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DB-Synthetic Equity & Index Strategy-Asia-Pac Weekly -Positive equity markets and inflows help AUM expansion
September 24, 2013--Data in this report is as of 20 September 2013.
Market Review
Last week, Federal Reserve's announcement to continue $85bn-a-month bondbuying program boosted global markets. As a result, most of the markets in the Asia-Pacific region ended the week in positive territory.
Markets in China and South Korea were not impacted by this as they remained close because of holidays for rest of the week after the Fed’s announcement. Compared to the week before, from north to south:
Japan (Nikkei 225) +2.34%
South Korea (KOSPI2) +0.66%
China (CSI 300) -2.27%
Hong Kong (HSI) +2.56%
Singapore (FSSTI) +3.76%
Australia (S&P/ASX 200) +1.09%
New Product Launch Review
Last week, five new products were launched in the Asia-Pacific ETP market.China Universal Asset Management listed four sector ETFs (159928 CH, 159929 CH, 159930 CH, 510620 CH & 159931 CH) on the Shenzhen Stock Exchange focused on China's consumer staples, healthcare, energy and financial sectors respectively. Daiwa Asset management listed one equity ETF (1585 JP) on the Tokyo Stock Exchange tracking Topix ex-Financials Index.
ETP Weekly Flows
New ETFs drive inflows
Last week, Asia-Pacific ETP market recorded inflows of +$0.5bn vs. -$0.3bn of outflows for the previous week, setting the YTD weekly flows average at +$0.3bn (+$12.7bn YTD in total flows). Sector and developed markets based equity ETFs were the largest beneficiary of the week collecting +$500mn and +$341mn of inflows respectively. Strategy and emerging market ETFs experienced outflows of -$246mn and -$72mn respectively.
Inflows into sector ETFs were primarily contributed by three new ETFs launched in Shenzhen Stock Exchange and each tracking healthcare (+$193mn), financials (+$128mn) and consumer staples (+$109mn) sectors respectively. On a country level, ETFs benchmarked to Japan and South Korea received +$384mn and +$273mn of inflows respectively, while Taiwan and Hong Kong ETFs experienced weekly outflows of -$274mn and -$103mn.Leveraged long strategy based ETFs also saw redemptions of -$297mn.
Winners and losers: At ETP level, 200 (069500 KS) and China Universal CSI Health Care Index ETF (159929 CH) were the largest cash flow receiver of the week collecting +$428mn, +$201mn and +$173mn respectively. Over the same period, biggest outflows were experienced by Samsung Kodex Leverage ETF (122630 KS) and Polaris MSCI Taiwan Index ETF (006203 TT) recording -$268mn and -$240mn of outflows respectively. Turnover Review- Holidays keep floor activity down
Last week, Asia-Pacific ETP turnover activity was down because of holidays in Japan, South Korea, China and Hong Kong and totaled $8.7bn for the week. Over the previous week, floor activity reduced by 47.5%. Japan took the lead in the turnover ranking with $3.4bn turnover, followed by China ($1.7bn), Hong Kong ($1.7bn) and Korea ($1.5bn). Among equity ETFs, Emerging country, leveraged long, Asia-Pacific developed country and short ETFs had total turnover of $3bn, $2.6bn, $1.8bn and $0.4bn respectively. Within the commodity asset class, turnover in gold ETPs totaled $71mn.
Assets under Management Review
Assets increased by $2.2bn
Last week, Asia-Pacific ETP AUM increased by $2.2bn and ended the week at $164.6bn. On a year-to-date basis, Asia-Pacific ETP market is up by $28.6bn or 21.1% above last year’s closing.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Asia
Record high renminbi fix shows China's commitment to reform
September 23, 2013--Renminbi forwards hit a record high on Monday after China's central bank signalled it would tolerate further appreciation against the dollar and strong manufacturing data spurred hopes of a recovery in the world's second-largest economy.
The People's Bank of China fixed the midpoint for trading in the renminbi at a record high of 6.1475 to the dollar, compared with Friday’s fix of 6.1557.
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Source: FT.com
CESC Welcomes Today's Listing of Second ETF Tracking a CESC Index
September 23, 2013--China Exchanges Services Company Limited (CESC) welcomes today's listing of the second Exchange Traded Fund, or ETF, tracking its CES A80 Index. The CSOP CES China A80 ETF is listed on Hong Kong Exchanges and Clearing Limited's (HKEx) securities market and managed by CSOP Asset Management Limited.
It is a physical A-share ETF with trading and settlement in both Hong Kong dollars (HKD) and renminbi (RMB).
The CSOP CES China A80 ETF is the second ETF on a CESC index. The first one, the ChinaAMC CES China A80 Index ETF, is also a physical ETF listed in Hong Kong with trading and settlement in both HKD and RMB.
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Source: China Exchanges Services Company Limited (CESC)
Singapore and other APEC Economies Sign Statement to Advance the Asia Region Funds Passport
September 20, 2013--The Finance Ministers of Singapore, Australia, Korea and New Zealand today signed a Statement of Intent in Bali, Indonesia, to jointly develop the Asia Region Funds Passport (ARFP) that facilitates the cross-border offering of funds in Asia.
When implemented, the ARFP will offer fund managers operating in a passport economy a direct and efficient route to distribute their funds in other passport economies. Investors in the region will also benefit from having access to a broader range of quality investment products. As an inclusive regional initiative, the ARFP will strengthen the region’s fund management capability, deepen capital markets, and provide finance for sustainable economic growth.
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Source: MAS (Monetary Authority of Singapore)
Asia Firms Warming to Euro Bonds
September 18, 2013--A growing number of Asian companies are turning to bonds denominated in euros to take advantage of lower borrowing costs and rising demand among European investors.
While still small, the increasing interest in euro bonds, in addition to debt sold in dollars or local currencies, has led to the sale of €3.6 billion ($4.8 billion) in bonds in Asia this year, up 44% from the &euro2.5 billion for all of 2012, according to data provider Dealogic.
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Source: Wall Street Journal
China to expand margin trading and short-selling programme
September 17, 2013--China's securities regulator has approved a plan to expand participation in a pilot programme allowing margin trading and short selling and triple the number of stocks that can be traded on margin, as Beijing moves to deepen and diversify investor participation in its equities markets.
The China Securities Finance Corporation Ltd, the semigovernmental agency that runs the trial, named 19 new brokerages that will be allowed to participate in the project, bringing the total number of brokerage participants to 30 from the original 11.
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Source: Reuters
Adjustment Made to the Constituents of SZSE ChiNext Index
September 17, 2013--Shenzhen Stock Exchange and Shenzhen Securities Information Co., Ltd. recently announced to make regular adjustment to the sample stocks for SZSE ChiNext Index.
It is the fourth adjustment of the year and will come into effect as of the first trading day of October in 2013.
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Source: Shenzhen Stock Exchange
NYSE Technologies Obtains License to Distribute Market Data in China
September 17, 2013--NYSE Technologies, the commercial technology division of NYSE Euronext (NYX), today announced that it has obtained approval from the Chinese State Council Information Office (SCIO) to distribute market data in China.
With the license from the SCIO, NYSE Technologies will disseminate financial information including NYSE Euronext's real-time and historical market data, as well as SuperFeed[1]services to market participants in mainland China.
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Source: NYSE Euronext
Equity derivatives turnover 12.6 times of cash market in FY13: Report
September 16, 2013--Equity derivative segment on the nation's bourses recorded a turnover 12.6 times of the cash market in 2012-13, with futures and options trading on the BSE recording a sharp increase on the back of incentive schemes.
The total turnover in equity derivative market rose by 20.4 percent and reached Rs 387 lakh crore in 2012-13, as per Securities and Exchange Board of India latest annual report
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Source: The Economic Times
First Metro defers launch of ETF
September 16, 2013--First Metro Investment Corp (FMIC) has pushed back the launch of the country's first exchange-traded fund (ETF) as it awaits the go-signal from regulators.
"It will be in October. The [Philippine Stock Exchange] and the [Securities and Exchange Commission] approval are expected to be released before the end of the month," FMIC president Roberto Juanchito Dispo said in a text message.
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Source: interaksyon.com
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