The Trading Floor - May 2018

Discussion in 'The Trading Floor' started by Amator, Apr 30, 2018.


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  1. Amator

    Amator Well-Known Member

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  2. nottibird

    nottibird Moderator

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    [​IMG]

    Mission accomplished. Target destroyed.


    [​IMG]


    Pilots, return to base.

    "Aye Aye Sir !!!"


    [​IMG]
     
  3. Amator

    Amator Well-Known Member

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    SINGAPORE (May 31): DBS Group Research says this could be a good time to scoop up S-REITs of selected office and hotel names given supply pressures in these sub-sectors have eased.

    In a Thursday report, lead analyst Mervin Song says the oversupplied market over the past few years which resulted in muted S-REIT performance and decline in DPUs for several REITs has given way to a turnaround in the Singapore property market.

    Leading the way is the office sector with Grade A CBD office rents rising faster than expected to $9.70 psf per month and close to DBS’s year-end target of $10 psf per month. Leasing enquiries have picked up and this trend is also starting to occur in the industrial sector.

    The retail sector, which many investors have shun, is showing green shoots with a rebound in retail sales; and CapitaLand Mall Trust reported positive rental reversions in over a year. Finally, hotels in Singapore are reporting a y-o-y increase in revenue per available room (RevPAR) for the first time in over two years.

    Excluding IPOs, S-REITs have raised close to $4.0 billion in the last five months, which has been one of the busiest periods for S-REITs since 2011. Most of the proceeds have been channeled into acquisitions, which cements a steady 1-2% rise in DPU over 2018-2019.

    However, since April 2018, the S-REIT index -- which includes distributions -- is down 2.4% partially attributed to investors pricing in the impact of four rate hikes versus three previously, and also rotation among various S-REITs in view of the strong takeup seen in recent fundraisings.

    Looking ahead, while the timing of further fundraisings is hard to predict, Song believes the majority of the large equity raisings are likely behind us.

    With nascent signs of a sustainable recovery in the Singapore property market boosted by an inorganic strategy, Song believes this should result S-REITs in rallying with yield spreads compressing to 3.0% from 3.4% currently.

    “We believe it is time to accumulate Capitaland Commercial Trust ($2.10 target price), Suntec REIT ($2.30), Frasers Commercial Trust ($1.65), and CDL Hospitality Trusts ($2.00),” says Song.

    “We also like Ascendas REIT ($3.00 target price) given exposure to the potential turnaround of the industrial sector. Finally, Frasers Centrepoint Trust (TP S$2.45) remains a favourite, given strong near term DPU growth outlook.”
     
  4. sotong11

    sotong11 Well-Known Member

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    haha...did one run on CMT...

    but whenever i made bit chicken run... Sinktel ... sink a bit... so demoralising....

    checking out on DBS to see if can do a run..
     
  5. nottibird

    nottibird Moderator

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    SGX heads for arbitration with NSE amid Nifty dispute
    S' pore bourse points to " uncertainty" caused by court action MAS urges speedy resolution to row

    WED, MAY 30, 2018 - 5:50 AM

    THE Singapore Exchange (SGX) will head for arbitration in India to thrash out its ongoing dispute with the National Stock Exchange of India (NSE), with NSE fighting to stop SGX from launching new derivatives products meant to address SGX' s impending loss of Nifty 50 futures contracts.

    On Tuesday, the Bombay High Court said the decision on the injunction is expected to be settled by June 16. SGX will hold back the launch of its new India derivatives products, pending the outcome of the arbitration. The products were originally slated to be launched on June 4.

    The saga unfolded when the Indian national exchanges said in February that they would end all licensing agreements and stop offering live prices to overseas venues.

    For SGX, that move put the trading business of its popular Nifty 50 futures contracts in jeopardy.SEE ALSO: SGX RegCo puts 53 directors, execs on watchlistWith the Nifty 50 futures contracts due to be delisted in August, SGX in April said it would launch an alternative set of products that would provide a similar form of hedging for global investors with exposure to the US$2.3 trillion Indian equity market.

    The SGX decision was then met with an additional salvo from NSE in the form of an interim injunction filed by its subsidiary, the India Index Services and Products Ltd (IISL), just last week.

    In a media statement, SGX said it was unable to contest the May 21 injunction as it was not given notice of the application for the court order. It said it has been engaged in proceedings in the Bombay High Court since May 23. " SGX will contest the interim injunction and reserves all rights in respect of damages caused by IISL' s action."

    SGX will also continue listing SGX Nifty contracts until August this year, as contractually provided for under its licence agreement.

    But SGX highlighted the " uncertainty" that the court action has caused, noting the adverse impact on international investors who need to manage the risks of their exposures to the Indian market.

    This " significantly diminishes access to, and interest in the capital markets in India" , it added.

    " SGX remains open to a collaborative long-term solution that will benefit Indian markets."

    Observers point out that there remain question marks over whether an Indian high court has jurisdiction over the case, given that the products in dispute are to be traded in Singapore.

    The Monetary Authority of Singapore (MAS) has weighed in as well. An MAS spokesman said the ongoing commercial dispute over SGX' s plan to launch new India equity derivative products is disruptive for international institutional investors in Indian equities.

    " The range of available financial instruments for investors to hedge exposures and manage risks in Indian equities will be reduced. A prolonged dispute will impact the accessibility of the Indian equities market to international investors," the spokesman said.

    " MAS urges all parties concerned to work together to find an amicable solution that will continue to encourage investments in the Indian market. A speedy resolution to the dispute will be in the best interest of all parties concerned."

    The Nifty 50 is a benchmark index that tracks 50 Indian stocks including ICICI Bank, Tata Consultancy Services, and Reliance Industries.

    The alternative new contracts from SGX would reference stock information that SGX deems as public information, in the same way that the existing single stock futures of Indian stocks from SGX are doing. Observers point out that while the Indian exchanges are looking to block data transmission, they should not be able to block the use of certain trading information, such as on single stocks, which are deemed as facts.

    The Bombay court ruling comes amid months of tensions between SGX and NSE that began publicly when India' s national exchanges called an end to all licensing agreements and the transmission of live prices to overseas venues. This affected not just Singapore but also other bourses in Chicago and Dubai.

    The move drew sharp criticism from global index manager MSCI, which called it an " unprecedented anti-competitive action" .

    The ongoing conflict has ripped at an 18-year collaboration between SGX and its Indian counterpart.

    And without offshore alternatives from international bourses such as SGX, offshore investors remain in limbo over ways to hedge their exposure to the Indian markets, especially with the August expiry of the Nifty 50 futures contracts looming.

    SGX holds a significant market share in the Nifty 50 futures markets, with just over half of the daily average traded volume done on SGX.

    The Nifty 50 futures remain the third most actively traded derivative contracts found on SGX after the FTSE China A50 Index futures and the MSCI Taiwan Index futures. This comes even as the ongoing uncertainty has hurt the Nifty 50 futures' trading volume on SGX. In April, this was down 14 per cent over the month to 1.65 million contracts.

    The Business Times understands that a cross-border trading link allowing investors in Singapore to trade derivatives on exchanges in the Gujarat tax-free zone, or Gift City, is also off the table at this point. NSE, India' s largest bourse operator, is the partner on the other end. Observers point out that such a link would mean years of preparation to get investors and regulators on board, but the link was expected to be ready in a matter of months.

    SGX in April reported a 10-year record high in its fiscal third-quarter net profit of S$100.5 million, up 21 per cent from the same period a year earlier. Derivatives revenue rose 20 per cent to S$90.5 million, contributing to 41 per cent of total revenue, compared to 37 per cent a year ago.

    Shares of SGX closed on Monday at S$7.37, down two Singapore cents. Singapore markets were closed on Tuesday due to a public holiday.


    https://www.businesstimes.com.sg/co...s-for-arbitration-with-nse-amid-nifty-dispute
     
  6. plutus2

    plutus2 Well-Known Member

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    Good morning snipers
     
  7. nottibird

    nottibird Moderator

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    Kamsiah sis sotong.
    You HUAT?
     
  8. nottibird

    nottibird Moderator

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  9. sotong11

    sotong11 Well-Known Member

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    monring snipers

    congrates bro NB
     
  10. nottibird

    nottibird Moderator

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    Managed to collect Hong Bao from STE. SONG arrr !!!


    [​IMG]
     
  11. sotong11

    sotong11 Well-Known Member

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    morning snipers....
     
  12. nottibird

    nottibird Moderator

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  13. nottibird

    nottibird Moderator

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    SGX...


    Another 16-ct drop from 7.37 region will bring us to her 7.20s.
    Firstly, we need the verdict. My take is the High Court of Bombay will rule in favour of their own stock exchange. It is inconceivable
    to imagine otherwise.
    Secondly, we need those international funds who are operating here to declare their intentions --- whether its business as usual
    or they will be pulling out of our market or will reduce their presence here.
    Lastly, we need analysts to come out with their reports to throw light on how this verdict will impact the bottomline of SGX' s earnings
    and whether an earnings downgrade and lowering of Target Price is warranted.
    But meantime, uncertainty about all this will translate into price volatility as bulls and bears try to guess what is the new fair value.
    When the dust has settled, only then we can give her a re-look to see whether there is any change in her Low Tide and High Tide.
    But whilst the uncertainty is biting and the stock is trying to find her new playing field, trading experience tells me that a SHORT trade
    is preferred to a LONG trade. Having said that, it does not mean can close eyes and SHORT at any price. No. The best price to SHORT
    at is when the stock makes an attempt to bounce and the bounce dies off.
     
  14. nottibird

    nottibird Moderator

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    The situation doesnt look good for SGX. If you are LONG, get out before 31 May 2018. The court hearing will take place on 31 May 2018
    during which the High Court of Bombay will decide whether to issue a permanent injunction against SGX. What global fund managers will
    actually do should SGX lose the case is uncertain. And this uncertainty is what markets hate the most.

    Singapore is 2 hrs and 30 mins ahead of India. If the court makes a decision on 31 May 2018 itself before 3.30pm India time, the news
    will hit our market during trading hours on 31 May 2018, this coming Thursday. If the ruling is made after 3.30pm India time, we will get
    it in the news bulletin on TV on Thu nite. And come Friday, with or without a halt in trading pending announcement of the court verdict,
    the stock will open with a gap down. Which is why if you are LONG and you dont get out tomorrow, you will be trapped when that gap
    down hits us. Likewise, if you want to SHORT and you dont do it tomorrow at the best price you can get, you will miss the meat that
    comes with that gap down.

    As a guide, we can refer to the recent gap down we saw last week when she was halted pending an announcement of that lawsuit.
    On 21 May 2018, she closed at 7.64. The next day, 22 May 2018, she was halted for trading from 9am to 10.15am. When she reopened
    for trading, she opened at 7.50... 14 cts lower and went on to hit Day Low at 7.46 before closing at 7.48...16 cts lower.

    But if we look at the gap down before that in February when the National Stock Exchange of India announced that they were ending
    all licensing arrangements with SGX to provide live feed of their realtime prices, on that occasion, SGX gapped down from Last Close
    of $7.89 to an opening price of $7.43, a massive 46 cts down. But this time round, I do not think that the gap down, if any, will be as
    drastic as that previous 46 cts becoz this saga has been in the news for some time ler and the market has had time to react to it and
    to position itself defensively to absorb any more after tremors.

    But nevertheless, an adverse ruling is a negative hit which will affect the fundamentals of SGX and affect its bottomline. The only way
    to neutralise the effects of a negative ruling is if SGX can find a way to enable international funds an offshore means to hedge their
    exposure in the Indian market. As of now, no solution has been found. How fund managers will react to this to look after their own
    interests first will generate a considerable amount of uncertainty resulting in price volatility.

    A negative ruling will hit the fundamentals of SGX. A positive ruling will not uplift the fundamentals of SGX but only maintain the status
    quo. And so, in my view, I think what we are looking at here is a window of opportunity to profit from a SHORT trade. If you agree with
    this and you want to participate, do some SHORTs at the best price you can get tomorrow or on Thursday. Should the price rise tomorrow,
    then all the better --- can SHORT at higher prices. It is common for vested parties to push the price higher and block the price from pulling
    back when they are distributing. We already saw that recently when the price was kept up at 7.70 to 7.75 region with a block placed at 7.68
    to 7.70 and this continued for weeks before the price broke below 7.70 to trade at the 7.60s. After that came that gap down which broke below
    7.50 as well. So should the price be pushed up and held up tomorrow, the bravehearts amongst you --- do not be deterred.

    [​IMG]
     
  15. nottibird

    nottibird Moderator

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  16. nottibird

    nottibird Moderator

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  17. nottibird

    nottibird Moderator

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    Many thanks, Dai Lole aa1(8).gif
     
  18. Amator

    Amator Well-Known Member

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    Singapore Exchange and National Stock Exchange of India have abandoned talks on a cross-border trading link, according to people familiar with the matter, amid a bitter court battle that’s soured an 18-year partnership.

    The companies couldn’t reach consensus on issues including timing, regulatory guidelines and the resources required for the project, according to the people, who asked not to be identified because the talks were private. The venture would have seen traders in Singapore buy and sell derivatives on exchanges in the Gujarat tax-free zone known as Gift City. Officials from NSE and SGX declined to comment.

    A months-long quarrel between the two exchanges over data and licensing rights escalated last week when NSE sued to stop SGX from launching derivatives based on Indian stocks next month. The dispute, which threatens an alliance that began in 2000, has already heralded the end of Nifty 50 Index futures in Singapore and left international investors hunting for a way to hedge their exposure to one of Asia’s largest markets.

    Tensions between the companies erupted in January, when NSE asked its counterpart to delay plans to introduce single-stock futures that would track some of India’s largest companies. SGX rebuffed the request, and on Feb. 9 India’s three national exchanges said they’d cancel their offshore pacts, which meant that Singapore could no longer offer the popular Nifty 50 contracts, the last of which will expire in August.

    Linking Singapore to Gift City could have been a compromise solution, providing offshore access to onshore markets, similar to Hong Kong’s stock connects with exchanges in China. NSE wanted its Singapore counterpart to speed up its efforts for the project, but SGX chose to ready new contracts to replace the Nifty 50 futures. Officials in Singapore didn’t believe the link would be ready for months, one of the people said. While NSE offered SGX a six-month extension to its Nifty 50 licensing agreement, SGX ultimately declined amid concerns over client privacy in Gift City, the people said.

    The move to launch new products in Singapore led to the NSE lawsuit, which seeks to derail the scheduled June 4 start. The next hearing in the case is set for May 31, with an injunction in place until then against SGX.
     
  19. Amator

    Amator Well-Known Member

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    SINGAPORE (May 28): The Monetary Authority of Singapore (MAS) today announced that investors will be required to report their short positions and short sell orders to MAS with effect from Oct 1.

    The new requirements will apply to investors in securities listed on the Singapore Exchange (SGX) who take up short positions above the specified threshold of $2 million, or 0.2% of the total issued shares or units, whichever is lower.

    Short-sellers will have to report these positions to MAS through a new online portal, the Short Position Reporting System (SPRS).

    Short selling is the sale of securities that the seller does not own at the time of the sale.

    MAS will publish aggregated short positions of each security on Wednesday of each week. Identities of short sellers will not be disclosed.

    Market participants can access the SPRS with immediate effect, and familiarise themselves with the system before mandatory reporting commences later this year.

    The new rules, which will be effected through the Securities and Futures (Short Selling) Regulations 2018, will provide statutory backing to SGX’s trading rules.

    SGX currently already require securities brokers and banks to flag all investor short sell orders to the exchange.

    MAS says there will be no change to the current arrangement for investors to inform their brokers when they submit short sell orders. SGX will continue to consolidate the short sell orders of each security and publish the information daily.
     
  20. nottibird

    nottibird Moderator

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    No, bro.
    SJ server is sick today. Whole morn till now I have been experiencing intermittent failure.
    SJ has alot alot more users than our forum. So its quite understandable if their servers cannot take the load from time to time
    unless SJ upgrade and upside their servers but you see, its a free forum...so there is a limit to how much SJ is willing to spend
    on hardware. Having difficulty logging in does happen from time to time. But today, the problem is the worst I have ever experienced.
    So you are also reading there as a regular lizard, I suppose.
     
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