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Full Description
This book systematically expounds on the path to capital market upgrades, leveraging exchange-traded funds (ETFs). Using Singapore as a model, it compares the ETF development experiences and regulatory practices of the United States, Europe, mainland China, Hong Kong, and Taiwan, developing a four-dimensional framework: autonomy, efficiency, inclusivity, and sustainability. It also offers a roadmap for the integration of policy, market, and infrastructure. The book serves as both a compilation of methodology and evidence for academic and policy research, an operational manual for issuers, market makers, authorised participants (APs), exchanges, custodians, and index providers, and a product and ecosystem guide for investors and the wealth management industry.Looking towards 2030, this book proposes Singapore's solution of 'using thematic ETFs as a breakthrough, interconnection as a driving force, and institutions and technologies as a foundation': from product spectrum, participant incentives, market making/AP mechanism, taxation and regulatory sandbox, to multilingual and multi-currency settlement, carbon market and ESG index, derivatives and digital infrastructure, to form executable phased goals and quantitative indicators, providing a verifiable blueprint for Singapore to leap through the three levels of 'emerging-regional-global'.
