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DB-Synthetic Equity & Index Strategy-Asia-Pac Monthly ETF Market Review- Healthy Inflows Despite of Market Sell-off
Data in this report is as of 31st January 2014
February 10, 2014--Global Summary
Global equity markets remained bearish in January due to concerns over emerging markets economies. Global ETP assets impacted by this and reduced by $68.6bn (-3% YTD) and closed the month at $2.2 trillion.
Overall cash flows for the global ETP industry were negative recording outflows of -$6.9bn in January. US domiciled ETPs experienced the largest outflows (-$15.2bn), while ETPs in Europe and Asia-Pac regions recorded inflows of +$4.9bn and +$3.4bn respectively. Fixed income ETFs witnessed positive flows across all the regions with total new creations of +$3.2bn.
Monthly Trends-Asia Pacific
Market Review
Last month, all the major markets in the Asia-Pacific region remained in the negative territory. Compared to the month before, from north to south:
Japan (Nikkei 225) -8.45%
Korea (KOSPI2) -4.30%
China (CSI 300) -5.48%
Hong Kong (HSI) -5.45%
Singapore (FSSTI) -4.43%
Australia (S&P/ASX 200) -3.03%
ETPs flows: healthy inflows to Japan and China, outflows from Korea.
Asia-Pacific ETP market started the year with healthy flows recording +$3.4bn of inflows. Total inflows were primarily contributed by equity ETFs collecting +$3.3bn of inflows.
Within equity, on segment level, strategy ETFs led the tally receiving inflows of +$2.1bn, primarily driven by leveraged long strategy based ETFs (+$2.2bn). Developed markets ETFs collected inflows of over +$1.6bn while emerging markets ETFs experienced outflows of -$0.5bn. On a country level, the largest inflows recorded by the ETFs providing exposure to Japan (+$1.3bn) and China (+$0.9bn). Conversely, South Korea focused ETFs saw outflows of -$1.1bn in January.
Winners and losers: At ETP level, largest inflows were received by Next Funds Nikkei 225 Leveraged Index ETF (1570 JP), Nomura Nikkei 225 ETF (1321 JP) and Samsung KODEX Leverage ETF (122630 KS) collecting +$1.2bn, +$1.1bn and +$0.7bn respectively. Largest redemptions were experienced by Mirae Asset MAPS TIGER 200 ETF (102110 KS) and Samsung KODEX 200 (069500 KS) with outflows of -$0.7bn and -$0.4bn respectively.
Turnover: Floor activity up 10.5% from last year’s monthly average
Asia-Pacific ETP turnover totaled $60.3bn for January, 7.2% down from the previous month’s total while 10.5% up from the last year’s monthly average turnover. On a country level, stock exchanges in Japan topped the turnover ranking with aggregate turnover of $26.7bn, followed by South Korea ($14.9bn), China ($9.4bn) and Hong Kong ($7.8bn). Among equity ETFs, leveraged long strategy, emerging country, Asia-Pacific developed country, and short strategy ETFs were the most traded products recording total turnovers of $24.4bn, $20.2bn, $8.7bn, and $3.2bn respectively. Within fixed income, turnover for money market ETFs totaled $1bn, while among commodity ETPs, gold ETPs recorded $0.2bn of monthly turnover.
AUM - $4.8bn eroded from total ETP asses in January Last month, Asia-Pacific ETP AUM reduced by $4.8bn (-2.9%) and closed the month at $162.7bn.
New ETP launches - Nikkei 400, China and Dividend
Asia-Pacific ETP market registered four new product launches during January. Nomura Asset Management (1591 JP) and Nikko Asset Management (1592 JP) listed one equity ETF each on the Tokyo Stock Exchange (TSE) tracking the new JPX-Nikkei 400 Index. This index selects TSE listed companies based on profitability and engagement with corporate governance. Invesco Great Wall Fund Management listed one China focused equity ETF on the Shenzhen Stock Exchange. Further, UBS launched one equity ETF on the Australian Securities Exchange tracking UBS Research Preferred Dividend Index.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Asia
PBOC Signals Money-Market Volatility as China Seeks to Tame Debt
February 9, 2014--China's central bank signaled that volatility in money-market interest rates will persist and borrowing costs will rise, underscoring the risk of defaults that could weigh on confidence and drag down growth.
"When the valve of liquidity starts to tame and curb excessive credit expansion, money-market rates, or the cost of liquidity, will reflect that," the People's Bank of China said in Feb. 8 report.
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Source: Bloomberg
The People's Bank of China-Statistical Report on Uses of Loans by Financial Institutions, 2013
February 8, 2014--The People's Bank of China-Statistical Report on Uses of Loans by Financial Institutions, 2013 is now available.
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Source:The People's Bank of China
JPX-Nikkei Index 400 expected to become favorite for derivatives
February 7, 2014--Market participants say institutional-investor demand for the new JPX-Nikkei Index 400 is likely to be strong, and it could become the preferred option for over-the-counter, listed futures and options and other products.
"Clients have been asking for Nikkei 400 OTC futures, put and call options or structured products using the new index," said Shun Maruyama, a Tokyo-based Japan equity-derivatives strategist at BNP Paribas. "In the cash market it is unlikely that the new index will replace the Nikkei 225 as a benchmark but on the derivatives side it is likely because the Nikkei 225 is a price-weighted index."
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Source: SmartBrief
New ETF to be Listed on 25. Feb, 2014(Tue.)-Mitsubishi UFJ AM "MAXIS J-REIT ETF"
February 7, 2014--Today, Tokyo Stock Exchange, Inc. (TSE) approved the listing of a new ETF managed by "Mitsubishi UFJ Asset Management Co., Ltd" The ETF will be listed on Tuesday, 25. Feb, 2014.
Code 1597
Name MAXIS J-REIT ETF
Listing Date 25. Feb, 2014(Scheduled)
Trading Unit 10 unit
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Source: TSE
Singapore moots major reforms of its bourse rules
February 7, 2014--Singapore has proposed a major shake-up of its stock market rules following a penny stock scandal which hit trading volumes on Southeast Asia's largest bourse that has recently struggled to attract big share listings like its rival in Hong Kong.
The Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX) said yesterday they are consulting the market on a series of changes including minimum trading prices, new collateral rules, short-selling reporting, and the establishment of independent committees to vet listing applicants and impose regulatory sanctions.
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Source: Gulf Times
UPDATE 1-Mitsubishi UFJ Securities International to close commodity ops
Concerned about long-term profitability, capital efficiency
Has started winding down commodity derivatives business
Tougher regulation a big factor in decision-source
January 6, 2014--Japan's Mitsubishi UFJ Securities International became the latest bank to withdraw from the commodities sector, hit by weaker investor interest and tougher regulation.
The institution said on Thursday it was closing its international commodities derivatives business due to concerns about long-term viability.
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Source: Reuters
2 New ETFs to be Listed on Mar. 7, 2014 (Fri.) -Norinchukin Zenkyoren Asset Management, "NZAM ETF J-REIT Index, NZAM ETF TOPIX Ex-Financials"
February 6, 2014--Today, Tokyo Stock Exchange, Inc. (TSE) approved the listing of new ETFs managed by Norinchukin Zenkyoren Asset Management Co., Ltd. These will be listed on Friday, March 7, 2014.
Code: 1595 (ISIN JP3047700004)
Name NZAM ETF J-REIT Index
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Source: TSE
Gold ETFs appear to have fallen out of favour in India
February 6, 2014--In what is termed as the first yearly decline in assets under management since their introduction in 2007, gold ETFs have lost over $479 million in 2013.
Gold exchange traded funds appear to have fallen out of favour in India. In what is termed as the first yearly decline in assets under management since their introduction in 2007, gold ETFs have lost over $479 million (Rs 30 billion) in 2013. Assets managed by gold ETFs slid by 26% in 2013, against a growth of 31% in 2012, data showed.
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Source: MineWeb
IMF Working paper-Leaning Against the Wind: Macroprudential Policy in Asia
February 6, 2014--Summary: In recent years, macroprudential policy has become an increasingly active policy area. Many countries have adopted it as a tool to safeguard financial stability, in particular to deal with the credit and asset price cycles driven by global capital flows. This paper reviews the use of key macroprudential instruments and capital flow measures in 13 Asian economies and 33 economies in other regions since 2000, and constructs various macroprudential policy indices, aggregating sub-indices on key instruments.
Asian economies appear to have made greater use of macroprudential tools, especially housing-related measures, than their counterparts in other regions. The effects of macroprudential policy are then assessed through an event study, cross-country macro panel regressions and bank-level micro panel regressions. The analysis suggests that macroprudential policy and capital flow measures have helped curb housing price growth, equity flows, credit growth, and bank leverage. The instruments that have been particularly effective in this regard include loan-to-value ratio caps, housing tax measures, and foreign currency-related measures.
view the IMF Working paper-Leaning Against the Wind: Macroprudential Policy in Asia
Source: IMF
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