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Article: Cover Up! Hong Kong's Regulation of Exchange-Traded Warrants

TitleCover Up! Hong Kong's Regulation of Exchange-Traded Warrants
Authors
Issue Date2006
PublisherSweet & Maxwell Asia. The Journal's web site is located at http://www.hku.hk/law/hklj/
Citation
Hong Kong Law Journal, 2006, v. 36 n. 2, p. 277-308 How to Cite?
AbstractRegulatory interest in financial derivatives centres on how unforeseen shocks might affect their value. Current concerns arise from prolific growth in the use of derivatives by financial institutions for credit risk transfer, the scale of which some national authorities find disquieting. However, attention in Hong Kong applies to a wholly different setting, springing from its prominent market in listed covered warrants. The regulatory regime for these instruments is fractured, porous, and conflicts with precepts of international practice to which the territory nonetheless subscribes. Primary oversight is entrusted to the Stock Exchange of Hong Kong, a body neither equipped nor inclined to perform the function authoritatively. Slender, variable disclosure requirements do little to inform participants as to the balance of risk and reward inherent in these products, and since most warrant buyers are non-professional individuals, a pronounced market correction would create a significant moral hazard for Hong Kong's government.
Persistent Identifierhttp://hdl.handle.net/10722/133246
ISSN
2015 Impact Factor: 0.215
2015 SCImago Journal Rankings: 0.101

 

DC FieldValueLanguage
dc.contributor.authorLejot, P-
dc.date.accessioned2011-05-03T08:51:17Z-
dc.date.available2011-05-03T08:51:17Z-
dc.date.issued2006-
dc.identifier.citationHong Kong Law Journal, 2006, v. 36 n. 2, p. 277-308-
dc.identifier.issn0378-0600-
dc.identifier.urihttp://hdl.handle.net/10722/133246-
dc.description.abstractRegulatory interest in financial derivatives centres on how unforeseen shocks might affect their value. Current concerns arise from prolific growth in the use of derivatives by financial institutions for credit risk transfer, the scale of which some national authorities find disquieting. However, attention in Hong Kong applies to a wholly different setting, springing from its prominent market in listed covered warrants. The regulatory regime for these instruments is fractured, porous, and conflicts with precepts of international practice to which the territory nonetheless subscribes. Primary oversight is entrusted to the Stock Exchange of Hong Kong, a body neither equipped nor inclined to perform the function authoritatively. Slender, variable disclosure requirements do little to inform participants as to the balance of risk and reward inherent in these products, and since most warrant buyers are non-professional individuals, a pronounced market correction would create a significant moral hazard for Hong Kong's government.-
dc.languageeng-
dc.publisherSweet & Maxwell Asia. The Journal's web site is located at http://www.hku.hk/law/hklj/-
dc.relation.ispartofHong Kong Law Journal-
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.titleCover Up! Hong Kong's Regulation of Exchange-Traded Warrantsen_US
dc.typeArticleen_US
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0378-0600&volume=36&issue=2&spage=277&epage=307&date=2006&atitle=Cover+Up!+Hong+Kong%27s+Regulation+of+Exchange-Traded+Warrants-
dc.identifier.emailLejot, P: plejot@hku.hk-
dc.description.naturepublished_or_final_version-
dc.identifier.hkuros135836-
dc.identifier.volume36-
dc.identifier.issue2-
dc.identifier.spage277-
dc.identifier.epage307-

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