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MAS Reviews Regulatory Requirements for Unlisted Margined Derivatives Offered to Retail Investors
May 28, 2012--The Monetary Authority of Singapore (MAS) has issued a consultation paper on proposed enhancements to the regulatory requirements for unlisted margined derivatives.
2. The proposals aim to address the specific risks posed by unlisted margined derivatives such as contracts for differences (CFDs) and leveraged foreign exchange products (LFX), which are currently available to retail investors. Retail investors who trade in CFDs and LFX are exposed to considerable risks, given the leveraging effect of margin trading on potential losses. The unlisted nature of such products further subjects investors to counterparty risks since they do not trade through an exchange which has a central clearing house to guarantee the settlement obligations to investors. Instead, investors are exposed to the creditworthiness and operational risks of the derivative product dealer. In the event of a default, they may not have recourse to transfer their positions or recover their moneys in their trading accounts.
3.The proposed regulatory enhancements seek to afford better protection to retail investors who participate in the CFDs and LFX markets by addressing specific risks. The proposed measures aim to:
i) Enhance credit risk management by derivative product dealers and mitigate the risk of over-leveraging by retail investors;
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Source: The Monetary Authority of Singapore (MAS)
FTSE Value-Stocks Index Series Extended With New Custom Solutions, to Support Value-Based ETFs Listed by Sensible Asset Management Hong Kong
May 28, 2012--FTSE Group ("FTSE"), the global index provider, announces the licensing of Value Partners Group ("Value Partners"), for its wholly-owned subsidiary, Sensible Asset Management Hong Kong Limited ("SAMHK"), to create a series of country specific Exchange Traded Funds (ETFs).
May 28, 2012--FTSE Group ("FTSE"), the global index provider, announces the licensing of Value Partners Group ("Value Partners"), for its wholly-owned subsidiary, Sensible Asset Management Hong Kong Limited ("SAMHK"), to create a series of country specific Exchange Traded Funds (ETFs). The ETFs will be based on new customised versions of the existing FTSE Value-Stocks Japan, FTSE Value-Stocks Korea and FTSE Value-Stocks Taiwan indices. The licensing forms part of an extended cooperation agreement with Value Partners, and will see the new ETFs listed today on Hong Kong Exchanges and Clearing Limited (“HKEx”).
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Source: FTSE
HKEx Receives Regulatory Approval for Launch of First Exchange-Traded RMB Currency Futures Settled in RMB
May 28, 2012--Hong Kong Exchanges and Clearing Limited (HKEx) has received approval from the Securities and Futures Commission to offer Renminbi (RMB) currency futures and plans to introduce them in the third quarter of this year, subject to market readiness. They will be the first exchange-traded currency futures settled in RMB.
HKEx's RMB currency futures will require delivery of US dollars (USD) by the seller and payment of the Final Settlement Value in RMB by the buyer at maturity. Contracts will be quoted in RMB per USD (for example, RMB 6.2500 per USD) and margined in RMB, with the trading and settlement fees charged in RMB. The final settlement price of the contracts will be based on the spot USD/CNY(HK) fixing published by the Treasury Market Association (TMA) at 11:15 am on the Last Trading Day* (the fixing is available on TMA’s website). The contract specifications are attached below.
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Source: HKEx
2012 List of Shariah-compliant Securities by SC's Shariah Advisory Council
May 25, 2012--Securities Commission Malaysia has published the 2012 List of Shariah-compliant Securities by SC's Shariah Advisory Council.
view 2012 List of Shariah-compliant Securities by SC's Shariah Advisory Council
Source: Securities Commission Malaysia
China's manufacturing sector weakens
May 25, 2012--A widely-watched measure of Chinese manufacturing Thursday showed activity weakened further in May.
HSBC Corp. said its preliminary Purchasing Managers Index, based on responses by 85 to 90 per cent of Chinese manufacturing companies in its sample, fell to 48.7 from April's 49.3 on a 100-point scale.
Numbers below 50 indicate a contraction.
The weak showing came a day after China's cabinet promised to step up efforts to reverse a steep slowdown in the world's second-largest economy and said it would encourage private investment in energy and other state-dominated industries.
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Source: CBC.ca
Goldman Said to Plan Private REIT to Buy Japan Properties
May 24, 2012--Goldman Sachs Group Inc. (GS) plans to start a private real estate investment trust with as much as 50 billion yen ($628 million) that will invest in Japan's property market, two people familiar with the situation said.
The asset management arm of Goldman Sachs in Japan will begin the REIT as early as July and plans to expand the fund to 100 billion yen in two years, said the people, who asked not to be identified because the information is private. The REIT will invest in office buildings and some residential and retail properties mainly in the Tokyo metropolitan area, they said
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Source: Bloomberg
Growth in Developing East Asia and Pacific Is Strong But Slowing
Region needs to become less reliant on exports and capture new sources of growth, says World Bank East Asia & Pacific Economic Update
May 23, 2012-Growth remains strong in developing East Asia and Pacific, although it has slowed from its post-crisis peaks. With the global slowdown expected to continue, the region needs to reduce its reliance on exports and find new sources of growth, says the World Bank in its latest East Asia and Pacific Economic Update released today.
According to the report, entitled “Capturing New Sources of Growth,” developing East Asia and Pacific grew by 8.2 percent in 2011 (4.3 percent excluding China), a sharp decline from the nearly 10 percent growth rate recorded in 2010 (7.0 percent excluding China). The region’s performance is still impressive on a global scale. In 2011, growth was about 2 percentage points higher than the developing country average world-wide, and poverty continues to fall.
"The number of people living on less than US$2 a day is expected to decrease in 2012 by 24 million. Overall the number of people living in poverty has been cut in half in the last decade in East Asia and Pacific,” said Pamela Cox, World Bank East Asia and Pacific Regional Vice President. “Despite this success, about one-third of the people in the region, roughly half a billion men, women and children still live in poverty. In an uncertain global environment, more needs to be done to create new sources of growth that provide opportunities for all.”
view the East Asia and Pacific Economic Update: Full Report
Source: World Bank
Harvest Fund Shanghai/Shenzhen ETF to debut Monday
May 22, 2012--Harvest Fund Management Co.'s new exchange-traded fund, one of the first two cross-market ETFs in China, will start trading on the Shenzhen Stock Exchange on Monday, the bourse said Wednesday in a statement.
The Harvest ETF Tracking CSI 300 (159919.SZ), which is referenced to the CSI 300, an index tracking blue-chip stocks in Shanghai and Shenzhen, has raised CNY19.33 billion ($3.06 billion), Harvest said in an earlier statement.
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Source: MarketWatch
IMF Working paper-Surging Capital Flows to Emerging Asia: Facts, Impacts, and Responses
May 22, 2012--Summary: Net capital flows to emerging Asia rebounded at a record pace following the global financial crisis, raising concerns about overheating and financial stability.
This paper documents the size and composition of the most recent surge to Asian emerging markets from a historical perspective and compares developments in the broader economy, asset prices, and corporate variables across the different episodes of strong inflows. We find little evidence of a significant build-up of imbalances and resource misallocation during the most recent surge. We also review country experiences in managing the risks associated with inflows and argue that Asian countries have used regulatory measures during past surges, although there is not strong evidence of their efficacy without supporting monetary and fiscal policies.
view the IMF Working paper-Surging Capital Flows to Emerging Asia: Facts, Impacts, and Responses
Source: IMF
IMF Working paper-RMB Internationalization: Onshore/Offshore Links
May 22, 2012--Summary: Among emerging market currencies, the RMB holds the most potential to become widely used internationally, due to China's large economic size, diversified trade structure and network, macroeconomic stability, and high growth rates-both current and expected.
Yet, foreign access to RMB-denominated assets that could act as global stores of value remains limited due to extensive restrictions on capitals flows. At the same time, the rapid expansion of RMB trade settlement and issuance of RMB-denominated bonds by the Chinese government and corporates in Hong Kong, SAR have created some feedback channels across onshore (CNY) and offshore (CNH) RMB markets. We employed a bivariate GARCH model to understand the inter-linkages between onshore and offshore markets and found that, while developments in the onshore spot market exert an influence on the offshore spot market, offshore forward rates have a predictive impact on onshore forward rates. We also find evidence of volatility spillovers between two markets. Overtime, those spillover channels would be expected to grow as the offshore market further develops.
view the IMF Working paper-RMB Internationalization: Onshore/Offshore Links
Source:IMF
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