PASLA was incorporated in Hong Kong in 1995 and is an association of firms that are active in the business of borrowing and/or lending securities in Asian markets.
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PASLA provides a collective voice and an industry consensus on issues that affect the development of the securities lending business.
PASLA works with regional regulators and exchanges to assist in the further development of the securities lending business.
The temporary additional daily short-selling volume control and tightened uptick rule will both be lifted effective 24 February 2023.
The daily short-selling volume control will return to the original 30 percent of the average trading volume of the underlying stock during the previous 30 business days.
The uptick rule will be restored to the original 10 percent level, where a stock cannot be short sold below the closing price of the previous day when the stock shows a decline of 10 percent or more of the previous trading day.
The China Securities Finance Corporation Ltd (“CSFC”) has announced changes to the current margin rules which will be effective at a later date.
The changes include increased flexibility in trading on main board names, similar to those currently found on the STAR board. Additionally, CSFC will only charge 0.6% fee which is also in line with STAR board. Whilst the impact for offshore participants is limited, this is a positive move for domestic market participants.
Further details can be found at the following website (available in Chinese only).
Following the Reserve Bank of India (RBI)’s earlier proposal to permit lending and borrowing in Indian Government Bonds (IGBs) the RBI has now released draft Government securities lending directions and is seeking public comments.
Please access the initial press release and Draft RBI Government Securities Lending Directions (2023) for further information.
Investors can email their comments to RBI at fmrdfeedback@rbi.org.in by 17 March 2023 with subject line “Feedback on Draft Reserve Bank of India (Government Securities Lending) Directions, 2023”.
The Beijing Stock Exchange (BSE) has officially launched securities lending and margin trading, similar to the construct currently available in Shenzhen and Shanghai.
PASLA welcomes the move to a more open and liquid market and looks forward to continuing to work with all market participants to expand participation in in the future.
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Membership is open to any organisation that is a regular borrower or lender of securities or regularly enters into repo transactions. The Board may decide to confer honorary member status on institutions that do not meet this definition.
Membership includes access to country profiles, summaries of Executive Committee meetings, country updates and much more.