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Development of Equity Derivative Markets in Emerging Asia

Amid benign monetary policy in mature market countries and high liquidity-induced demand, lower risk premia have encouraged risk diversification of alternative asset classes outside the scope of conventional investment. The development of derivative markets in emerging economies plays a special role in this context as more institutional money is managed on a global mandate, with more and more capital being dedicated to emerging market equity. The following paper reviews the recent development of equity derivative markets in Emerging Asia and discusses future challenges in areas of cash market liquidity, trading infrastructure as well as legal and regulatory frameworks based on a set of principles for the capital market development of derivatives.