ASEAN証券市場統合、マレーシアとシンガポールで先行開始

知らなかったのですが、ASEAN諸国の証券市場は共通市場化する動きがあるようです。下記引用記事によると、今年の四月にASEAN７ヶ国の証券市場の協調活動として、Asean Exchanges initiativeというものが成立したそうですが、その最初の取り組みとして、昨日、シンガポールとマレーシアの証券市場が統合を開始したとのことです。

シンガポール国民がマレーシアの証券会社で口座を開かなくても、シンガポールの証券会社で、シンガポールの証券市場でマレーシアの投資家と同じように株式などが購入できるということでしょうか？マレーシアの投資家がシンガポール購入する場合もしかり。

そうだとすれば、これが個人投資家にとっていいところは、カストディーフィーがかからないということでしょうね。

香港のBOOM証券ではマレーシア、シンガポールの株式やREITが購入できます。ただし、香港外の証券市場の有価証券を購入する場合は、カストディーフィーという説明を受けましたが、年間200香港ドルかかります。

さらに、シンガポール投資家にとってマレーシアの有価証券の情報量が従来以上に増えますし、上場する会社にとっても、シンガポールとマレーシアで２重に上場するといった手間やコストが削減されると思います。


ASEAN７ヶ国のうち、ベトナムとフィリピン、インドネシアの参加は明確ではないようです。

証券市場の統合はシステムの整備やルールの整備など簡単ではないでしょうが、ASEAN経済圏の証券市場の統合は、ますますこの地域に資金が集まることになりそうですね。

こちらもぽちっとお願いします。

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以下、引用
Asean trading kicks off as Malaysia and Singapore hook up

First shares are traded less than 18 months after a group of Asean exchanges agrees to create a regional trading platform.

Asean Exchange CEOs: Magnus Bocker of Singapore Exchange, Tajuddin Atan of Bursa Malaysia and Charamporn Jotikasthira of the Stock Exchange of Thailand

Malaysia and Singapore became the first two Asean countries to link their stock markets yesterday as part of the Asean Exchanges initiative, a collaboration between seven Southeast Asian bourses that was formed last April.

Thailand is due to join them next month, it was announced at the launch in Kuala Lumpur yesterday, which will create a cross-border trading platform comprising nearly 2,300 listed companies with a market capitalisation of $1.4 trillion.

It is unclear when (or if) the exchanges in Indonesia, the Philippines and Vietnam will join. If they do, they will add roughly $500 billion of market cap.

“The participation of individual Asean markets through the Asean Trading Link will help the region compete with bigger markets and economies,” said Magnus Bocker, chief executive of Singapore Exchange. “As capital flows to and within this region increase, companies benefit from deeper liquidity pools to finance business expansion. Investors will also gain from access to more investment opportunities. In short, this is a win-win situation for all market participants.”

So far, 31 brokers from across Malaysia, Singapore and Thailand have already joined the platform, including CIMB and Maybank.

The initiative is part of an effort to develop the idea of Asean as an asset class — or at least as a single investable market. By removing the barriers to trading stocks across borders, the exchanges are hoping to improve liquidity and reduce transaction costs.

That is a tall order. Clearing and settlement of trading activity on the platform will take place in the country where orders are placed, which means that there will be no cost advantage for big investors with a regional portfolio. Indeed, the main focus of the plan is to target retail investors, as Tajuddin Atan, chief executive of Bursa Malaysia, reiterated yesterday.

“We believe the Asean Trading Link will benefit the retail marketplace,” he said. “Each of our markets have active retail investors that we would like to ensure continuity, to trade the Asean markets rather than go out to the other markets further from home.”

That sounds fine, but will retail investors in Thailand really sell their Apple stock or their H-shares just because it’s become slightly easier for them to buy shares in Malaysia? Time will tell.

“It’s a good concept, but local investors need research,” said Kongkiat Opaswongkarn, chief executive of Thailand’s Asia Plus Securities. “Very few local brokers can accommodate them, and the big foreign houses are not keen to do business with small investors here.”

Kongkiat added that Thai brokers have already tried offering cross-border trading facilities for local clients, without much luck. “The big markets Thai investors love are the US and Hong Kong. They are not keen on Asean now, but that may change.”

Interest from brokers in the Philippines seems to have waned as details of the plan have emerged, highlighting one of the problems of such a collaboration — lopsided incentives. Brokers in Malaysia, Thailand and Singapore have decent local retail customer bases that they sell Asean product to, but this is less of an attraction in the Philippines, where an influx of new foreign investors would be the real reward. However, brokers in Manila are concerned that the Trading Link will marginalise them, as their rivals in Malaysia, Singapore and Thailand will be able to sell Philippines stocks directly, bypassing the local players.

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