The BRICS Securities and Derivatives Markets - Hong Kong ...

The BRICS Securities and Derivatives MarketsFigure 6-3. Market share of equity products, bonds and bond reposMarket share of equity products, bonds and bond repos in turnover value on JSE (2011)in turnover value on JSE (2011)Equity products*13%Bond repos58%Bonds29%* Equity products include ordinary shares, debentures, DRs, ETFs, ETNs, funds, warrants and REITs.Source: JSE monthly statisticsFigure 6-4.Distribution in number and market capitalisation of bond listingson JSE by type (Sep 2011)(a) No. of listingsTotal turnover value: US$3,216,719m* Equity products include ordinary shares, debentures, depository receipts, ETFs, ETNs, funds, warrants and REITs.Source: JSE monthly statisticsNo. of bond listings on JSE by type (Sep 2011)Market capitalisation of bond listings on JSE by type (Sep 2011)(b) Market capitalisationWater authorities1%State-owned enterprises4%Municipal government1%Central government7%Corporates57%SPVs*27%Municipal government1%Water authorities2%State-ownedenterprises13%Corporates19%Central government60%SPVs*6%Others^1%Others^3%Total: 1,137Total no. of listings: 1,137Total: US$176 billion Total market cap: US$176 billion* SPVs are special purpose vehicles, which are backed by single assets or pools of assets.^ “Others” includes bonds issued by non-resident organisations.Note: Numbers may not add up to 100% due to rounding.* Special purpose vehicles (SPVs) are backed by single assets or pools of assets.^ Others include bonds issued by non-resident organisations.Source: JSE Quarterly Review of Interest Rate MarketSource: JSE Quarterly Review of Interest Rate Market, 2011Q36.4 Financial derivatives market* Special purpose vehicles (SPVs) are backed by single assets or pools of assets.^ Others include bonds issued by non-resident organisations.Note: Numbers do not add up to 100% due to rounding.Source: JSE Quarterly Review of Interest Rate MarketThe JSE derivatives market is dominated by financial derivatives, the underlying assets ofwhich are equities, currencies and interest rates. Among them, equity derivatives are themost actively traded. Almost 99% of the total derivatives trading volume and open interestin 2011 came from financial derivatives and over 88% is attributable to equity derivatives.Single-stock futures and options (available for both domestic and foreign stocks) had a 57%dominant share in equity derivatives trading volume, in which single-stock futures had abigger share than single-stock options (49% vs 8%). Notably, single-stock dividend futures- 27 - Research & Corporate Development, HKEx31 December 2012