Asian marts in limelight: S'pore aide<\/p>\n
SINGAPORE (Reuter): The search for alternatives to mature
\nmarkets in developed countries is boosting the newer markets of
\nSoutheast Asia, a senior Singapore economic official said on
\nSaturday.<\/p>\n
Lee Ek Tieng, managing director of the Monetary Authority of
\nSingapore (MAS), told a foreign-exchange forum, \"The search for
\nalternatives has pushed the emerging Southeast Asian economies
\ninto the limelight.\"<\/p>\n
Diversification and high returns relative to mature markets
\nare among factors favoring the newer markets, he said.<\/p>\n
In Singapore, for example, over the past two years the number
\nof treasury-product strategists has doubled, financial
\nspecialists gone up close to four times, and economists almost
\nfive-fold, Lee said.<\/p>\n
He said that as markets grow, opportunities in the region will
\ndevelop that creative traders can make use of, due to such
\nfactors as differences in countries' economic cycles and how
\ninvestors rate individual corporate issuers.<\/p>\n
Among markets with potential is regional cross-currency
\ntrading, Lee said. \"We should seize the reins and decide for
\nourselves how we wish the market to evolve, rather than let the
\ntrading be located halfway around the world in a foreign center.\"<\/p>\n
More complex and diversified markets and the impact from the
\ninternational flow of funds mean changes for central bankers and
\nregulators as well, Lee said.<\/p>\n
Central banks and official institutions will have to respond
\nto the new environment, and often do so quickly, \"thinking on
\ntheir feet in coming up with a calculated response.\"<\/p>\n
Lee also said market liberalization must not come at the
\nexpense of stability. \"It is in everybody's interest to have
\nmarkets that endure,\" he said.<\/p>",
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