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Easier rules on the anvil for public sector ETF manager
The Department of Disinvestment allows taxes to be charged to the scheme but freezes fee quoted for three years
March 6, 2013--The Department of Disinvestment has relaxed a key clause in the Request for Proposal inviting bids from asset management companies (AMCs) to manage a proposed exchange-traded fund (ETF) comprising public sector undertakings.
The government is planning to float this fund as an additional mechanism to divest its stakes in state-run companies. In a crucial relief to the asset managers, the bid document said: “All the applicable taxes, cess and duties can be charged to the scheme, as per Sebi (Securites and Exchange Board of India) regulations and any other applicable guidelines.”
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Source: Business Standard
TOPIX index futures trading hits a record high today
March 5, 2013--As of today, the trading volume of TOPIX index futures reached a record high of 643,443 contracts.
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Source: Tokyo Stock Exchange (TSE)
Indicative NAV published for new ETFs through the FLEX standard service
March 5, 2013--Beginning April 15, 2013, Tokyo Stock Exchange, Inc. (TSE) will publish the real-time Indicative Net Asset Value (Indicative NAV) per share through the FLEX standard service for the
below Exchange Traded Funds (ETFs) listed on the Osaka Securities Exchange and Tokyo Stock Exchange.
1. Addition
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Source: Tokyo Stock Exchange (TSE)
SSE and CSI Dividend Return Index To be Launched
March 5, 2013---To further enhance the index family as well as to provide new analysis tools and underlying instruments for investors, SSE and CSI today announced that SSE Dividend Return Index and CSI Dividend Return Index to be launched on Mar 27, 2013.
Regarding the methodology and more details of the above indices, please refer to the official website of SSE (www.sse.com.cn) and CSI (www.csindex.com.cn).
Source: China Securities Index Co., Inc.
Real-time indicative NAV per share regarding 6 ETFs on OSE also distributed through TSE's FLEX Standard from April 15, 2013
March 5, 2013--From April 15, 2013 Osaka Securities Exchange Co., Ltd. (OSE) will shorten the interval of calculating and publishing the real-time indicative Net Asset Value per share from 15 seconds to 1 second, regarding 6 ETFs listed on OSE.
Also, Tokyo Stock Exchange, Inc. will start distributing it through FLEX Standard on the same day.
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Source: Osaka Securities Exchange (OSE)
EDHEC-Risk Institute Study Highlights the Inefficiency of Asian Stock Market Indices
Ia study entitled "Assessing the Quality of Asian Stock Market Indices," researchers at EDHEC-Risk Institute have reported results for 10 major Asian stock market indices over the past decade.
March 5, 2013--Among the key findings of the study:
All indices analysed display a pronounced lack of efficiency, in the sense of providing an efficient risk-reward trade-off: for all of them, an equal-weighted index constructed from the same components outperforms the corresponding cap-weighted market index.
The levels of inefficiency of Asian market indices were found to be quite comparable to those of European and US indices.
The standard Asian indices are heavily concentrated in a few large-cap stocks. Most indices allocate as much as 60% of the index weight to only one-fifth of the stocks in the universe. For investors who are interested in holding well-diversified equity portfolios, one can see these results as a motivation to explore whether more appropriate alternatives can be developed.
view the EDHEC report-Assessing the Quality of Asian Stock Market Indices
Source: EDHEC-Risk Institute
New ETF to be Listed on Mar.25, 2013 (Mon.)-Nikko Asset Management Co., Ltd. "Listed Index Fund Nikkei 225 (Mini)"
March 4, 2013--Today, Tokyo Stock Exchange, Inc. (TSE) approved the listing of a new ETF managed by "Nikko Asset Management Co., Ltd.". The ETF will be listed on Monday, March 25, 2013.
Code: 1578 (ISIN JP3047570001)
Name: Listed Index Fund Nikkei 225 (Mini)
Fund Administrator: Nikko Asset Management Co., Ltd.
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Source: Tokyo Stock Exchange (TSE)
SSE and CSI Culture Industries Index, CSI Services Industry Index To Be Launched
March 4, 2013--Designed to serve as new benchmarks and investable underlyings for investors, today SSE and CSI announced the upcoming launch of SSE Culture Industries Index, CSI Culture Industries Index and CSI Services Industry Index on Mar 26th 2013.
Regarding the methodologies and more details about the above indices, please refer to attached.
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Source: China Securities Industries Index
South Korea regulator announces derivatives law
March 4, 2013--South Korean lawmakers passed the revised bill on capital markets act that will allow the establishment of central counterparties (CCPs) for the clearing of over-the-counter (OTC) financial derivatives, the financial regulator said Monday.
According to the Financial Services Commission (FSC), the nation's legislators in charge of related matters passed the bill that will enable the OTC derivative CCPs to be set up in at least three months.
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Source: Xinhuanet.com
Concerning Index Futures and Options Trading on March 5, 2013
March 4, 2013--We deeply apologize for the circumstances caused by the system failure today in Index Futures and Options trading.
For tomorrow, March 5th, trading in Index Futures and Options trading shall be held on normal schedule.
We have identified the system portion with the problem and by restarting this portion, the system is recovered and the Night Session is trading normally.
Source: Osaka Securities Exchange (OSE)
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