Hong Kong’s stock exchange decided the possibility of a US default had made some types of short-term Treasury bonds more?risky,?prompting?it?to force traders using the securities as collateral to provide extra back-stops, writes Jeremy Grant in Singapore.
The move is the first sign in Asia that the Washington debt gridlock is pushing key financial institutions to protect themselves and markets in case of a default.
It came as the Asia Securities Industry & Financial Markets Association warned that any announcement by the US Treasury in advance of a default must arrive ahead of the opening of trading in Asia to avoid “chaos”.
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