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ETF/ETN Monthly Report for Oct 2013
October 8, 2013--Trading value remained high in October
The ETF/ETN market remained robust in October 2013, reaching the third highest level in total trading value since May and June.
Leveraged and inverse ETFs continued to drive trading during the month. In late October, the market welcomed a new pair of leveraged (x2) and inverse (-1x) ETNs tracking the Dow Jones Industrial Average.
ETFs tracking US indices, including VIX, also posted increases in trading value.
view the ETF/ETN Monthly Report for Oct 2013
Source: TSE
ETF market breaks through $9 billion mark
October 8, 2013--The Australian exchange traded fund (ETF) market has broken through $9 billion in assets under management, reaching a record high of $9.3 billion, according to BetaShares' October ETF review.
The industry's market cap grew 5.3 per cent in October, including $256 million of net new money flowing into the market.
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Source: Money Management
New Index "JPX-Nikkei Index 400"
November 6, 2013--Japan Exchange Group, Inc. and Tokyo Stock Exchange, Inc. and Nikkei Inc. will start to calculate a new index "JPX-Nikkei Index 400" from January 6, 2014.
Aim of the Index
The new index will be composed of companies with high appeal for investors, which meet requirements of global investment standards, such as efficient use of capital and investor-focused management perspectives. The new index will promote the appeal of Japanese corporations domestically and abroad, while encouraging continued improvement of corporate value, thereby aiming to revitalize the Japanese stock market.
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Source: TSE
QFII, RQFII tax issues swell as schemes expand
November 6, 2013--Disagreements among Chinese authorities over whether to tax mainland fund houses' Hong Kong subsidiaries are increasingly causing problems, say industry players.
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Source: Asian Investor
Investors welcome FMIC ETF
November 6, 2013--The country's first exchange-traded fund (ETF) is expected to be met with strong demand when it lists next month as it provides investors alternatives amid growing liquidity and falling interest rates.
At the sidelines of the investors' briefing for First Metro Investment Corp.'s (FMIC) Philippine Equity ETF, Dona R. Pagcaliwagan, trader and portfolio assistant of Cocolife Asset Management, said: "There's a lot of money in the market so investors will really look for outlets, and I think this will be one of the options they’ll be looking at."
She added that with funds gushing out from special deposit accounts (SDA) this year, some of that money could move towards ETFs.
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Source: Business World Online
IMF Working paper-The Curious Case of the Yen as a Safe Haven Currency: A Forensic Analysis
November 6, 2013--Summary: During risk-off episodes, the yen is a safe haven currency and on average appreciates against the U.S. dollar. We investigate the proximate causes of yen risk-off appreciations.
We find that neither capital inflows nor expectations of the future monetary policy stance can explain the yen's safe haven behavior. In contrast, we find evidence that changes in market participants' risk perceptions trigger derivatives trading, which in turn lead to changes in the spot exchange rate without capital flows. Specifically, we find that risk-off episodes coincide with forward hedging and reduced net short positions or a buildup of net long positions in yen. These empirical findings suggest that offshore and complex financial transactions should be part of spillover analyses and that the effectiveness of capital flow management measures or monetary policy coordination to address excessive exchange rate volatility might be limited in certain cases.
view the IMF Working paper-The Curious Case of the Yen as a Safe Haven Currency: A Forensic Analysis
Source: IMF
Vanguard expands ETF offering
November 1, 2013--Vanguard Australia is expanding its line-up with the lowest cost global emerging markets (EM) exchange traded fund (ETF) on offer on the Australian Securities Exchange (ASX).
The Vanguard FTSE Emerging Markets Shares Exchange Traded fund -listed under the ticker code VGE- has a low-cost expense ratio of 48 basis points and will track the return of the FTSE Emerging Index.
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Source: ifa.com.au
JPX JGB Futures Volatility Index (tentative calculation)
November 1, 2013--Index Outline
Tokyo Stock Exchange, Inc. (TSE) will start calculating and publishing a new index, the "JPX JGB Futures Volatility Index," from November 1, 2013. The index aims to indicate the volatility of 10-year Japanese Government Bond futures contracts.
The JPX JGB Futures Volatility Index will be calculated based on the settlement prices of JGB futures options contracts listed on TSE, and it will indicate the future volatility of 10-year JGB futures contracts. The index aims to serve as a benchmark of market estimates of future 10-year JGB futures market volatility over a certain period of time by aggregating the settlement prices of all strike prices with a certain time to expiry.
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Source: Tokyo Stock Exchange (TSE)
Horizons KOSPI 200 ETF Becomes Lowest-Fee Korean ETF in Hong Kong
October 31, 2013--The Horizons Exchange Traded Funds Series ("Horizons ETFs Series") will reduce fees of its Horizons KOSPI 200 ETF (Stock Code: 2835.HK) ("KOSPI 200 ETF") by over 85% with immediate effect, a move driven by the success of the low-cost fee structure that was first offered to the Hong Kong market through its two new ETFs launched in June.
The management fee of the KOSPI 200 ETF will be lowered from "up to 0.35% per annum" to "up to 0.05% per annum", and the total expense ratio ("TER") will be reduced accordingly from an estimated 0.6% per annum to 0.29% per annum. The KOSPI 200 ETF will offer the lowest fees amongst Korean index ETFs in Hong Kong that have management fees and TERs averaging 0.40% and 0.58% respectively1. Its TER will now become the fourth lowest amongst all Equity ETFs listed on the Hong Kong Stock Exchange2
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Source: Mirae Asset Global Investments (Hong Kong) Limited
Indian shares close at record high
October 30, 2013--Indian shares ended Wednesday at their highest-ever closing level, beating the previous record set in 2010, on strong foreign fund inflows and an easing of global concerns.
The Bombay Stock Exchange benchmark Sensex index closed up 0.50% or 104.96 points at 21 033.97 points, led by telecom and banking stocks.
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Source: FIN24
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