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DB-Global Equity Index and ETF Research-Asia-ETF Handbook Series:China ETF Investing
A global guide for China equity access with ETFs
September 25, 2012--Chinese economy faces headwinds, but medium/long term prospects are still attractive.
The Chinese economy is currently experiencing an economic growth slowdown, and market participants around the world wonder whether Chinese authorities will be able to engineer a soft landing for the growth engine of the emerging world.
Deutsche Bank’s Chief Economist for Greater China, Jun Ma, expects a very weak recovery for the Chinese economy. And on the equity market side, while Ma doesn’t expect a significant rebound in the near term, he remains positive on its medium-term outlook based on the market’s attractive valuations. With respect to sectors, he suggests insurance, luxury auto, power, health care and gas distribution.
Chinese regulators continue to open local market to foreign investors Chinese regulators have made significant efforts to keep opening the local market to foreign investors. Most recently they increased the investment quota for QFIIs by US$50bn to US$80bn, and for RQFIIs by RMB 50bn to RMB 70bn. In addition, they reduced QFII eligibility requirements, streamlined review and approval procedures, and relaxed restrictions on the establishment of securities accounts by QFIIs, their investment scope and shareholding ratio.
China ETFs offer multiple and efficient ways to access the market Access to the Chinese equity market can be complex and limited, because of the several share types, multiple listings, currencies, and restrictions. However ETFs have made it easier to access multiple corners of the market, with 132 China-focused products listed in 22 countries and US$38.8bn in AUM. These ETFs offer access to both the on-shore (A/B-share) and the off-shore (e.g. H/N-share/Red/P-chips) market, as well as various sectors, styles, and strategies providing intra-day liquidity to investors around the globe.
The following link will be available for 90 days. For more information, please click on the link for the full PDF. If you have any trouble viewing the link, copy and paste the link in a browser.
http://pull.db-gmresearch.com/p/512-3D43/19912289/ETF_Handbook_Series_xs.pdf
Source: Deutsche Bank - Equity Research - Asia Pacific
Tokyo Stock Exchange has Published The Index Value Of TSE Home Price Index For July
September 25, 2012--TSE has published the index value of TSE Home Price Index for July on September 25, 2012.
The index value of TSE Home Price Index (Used Condominium, Composite of Tokyo Metro Area) is 76.94 points. The index value of TSE Home Price Index (Used Condominium, Tokyo) is 80.79
points. The index value of TSE Home Price Index (Used Condominium, Kanagawa) is 76.39 points.
The index value of TSE Home Price Index (Used Condominium, Chiba) is 65.99. The index value of TSE Home Price Index (Used Condominium, Saitama) is 66.37 points.
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Source: Tokyo Stock Exchange
Shenzhen Stock Exchange Industry Top Index Launched
September 25, 2012--Shenzhen Stock Exchange and Shenzhen Securities Information Co., Ltd. announced that the SZSE Industry Top Index (Code: 399653, Abbreviation: SZSE Industry Top) was launched on September 25 2012, taking June 30 2010 as the base date and 1000 points as the base value.
Industry Top Enterprises refer to representative enterprises that grasp substantial market share and high profitability in the industry. Generally speaking, they are leading players in respect of scale, technology and corporate profitability, and have certain influence and demonstrative effect on industry peers. Thematic investment in industry top enterprises has been prevailing for years in domestic and overseas markets. Its significant advantages have been proven by practical experiences.
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Source: Shenzhen Stock Exchange
ASIC reports on GFC short selling restrictions
September 24, 2012--A review of measures taken at the height of the global financial crisis to temporarily restrict short selling has been released by ASIC, revealing the impact of this action.
In September 2008 ASIC took steps to temporarily restrict covered short selling in the Australian market and to implement an interim reporting system for permitted short sales. As global financial markets experienced severe stress, countries around the world took steps to strengthen their financial systems. There was widespread concern that short selling was contributing to market volatility and putting enough pressure on market confidence to be systematically relevant to the global financial system and economy.
view the Report 302 Short selling: Post-implementation review (REP 302)
Source: ASIC
DB-Global Equity Index and ETF Research-Asia-Pac ETF Market Weekly Review : ETP AUM reduced by $1.7bn amid mixed equity markets
September 24, 2012--Market Review
Last week, the Asia-Pacific region had mixed markets. Compared to the week before, from north to south:
Japan (Nikkei 225) -0.54%
Korea (KOSPI2)-0.61%
China (CSI 300)-5.03%
Hong Kong (HSI) +0.51%
Singapore (FSSTI) +0.25%
Australia (S&P/ASX 200) +0.42%
New Product Launch Review
There was no new ETP listing in the last week.
Turnover Review
Asia-Pacific ETP turnover totaled $6.6bn last week, 8% down from the previous week’s total. South Korea continued to top the turnover ranking with $2.6bn, followed by China ($1.4bn), Hong Kong ($1.3bn), Japan ($0.6bn), and Taiwan ($0.2bn). Among Equity ETFs, the Emerging Country, Leveraged Strategy, Asia-Pacific Developed Country, and Short Strategy ETFs had total turnovers of $3.1bn, $1.4bn, $1.0bn, and $0.6bn respectively. Among the Commodity asset class, turnover in Gold ETPs totaled $159mn.
Assets under Management Review Last week, Asia-Pacific ETP AUM decreased by $1.7bn and ended at $116.5bn. On a year-to-date basis, Asia-Pacific ETP market is up by $25bn or 27.3% above last year's closing.
The following link will be available for 90 days. For more information, please click on the link for the full PDF.
If you have any trouble viewing the link, copy and paste the link in a browser.
http://pull.db-gmresearch.com/p/527-7A89/17347825/Asia-Pac_ETF_Market_Weekly_Review__24_Sept.pdf
Source: Deutsche Bank - Global Equity Index and ETF Research - Asia
Investors pour money into India after reforms
September 24, 2012--As Indian markets rallied strongly after unexpectedly bold government reform measures last week, one word captured the feelings of investors: relief.
Politicians in Asia’s third-largest economy have developed a well-earned reputation for dithering and drift, denting market confidence with a panoply of stalled policies, corruption scandals and disappointing economic data.
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Source: FT.com
DAX licensed to Hua An Asset Management to underlie exchange-traded fund in China
Hua An DAX ETF will be the first ETF based on German blue-chip index available in China
September 20, 2012--Deutsche Börse today announced that the DAX index has been licensed to Hua An Asset Management Co. Ltd., one of the longest running fund management companies in China, to serve as the basis for an exchange-traded fund (ETF).
This is the first time that DAX will underlie an ETF available in China. The CEOs of STOXX Limited and Hua An Asset Management gathered at an official signing ceremony in Shanghai today to mark this occasion.
STOXX Ltd. is the marketing agent for the indices of Deutsche Börse AG and SIX, including the DAX and SMI indices. The firm has recently increased its presence in Asia with the launch of several indices for the region, such as the STOXX Asia Indices and the STOXX China Indices for A-, B- and H-shares, as well as Red Chips.
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Source: Deutsche Börse
Macro Matters-Reverse repo- Not yet effective
September 19, 2012--Since late June, the PBoC has been using reverse repo as a major tool to manage the liquidity level. This is unprecedented as reverse repo in the past was only used during the Chinese New Year to manage the seasonal fluctuation in China.
In theory, reverse repo and RRR cuts are both tools to inject liquidity − despite some different features. But in reality, we see recent reverse repo failed to stabilize interbank market rates, suggesting that it’s not yet as effective as a RRR cut. In this aspect, the PBoC should further enhance its open market operation mechanisms, and the poor performance of A-shares may trigger more easing measures to boost confidence.
Reverse repo has its advantage of flexibility
The most obvious advantage is its flexibility. Most of the reverse repo used in China has maturity of seven or 14 days. On 13 September, reverse repo of 28-day maturity was introduced in the open market too. Compared with a RRR cut, the size and the timing of the reverse repo facilitates more flexible injections of liquidity, particularly when capital inflows are volatile.
But in reality, reverse repo is not yet as effective as a RRR cut in order to stabilize interbank market rates The two RRR cuts done in February and May led to a sustained decline in the interbank market rates. On the contrary, the reverse repo since late June has failed in achieving such objective. Particularly, the 7-day, 14-day, and 28-day SHIBOR rates continued to rise after the recent reverse repo of the same maturity.
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Source: Mirae Asset Financial Group
Chinese exchanges seek foreign funds
September 19, 2012--Chinese financial officials have started a global roadshow to persuade foreigners to invest in the country's stock market, a highly unusual move that reflects concerns that investors are turning their backs on China as its economy slows.
Officials from the Shanghai and Shenzhen stock exchanges are touring Europe, the US and Japan to meet institutional investors, according to three people briefed on the programme.
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Source: FT.com
12-232MR ASIC releases guidance on hedge fund disclosure
September 19, 2012--ASIC has finalised guidance on new disclosure benchmarks and principles for hedge funds to improve investor awareness of the risks associated with these products.
ASIC’s guide, Regulatory Guide 240 Hedge funds: Improving disclosure (RG 240), follows industry consultation earlier this year (refer: 12-30MR) and the Parliamentary Joint Committee on Corporations and Financial Services (PJC) report into the Trio collapse, and is part of ASIC's forward plan of work to improve the conduct of gatekeepers for managed investment schemes and strengthen the regulatory requirements applying to hedge funds.
In the final version of the regulatory guide, there are a number of changes made as a result of submissions received during the consultation, including:
defining ‘hedge funds’ as managed investment schemes which exhibit at least two out of five characteristics: complex investment strategy or structure; use of leverage; use of derivatives; use of short selling; charging a performance fee removal of an independent custody benchmark
simpler fee disclosure more in line with prevailing industry practice, and
view Regulatory Guide 240-Hedge funds: Improving disclosure
Source: ASIC
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