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Hong Kong lines up MSCI derivatives launch amid doubts on city's future

Added 05-27-20 06:03:01am EST - “Hong Kong's exchange is launching derivatives with index provider MSCI in a deal that hurts rival Singapore and boosts its global appeal amid U.S. warnings that Chinese pressure on the city's autonomy threatens its future as a financial…” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Hong Kong lines up MSCI derivatives launch amid doubts on city's future”. Below is an excerpt from the article.

HONG KONG/SINGAPORE (Reuters) - Hong Kong’s exchange is launching derivatives with index provider MSCI in a deal that hurts rival Singapore and boosts its global appeal amid U.S. warnings that Chinese pressure on the city’s autonomy threatens its future as a financial hub.

The announcement comes days after China’s National People’s Congress said it would impose new national security legislation on Hong Kong, which U.S. government officials have warned could bring into question the city’s special economic status under U.S. law. [ nL4N2D32O6]

On Tuesday, White House spokeswoman Kayleigh McEnany said president Donald Trump had told her “it’s hard to see how Hong Kong can remain a financial hub if China takes over.”

Hong Kong Exchanges and Clearing Ltd (0388.HK) said on Wednesday it will launch Asia and emerging markets futures and options contracts under a licence deal with MSCI Inc (MSCI.N).

That will end a current arrangement where the contracts trade in Singapore, pushing Singapore Exchange Ltd shares (SGXL.SI) 11.6% lower in their biggest daily drop in more than 16 years. HKEX shares rose 0.15%. The broader market dipped.

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