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• W3144723022 abstract "A vivid and vibrant symbol of the reform and opening up era in China is the emergence of stock exchanges. A quarter of a century ago the Shanghai Stock Exchange was launched as the first of its kind in the mainland. The stock exchange is a prominent icon of any market economy allowing companies to raise capital while pricing their securities based on supply and demand. The exchange often is considered as key indicator or trendsetter for the economic development as a whole since market participants already ―price in‖ expected future performance of companies, industry branches and the overall economy. A stock exchange can be particularly helpful in a stage of economic reforms and privatization since it enables the capitalization of state-owned enterprises. These are just a few aspects to underline the high relevance of stock exchanges. Given the global connectivity of markets and capital markets in particular stock exchanges may unlock their full potential only if they also operate globally or interact in a way that provides access to foreign markets. This provides market participants a broader range of products. Any exchange also needs a stable and smooth market environment which is largely warranted by sound regulation. With the envisaged introduction of a registration-based initial public offering system as recently adopted by the State Council China underlines the commitment to a market-driven reform consistent with international practice. Connect for Greater China The launch of the Shanghai – Hong Kong Connect in November 2014 created an investment channel enabling interested investors on both stock markets to tap the respective connect partner. The supervisory foundation of this channel was the Joint Announcement of the China Securities Regulatory Commission (CSRC) and its counterpart in Hong Kong, i.e. the Securities and Futures Commission (SFC). * IMI Academic Committee Member; Representative, Federal Financial Supervisory Authority (BaFin); Financial Counsellor, German Embassy in Beijing 38 While the connection of the Mainland and the Hong Kong exchange is subject to some restrictions such as quotas, it is nonetheless seen as a major move to open up the market within Greater China. It‘s largely expected that the Shenzhen – Hong Kong Connect will follow suit next year to take another major exchange on board while also giving access to a different range of industries. The successful start of the Shanghai – Hong Kong Connect has also fueled expectations to broaden the Connect instrument to other financial instruments. A potential connection is a commodities trade link providing traders in the mainland with access to international commodity futures while overseas investors get access to mainland contracts. Given the unique character of such contracts and also the question of physical settlement such connect would appear more complex though. International Dimension of Stock Exchange Co-operation While the concept of Connect covers Greater China the broader aspect is co-operation and integration of capital markets on a global scale. A prominent example is the public offering of shares issued by Mainland companies in foreign jurisdictions. While many companies intend to tap the international markets we have witnessed in the past that this approach entails some challenges and barriers. Shares of such companies typically originate from an overseas entity or a special vehicle (Inc.) established in the respective host country of the public offer instead of the Mainland company directly. As such a shareholder does not have the same position as a company‘s shareholder, e.g. regarding voting rights or the entitlement to dividends. The investor has to accept the role of participating in a specially established share company in the host country with usually no track record while relying on the expectation to participate on the economic development of the Mainland company. In order to tackle this issue the CSRC and the Singapore Stock Exchange have established a ―Direct Listing Framework‖ in November 2013. The ―Direct Listing‖ allows companies incorporated in the Mainland to list their shares directly at the Singaporean Exchange. In case of a direct listing the CSRC, the Monetary Authority of Singapore as well as the Exchange co-operate closely so that both the Chinese regulatory rules and the local admission rules are adhered to. From the Middle Kingdom to the Middle of Europe Beyond Connect and Direct Listing there is another instrument to further strengthen co-operation of capital markets. In order to present this case I encourage January 2016 Vol. 3, No. 1 39 you to virtually travel from the Middle Kingdom to the Middle of Europe. While Germany is in the middle of Europe, Frankfurt as the financial hub is in the midst of both the continent and the country. Germany usually comes to mind as Europe‘s largest economy and as leading country for manufacturing and international trade. Germany is the key trading partner for China in Europe. On the other hand it is only known to a lesser degree that Frankfurt / Main is an international financial hub which is gaining more and more relevance also as a center for Chinese investment. Frankfurt is a town with a long-lasting tradition and its relevance dates back to Charlemagne more in the end of the eighth century. For over five hundred years, Frankfurt was the place of election and coronation of German kings and emperors. Its role as global market place developed from holding medieval trade fares and serving as a hub of European trading routes since the Middle Ages. The Frankfurt stock exchange dates back to 1585. At first the goal of the bourse was to fix currency exchange rates – an urgent task given the vast variety of currencies in central Europe at that point of time. In the following centuries the trading expanded and the Frankfurt stock exchange established a remarkable international reputation. To illustrate the current size and performance of the exchange one may recall the planned merger of the Frankfurt stock exchange‘s operator Deutsche Borse AG and the New York Stock Exchange (NYSE) Euronext in 2012. If the merger had worked out as foreseen Deutsche Borse AG would have become the major shareholder with a threshold of 60% while NYSE would have received 40%. Frankfurt is the location not only for key German banks and financial institutions but also about 200 foreign banks including 5 Chinese. The financial industry in Frankfurt is closely related to the real economy of Germany. Frankfurt is also the center for European financial institutions. The European Central Bank (ECB)is well-known as the guardian of common currency Euro. Furthermore the ECB is in charge of pan-European banking supervision and the European Systemic Risk Board in charge of identifying potential systemic risks is attached to the Bank. The European Insurance and Occupational Pension Authority (EIOPA) is based in Frankfurt as well. Thus Frankfurt is a prominent place for European solvency supervision and safeguard. Beyond the European dimension Frankfurt has also taken major steps to enhance financial and business relations with China. A significant symbol of this exposure is the fact that Frankfurt was granted the role of a RMB Offshore Center as the first western metropolis on 28 th of March 2014 when the People‘s Bank of China and the German Central Bank signed a declaration" @default.
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• W3144723022 date "2016-01-01" @default.
• W3144723022 modified "2023-09-26" @default.
• W3144723022 title "A General Theory of Macrofinance: Towards a New Paradigm" @default.
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