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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » SEC agrees to some concessions for brokers

SEC agrees to some concessions for brokers

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Kumar

Kumar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
By Duruthu Edirimuni Chandrasekera
The Securities and Exchange Commission (SEC) met a group of stockbrokers on Wednesday and agreed to some of their eight demands and was considering others, SEC officials and brokers said.

They said that amongst the demands was the removal of the price band and an adjustment to the credit concessions, while the SEC agreed to consider relaxing regulations on warrants and private placements.

The introduction of short selling and appointing foreign agents by stockbrokers to canvass business was agreed to by the regulator. The sources added that it was a cordial meeting and the two parties agreed to meet at least once a month.

"This was the first time that we met the new chairman at SEC. It was a good meeting," Sriyan Gurusinghe, President Colombo Stock Brokers Association. (CSBA) told the Business Times. He said that the Commission gave positive responses to all eight points that they presented. He added that what transpired at this meeting will be communicated to the CSBA membership this week.

He said that prior to the meeting with the SEC, the CSBA had a discussion on who should represent the CSBA and what points should be discussed with the SEC. "More than 20 CEOs were present at the CSBA meeting and it was a unanimous decision (on the representatives)," Mr. Gurusinghe added. SEC sources said that they only wanted some five representatives at the meeting. "We felt it will be a more productive meeting, which it was," an SEC source told the Business Times.

On Thursday, with notable price appreciations in several counters- a day after the country's regulator agreed to ease some of the rules seen stifling trading, Colombo shares recovered sharply.
http://sundaytimes.lk/120219/BusinessTimes/bt05.html

Note: This should be posted in News Section, just posted in talk section to enable healthier discussion.



Last edited by Kumar on Sat Feb 18, 2012 6:58 pm; edited 1 time in total

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

Was just going to post this when Kumar beat me to it. Very Happy

Notice the sentence, "The introduction of short selling" !

Something which will benefit CSE and a bear market a lot if used properly with stern limits.

But short selling should have been introduced much earlier. ( If I recall it was already thereat CSE in theory but never in practiced) We had a good discussion on this early last year.

What a time to introduce short selling, when bear has bitten already badly. Would have been ideal when market PE was above 20. Some would have made a killing. Hope they introduce with proper regulations.

rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Does this-introduction of short selling- mean that market will go furthur down ?

sriranga

sriranga
Co-Admin
@rijayasooriya wrote:Does this-introduction of short selling- mean that market will go furthur down ?

All depends on market participant's knowledge.(Traders/Investors)
If we are not well equipped then another disaster.
Wait and see is the best medicine.

http://sharemarket-srilanka.blogspot.co.uk/

hunter

hunter
Moderator
Moderator
Oh boy! I welcome short selling.
Long awaited for that.

Little worried that it came too late.

I wonder what they want.
Perhaps they wanted us to loose money on down trend earlier and now loose money on uptrend as well.
ha haa

It's going to be a double edged sword!!

rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@sriranga wrote:
@rijayasooriya wrote:Does this-introduction of short selling- mean that market will go furthur down ?

All depends on market participant's knowledge.(Traders/Investors)
If we are not well equipped then another disaster.
Wait and see is the best medicine.

I am not against with introduction of short selling.But what I have read is short selling is profitable in bear market.In my opinion now market has corrected(not all the counters but most).So now market should bottom out which means bull market should come in near future.In that case short selling is not profitable for us.Actually it is profitable for brokers if we short from their storage.

sapumal


Vice President - Equity Analytics
Vice President - Equity Analytics
what a joke is this by SEC
Just before rupee hitting bottom as most of the experts forecast @120, SEC invited to brokers for a meeting. They wanted to show 5% increase was due to the result of the meeting. If meeting of SEC can bring 5% increase to the market I will sponsored them daily meeting since 2013 January.

opfdo

opfdo
Vice President - Equity Analytics
Vice President - Equity Analytics
"Short selling" now ?? Shocked Shocked ayyo, good decision, but in a wrong time.
They are taking decision after everything has happned. why can not think strategically,
Market has been corrected, i think. why now SS. Now we need some relaxations.

Rajaraam


Vice President - Equity Analytics
Vice President - Equity Analytics
This is a good move. SEC is now prepared to listen to all stakeholders. That is how it should be. During 2011 SEC took many controversal decisions thus creating numerous problems and CSE finaly became one of the worst stock markets in the world.Hope new managment understand the issues clearly and take alll measures to put it in correct direction.

aj


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Read it carefully. "concessions for brokers"
Please do what ever to help the poor brokers' welfare and growth in these hard times Twisted Evil

dindon1

dindon1
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
France, Italy, Spain and Belgium banned short-selling or holding of short positions in August last year as the market went sharply down.
UK wanted to ban it but did not as feared that it will send a message to the investors that market is in turmoil

Some countries have decided to impose or extend existing short-selling bans in those countries in such difficult times like we are having now.,

My understanding is short selling will be good in huge markets but small market like CSE is questionable??

Reliable market regulation is required for short selling to be effective.
To make short selling viable, regulators must perform higher supervisory and regulatory roles, as well as additional tasks in maintaining and updating customer accounting data and other information.
A stock exchange regulator should avoid cumbersome and bureaucratic procedures which can make short selling impracticable.
-------------Do our regulators fulfill those requirements???
Although it seems like SEC is trying to pull everything out of the hat, but how timely and viable are the questionable matters to be considered..,

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
@dindon1 wrote:France, Italy, Spain and Belgium banned short-selling or holding of short positions in August last year as the market went sharply down.
UK wanted to ban it but did not as feared that it will send a message to the investors that market is in turmoil

Some countries have decided to impose or extend existing short-selling bans in those countries in such difficult times like we are having now.,

My understanding is short selling will be good in huge markets but small market like CSE is questionable??

Reliable market regulation is required for short selling to be effective.
To make short selling viable, regulators must perform higher supervisory and regulatory roles, as well as additional tasks in maintaining and updating customer accounting data and other information.
A stock exchange regulator should avoid cumbersome and bureaucratic procedures which can make short selling impracticable.
-------------Do our regulators fulfill those requirements???
Although it seems like SEC is trying to pull everything out of the hat, but how timely and viable are the questionable matters to be considered..,

I think short selling is good feature to have within parameters.

But yes good points Dindon1. If this is not regulated in a market like ours , it can lead to more harm. Though short selling was in theory allowed ( I need to find that SEC article from 2000s) it was never practiced. When market was high , they should have brought this. But bringing it now after a market has lost 35% from the top, one needs to be very careful so some manipulators do not make use of it to drag the market down further.

I only wish our policy makers and people have more foresight. They tend to do things in a hurry and at the lat minute or at extremes .

There are so many things which don at the right time and gradually can bring much benefit. Short selling is one of them. My only concern is whether they are going to bring this at the wrong time with no clear policy regulation ( or regualtion which they will experiment and change when harm is done)



Ranone


Stock Analytic
Stock Analytic
By Duruthu Edirimuni Chandrasekera

The Securities and Exchange Commission (SEC) met a group of stockbrokers on Wednesday and agreed to some of their eight demands and was considering others, SEC officials and brokers said.
They said that amongst the demands was the removal of the price band and an adjustment to the credit concessions, while the SEC agreed to consider relaxing regulations on warrants and private placements.

The introduction of short selling and appointing foreign agents by stockbrokers to canvass business was agreed to by the regulator. The sources added that it was a cordial meeting and the two parties agreed to meet at least once a month.

"This was the first time that we met the new chairman at SEC. It was a good meeting," Sriyan Gurusinghe, President Colombo Stock Brokers Association. (CSBA) told the Business Times. He said that the Commission gave positive responses to all eight points that they presented. He added that what transpired at this meeting will be communicated to the CSBA membership this week.

He said that prior to the meeting with the SEC, the CSBA had a discussion on who should represent the CSBA and what points should be discussed with the SEC. "More than 20 CEOs were present at the CSBA meeting and it was a unanimous decision (on the representatives)," Mr. Gurusinghe added. SEC sources said that they only wanted some five representatives at the meeting. "We felt it will be a more productive meeting, which it was," an SEC source told the Business Times.

On Thursday, with notable price appreciations in several counters- a day after the country's regulator agreed to ease some of the rules seen stifling trading, Colombo shares recovered sharply.

mono

mono
Vice President - Equity Analytics
Vice President - Equity Analytics
The introduction of short selling and appointing foreign agents by stockbrokers to canvass business was agreed to by the regulator.


that's a very big deal

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