Aspects of regulation and legislation Legal structure

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Foundations for success



Aspects of regulation and legislation

  • Legal structure

  • Market regulation

  • Participants

  • Tax framework

  • Capital account

  • Clearing and settlement



Legal structure

  • Government must have explicit authority to borrow

  • Detail borrowing limits (ceilings/budget/etc)

  • Clearly define internal process and delegation of debt management to DMO or other agency

  • Record-keeping and reporting standards

  • Public disclosure

  • Distribution and access must be equitable

  • DMO must have authority to create instruments



Regulatory framework – IOSCO framework

  • Regulator

    • Clearly defined responsibilities, independent and accountable, adequate powers and resources, clear and consistent processes, and highest professional standards
  • Self-regulation

  • Enforcement

    • Regulator must have comprehensive inspection, investigation, surveillance, and enforcement powers and comprehensive regulatory system


Regulatory framework – IOSCO framework (cont.)

  • Cooperation

    • Information sharing with foreign regulators
  • Issuers

  • Collective Investment Schemes

  • Market intermediaries

    • Entry standards, capital and prudential requirements, internal organisation and operational conduct, and procedure for market failure


Regulatory framework – IOSCO framework (cont.)

  • Secondary markets

    • Trading systems subject to oversight and authorisation, ongoing supervision of exchanges and systems, promote transparency, detect and deter market manipulation, and risk management
  • Clearing and settlement

    • System should be fair, effective and efficient and subject to oversight


South African framework



South African legislation

  • Security Services Act – Covers all aspects of securities markets, including settlement, custodial and clearing services

  • Financial Advisory and Intermediary Act – Regulates the giving of advice and intermediary services

  • Financial Services Ombud Schemes Act – Used for client complaint resolution



South Africa exchange level regulations



Transaction cost



Obstacles to liquidity

  • Lack of experience/knowledge

  • Fees to 3rd parties who do not add value

  • Lack of benchmark bonds

  • Lack of repo market

  • Limited number of domestic participants

  • Restrictions on foreign participation



GLOBAL:

  • GLOBAL:

  • Tom Glaessner NY: MD and Head EM Trading Strategy (1-212-723-1410/ 646-379-6289 cell)

  • Judy Jia NY: Analyst: Local Rates and Volatility (1-212-723-1222)

  • LATAM:

  • Dirk Willer NY: Director: Local Market Strategy (1-212-723-1016)

  • Jeff Williams NY: VP: Credit Derivatives and Credit Product Strategy (1-212-723-1470)

  • Marcelo Portilho: Brazil: VP: Local Market Strategy Brazil (55-11-3576-1484)

  • CEEMEA:

  • Wike Groenenberg: London:MD: Local Market Strategy (44-20-7986-3287)

  • Leon Myburgh: SA: Director: Local Market Strategy Africa (27-11-944-1830)

  • Coura Fall: Associate: Trading Desk Analyst (27-11-944-1830)



EM Desk Strategy

  • ASIA:

  • Johanna Chua HK : Director: External Debt Strategy and Sovereign Analysis (852 2501-2357)

  • Albert Leung HK: VP: Credit Derivatives and Local FX strategy (852 2501-2398)

  • Shuguang Mao**/HK: VP : Structured Credit and External Debt (852 2501-2909)

  • Open Position Singapore: Local Market Strategy

  • **/Half time EM and half structured credit






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