[ET Net News Agency, 22 November 2018] HSBC Global Research expects a strong rise in
stock exchange volumes in 2018 after volumes stayed almost flat overall from 2015 to 2017.
Comparing global average margins for derivatives trading, it is noticeable that the
highest margins are obtained in agricultural and commodity derivatives while equity
options trading has the lowest average margin, it said.
Furthermore, as exchanges have invested heavily in IT and the number of IT failures has
come down in the last five years, HSBC thus believes that they are at least partially
prepared for a volatility uplift.
It highlighted that exchanges are late cyclical stocks and it believes that investors
need to own an exchange stock in the current late cyclical market environment. HSBC's
preferred play is HKEX (00388) among the Asian names.
It maintained its "buy" call and HK$280 target price. (KL)
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00388 HKEX
Nominal 
214.600 -4.000 (-1.830%) Others
22/11/2018 18:01
[I-bank focus]HSBC sees good chance in HKEX (00388)
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