Three years ago a domestic brokerage called Sealand Securities suffered huge losses on a highly leveraged financing deal which was funded by banks. When the investment went sour and Sealand defaulted on its loans, banks pulled credit from brokers and other nonbank financial institutions.
Despite China’s status as the world’s third-largest bond market, foreign investors complain that bond holdings are highly concentrated among a circle of large government institutions that rarely trade them. As a result, some worry the market is still prone to shocks like the Sealand incident.
“From our perspective, the positives now far outweigh the negatives,” said Kenneth Akintewe, head of Asian sovereign debt at Aberdeen Standard Investments, noting improved access to the market. Regulators have also sought to allay many of the fears keeping out foreign capital, starting with improvements to the interbank market, where most bonds are traded and 90 per cent of bond financing occurs.
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But pravingordhan must be held account him and PresJGZuma there is no difference all have violated the constitution. Pravin is not above the law. Did u get that clear?
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