markets. Some of these indicators appear to influence financial market prices even ahead of their official release time. This paper examines the prevalence of pre-announcement price drift in U.S. stock and bond markets and looks for possible explanations. We study the impact of announcements on second-by-second E-mini S&P 500 stock index and 10-year Treasury note futures from January 2008 to March 2014.
    [Show full text]
  • Does the Market React Differently to Chaebol Firms?
    The Journal of Applied Business Research – September/October 2014 Volume 30, Number 5 Does The Market React Differently To Chaebol Firms? Heejin Park, Hanyang University, South Korea Jinsoo Kim, Hanyang University, South Korea Mihye Ha, Hanyang University, South Korea Sambock Park, Hanyang University, South Korea ABSTRACT Based on a sample of Korean firms listed on the KOSPI and KOSDAQ from 2001 to 2011, we examined whether the affiliation of a firm with a Chaebol group affects the sensitivity of stock prices to earnings surprises. We found that the market response to positive (negative) earnings surprises is more positive (negative) for Chaebol firms than for non-Chaebol firms. In addition, we investigated how intra-group transactions affect the ERCs of Chaebol firms by comparing with those of non-Chaebol firms. Our results show that the intra-group transactions of Chaebol firms are positively related to ERCs under both positive and negative earnings surprises. However, we did not find the same results from the analyses of non-Chaebol firms. Keywords: Chaebol Firms; Earnings Response Coefficient (ERC); Earnings Surprises; KOSPI; KOSDAQ 1. INTRODUCTION he aim of this study is to examine how differently the market reacts to earnings surprises of Chaebol firms compared to those of non-Chaebol firms. Although there is no official definition of Chaebol, T firms are perceived as Chaebol if they consist of a large group and operate in many different industries, maintain substantial business ties with other firms in their group, and are controlled by the largest shareholder as a whole. The definition used to identify Chaebol firms is that of a large business group established by the Korea Fair Trade Commission (KFTC) and a group of companies of which more than 30% of the shares are owned by the group’s controlling shareholders and its affiliated companies.
    [Show full text]
  • Your Exchange of Choice Overview of JPX Who We Are
    Your Exchange of Choice Overview of JPX Who we are... Japan Exchange Group, Inc. (JPX) was formed through the merger between Tokyo Stock Exchange Group and Osaka Securities Exchange in January 2013. In 1878, soon after the Meiji Restoration, Eiichi Shibusawa, who is known as the father of capitalism in Japan, established Tokyo Stock Exchange. That same year, Tomoatsu Godai, a businessman who was instrumental in the economic development of Osaka, established Osaka Stock Exchange. This year marks the 140th anniversary of their founding. JPX has inherited the will of both Eiichi Shibusawa and Tomoatsu Godai as the pioneers of capitalism in modern Japan and is determined to contribute to drive sustainable growth of the Japanese economy. Contents Strategies for Overview of JPX Creating Value 2 Corporate Philosophy and Creed 14 Message from the CEO 3 The Role of Exchange Markets 18 Financial Policies 4 Business Model 19 IT Master Plan 6 Creating Value at JPX 20 Core Initiatives 8 JPX History 20 Satisfying Diverse Investor Needs and Encouraging Medium- to Long-Term Asset 10 Five Years since the Birth of JPX - Building Milestone Developments 21 Supporting Listed Companies in Enhancing Corporate Value 12 FY2017 Highlights 22 Fulfilling Social Mission by Reinforcing Market Infrastructure 23 Creating New Fields of Exchange Business Editorial Policy Contributing to realizing an affluent society by promoting sustainable development of the market lies at the heart of JPX's corporate philosophy. We believe that our efforts to realize this corporate philosophy will enable us to both create sustainable value and fulfill our corporate social responsibility. Our goal in publishing this JPX Report 2018 is to provide readers with a deeper understanding of this idea and our initiatives in business activities.
    [Show full text]
  • Index Last Change Stock Futures Little Changed After S&P Notches Another
    DAILY MARKET REPORT 26.08.2020 Index Last Change DJIA 28,248.44 60.02 S&P 500 3,443.62 12.34 NASDAQ 11466.47 86.75 NIKKEI 23,301.54 4.77 HANG SENG 25,488.78 2.56 DJ EURSTOXX 50 3,329.71 2.03 FTSE 100 6,037.01 67.72 CAC 40 5,008.27 0.38 DAXX 13,061.62 4.92 US Stock futures little changed after S&P notches another record U.S. stock futures were little changed in early morning trading on Wednesday after the S&P 500 closed at a new record high. Dow futures dipped 43 points. The S&P 500 futures contract sat just below the flatline while Nasdaq 100 futures traded in positive territory. Software company Salesforce reported blowout earnings after the bell on Tuesday. The soon-to-be Dow member rose more than 13% in extended trading after beating on the top and bottom lines of its second quarter results. Salesforce will replace Exxon Mobil, Amgen will replace Pfizer and Honeywell International will replace Raytheon Technologies in the Dow average, S&P Dow Jones Indices said Monday. The changes are driven by Apple’s coming stock split, which will reduce the technology weighting in the price-weighted average. HP Enterprise, homebuilder Toll Brothers and retailer Urban Outfitters jumped after the bell following their better-than-expected earnings. On Tuesday, the Dow Jones Industrial Average lost 60 points as Apple, the gauge’s biggest influence, snapped a five-day winning streak. The tech giant closed the session down about 0.8%.
    [Show full text]