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Credit Suisse, Morgan Stanley to Trade China Stock Index Futures
January 27, 2013--Credit Suisse Group AG (CS) and Morgan Stanley (MS) are among five foreign investors approved to trade stock index futures on the China Financial Futures Exchange.
Credit Suisse is one of the Qualified Foreign Institutional Investors, also known as QFIIs, that obtained permits to trade the instruments, Josephine Lee, a Hong Kong-based spokeswoman at the bank, said by phone today. Morgan Stanley was also selected, a person with direct knowledge of the matter said, asking not to be identified because the information isn’t public.
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Source: Bloomberg BusinessWeek
China to introduce gold exchange-traded funds
January 26, 2013--China's securities regulator has published provisional rules for the operation of gold exchange-traded funds (ETF), paving the way for introducing such business into the country's financial market.
There is no specific timetable yet for the listing of gold ETFs, or mutual funds traded on stock exchanges that track the price of gold and have most of their assets invested in gold, according to an official from the China Securities Regulatory Commission (CSRC).
Authorities need to thoroughly study how to regulate gold ETFs in order to protect investors' interests in such new products, Xinhua quoted the official as saying.
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Source: Zeebiz
India Raises Gold Import Tax to Moderate Demand
January 25, 2013-- India has raised taxes on gold imports to dampen the country's huge appetite for the yellow metal. The country's massive imports of gold-the highest in the world-are straining India's finances.
Shobha Dhir will marginally cut back on the gold jewelry she plans to make for her daughter’s wedding later this year. Prices of the precious metal jumped by 13 percent last year, and a recent hike in taxes on imported gold will make the earrings, bangles and necklaces she plans to buy even more expensive.
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Source: VOA
China Approves 5 Foreign Banks as First Batch of QFIIs to Trade Stock Index Futures-Sources
January 25, 2013--China has approved five foreign banks as the first batch of international investors to trade the country's stock index futures, people familiar with the situation said Friday, in a widely anticipated move that for the first time offers a tool for such investors to hedge against share price fluctuations.
The five banks, which are members of China's so-called Qualified Foreign Institutional Investors scheme, include Morgan Stanley ( MS ), UBS AG ( UBS ) and BNP Paribas, said the people, who declined to be named.
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Source: NASDAQ OMX
MUTB appointed trustee for Nomura's first ETN-JDR foray
January 24, 2013--Tokyo Stock Exchange (TSE) has publicly announced the listing approval of four new Exchange Traded Notes (ETNs) created by Nomura Europe Finance NV (NEF) in the form of Japanese Depositary Receipts (JDRs).
Mitsubishi UFJ Trust and Banking Corporation (MUTB) has been appointed by NEF as trustee for its JDR programme. According to TSE’s announcement, the ETN-JDRs will be listed on Monday, February 18, 2013.
JDRs are negotiable securities, which indicate ownership of shares issued by foreign companies. They are listed and traded on the Japanese Stock Exchange. JDRs make it easier to distribute foreign stocks, bonds and exchange-traded funds (ETFs) within Japan.
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Source: Asia Asset Magazine
PCF files published for new ETFs on the TSE website
January 24, 2013--Beginning Feb 4, 2013, Tokyo Stock Exchange, Inc. (TSE) will calculate and publish the real-time Indicative Net Asset Value (Indicative NAV) per share
on the TSE website for the below Exchange Traded Funds (ETFs) listed on the Osaka Securities Exchange.
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Source: Tokyo Stock Exchange (TSE)
TSE to expand its coverage of Real-Time Dissemination of "TSE Indicative NAV" (ETN)
January 24, 2013--Beginning Feb 18, 2013, Tokyo Stock Exchange, Inc. (TSE) will add ETNs below to the list of the real-time Indicative Net Asset Value (Indicative NAV) per share calculation and publication.
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Source: Tokyo Stock Exchange (TSE)
HKMEx Adopts 999.9 Purity for Physically Delivered Gold
Move to Asian standard to enhance contract use, market liquidity
January 24, 2013--The Hong Kong Mercantile Exchange (HKMEx), China's global marketplace, announces today that it will revise its USD gold futures contract to adopt a minimum fineness of 999.9 for physical delivery.
The move to a minimum delivery fineness of 999.9 – from the 995 standard – will apply to all gold delivery months from April 2013 and onward, effective immediately. Contracts with delivery months prior to April are not affected, and other contract specifications will remain unchanged. A fineness of 999.9 indicates a minimum purity of 99.99% pure gold in every kilo-bar, which is the world’s most widely traded small gold bar. Gold kilo-bars conforming to 999.9 are the most common bar in Hong Kong and much of Asia.
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Source: Hong Kong Mercantile Exchange (HKMEx)
South Korea's growth rate hits three-year low
January 23, 2013--South Korea's growth rate has hit a three-year low, hurt by a slowdown in exports and corporate investment.
The economy grew by 2% in 2012, the central bank's initial estimates showed. That is down from 3.6% in 2011.
South Korea's exports, which account for almost half of its overall output, have been hurt by a slowdown in key markets such as the US and eurozone.
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Source: BBC News
India plans to mobilise ETF gold through deposit scheme changes
India's government announces steps to unfreeze gold physically held by mutual funds under gold exchange traded funds (ETF), by allowing them to invest in gold deposit schemes of banks.
January 22, 2013--Even as the Indian government has appealed to the people to moderate their demand for gold, and raised the import duty to 6% from 4% earlier, it has linked the gold deposit and ETF scheme in a bid to unfreeze part of the gold held in exchange traded funds.
The move could prove to be a huge positive for gold ETFs that have been allowed to lend a portion of their gold deposits. Investor sentiment is also bound to increase in gold-linked financial products.
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Source: MoneyWeb
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