S'pore, HK target derivatives market

This article is more than 12 months old

Sep 05, 2017 06:00 am

HONG KONG: Singapore and Hong Kong are seeking to snare a bigger share of the US$540 trillion (S$733 trillion) global derivatives business, taking advantage of tough new UK and European banking rules and uncertainty created by Britain's plans to leave the European Union.

Over the past five months, regulators from the two Asian financial centres have been separately holding talks with the Asia Securities Industry and Financial Markets Association, which represents global lenders in Asia, sources with direct knowledge of the matter told Reuters.

At the centre of the discussions is what kind of regulatory changes would be needed in Hong Kong and Singapore to get more banks to book their derivatives business in one of the two places.

If the Hong Kong Monetary Authority and the Monetary Authority of Singapore are successful, they could lure billions of dollars of banking business and eventually create what could amount to thousands of jobs in Asia. - REUTERS