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Immediately Executable Price Range Rule/ Price Limits/ Circuit Breaker Rule
February 21, 2011--From the viewpoint of preventing sudden price fluctuations, such as caused by erroneous orders, a rule is established to temporarily halt trading, when an order placed will trade beyond a set price range from the last traded price (hereinafter referred to as "Immediately Executable Price Range Rule").
The following range from the last traded price in the auction market (excluding trades from Strategy Trading) for each category as listed below. However, if there is no last traded price during the same trading day, the reference price for daily price limits shall be the base price for the Immediately Executable Price Range Rule.
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Source: Osaka Securities Exchange
Shanghai stocks touch 3-month high
February 21. 2011--Shanghai stocks hit a three-month high on Monday on gains for technology and resource stocks while India’s equity market extended a recovery from its recent inflation-induced correction.
The FTSE Asia-Pacific index edged back slightly by 0.1 per cent to 268.37 as political tensions across North Africa and the Middle East led to investor caution elsewhere?in?the?region.
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Source: FT.com
TOCOM to change Nikkei-TOCOM Commodity Index Futures contract specification
February 18, 2011--TOCOM will revise the contract specification of Nikkei-TOCOM Commodity Index Futures contract (TOCOM NEXT) for the reasons outlined below:
Since the launch on March 23rd, 2010 on a trial basis(*) of the Nikkei-TOCOM Commodity Index Futures, the market price (closing price) and the Settlement Index Point based on the actual Index value (theoretical price) have been constantly diverging, resulting in frequent additional margin calls on the first mark-to-market when a new position is taken,
or triggering loss-cut orders immediately after the opening of a Day Session where the market price diverged again from the daily Settlement Index Point.
These problems have deteriorated trading volume and market liquidity of the contract, and TOCOM concluded that if they were to be left unsolved, the risk of unforeseeable loss would continue to rise as liquidity further aggravates.
In order to ameliorate these problems, and to fulfill our function as a public utility to provide investment and hedging tools against inflation, TOCOM has concluded that a drastic reform is necessary for the Nikkei-TOCOM Commodity Index Futures contract.
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Source: TOCOM
Tokyo Commodity Exchange: Important Contract Specification Changes Affecting Nikkei-TOCOM Commodity Index Future
February 18, 2011--In response to deteriorating market liquidity of the Nikkei-TOCOM Commodity Index Futures. TOCOM will change the contract specification of the contract (For details, click here), replacing the Contract Day Transaction (i.e: a contract without expiry) by an ordinary type of futures contract
(futures contract with expiry), provided that said change be approved by the Minister/Ministry of Economy, Trade and Industry of Japan.
As a consequence of this change, the Contract Day Transaction will be terminated at 15:30 on February 29th, 2012, with all remaining positions closed as they are settled against Settlement Index Point for the day.
In this regard, customers who have outstanding positions, or plan to trade Nikkei-TOCOM Commodity Index Futures, are strongly advised to be aware of the following points and take necessary actions when appropriate.
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Source: TOCOM
HKEx: Changes of Designated Securities For Short Selling
February 18, 2011--The Stock Exchange of Hong Kong Limited, a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), announces that with effect from 25 February 2011 (Friday), 70 additional securities will be eligible for short selling and 17 existing designated securities will be removed from the list.
The total number of designated securities for short selling will be 698after the revision.
The securities to be added to the list of designated securities and the securities to be removed from such list are shown in the attachment. The revised list of all designated securities is also available on the HKEx website.
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Source: HKEx
Trading Fee Free Campaign of Single Stock Options Trading in Auction Market
February 18, 2011--TSE has decided that there will be no trading fees for the auction market for single stock options beginning March 2011 for the time being.
From March, online securities brokers will begin handling single stock options transactions, thus creating an environment in which an even more diverse range of investors.
We hope users will take advantage of this excellent opportunity to trade single stock options.
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Source: TSE
DB Index Research -- Asia-Pac ETF+ Monthly Directory : January 2011 ETPs
February 17, 2011--This document includes all Asia-Pacific listed exchange-traded funds (ETFs) and exchange-traded commodities (ETCs). The directory is organized by country and asset-class-related sub sections. Within each sub section it has been sorted by ETP issuer by alphabetical order and by AUM in descending order.
A number of key information per product has been included in order to enable the reader to get an overview in their respective area of interest. Among the key numeric information we include avg. daily turnover, assets under management, and cash flows (all in $US). If you have any questions for any of the products listed, or any suggestions on how to improve the directory going forward, please do not hesitate to get in touch.
To request a copy of the report
Source: Deutsche Bank Global Equity Index & ETF Research
Gold ETFs likely to see higher inflows: Crisil
February 16, 2011--The demand for gold ETFs (exchange traded funds) seems to be following the footsteps of its global counterparts with the count of retail folios having grown four times to 0.24 million between March 2009 and September 2010 and the total assets under management (AUM) having more than doubled to Rs 3581 Crore in January 2011compared to a year ago.
Given the outlook of higher inflation, this demand is likely to rise further and hence Gold ETF must be a part of the retail investors’ portfolio says a Crisil report.
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Source: Crisil
DB Index & ETF Research: Asia-Pac ETF Market Weekly Review :Turnover Picks Up, After the Break
February 16, 2011--Market Review
Local Markets within the region processed the same information in diverse ways as they came out of the Lunar New Year celebrations. Right after the break, the PBOC raised the key interest rate by 25 bps, reaffirming the inflationary concerns in China. Some markets such as the ones in Korea (KOSPI 200) and Hong Kong (HIS) picked the news on the downside losing 4.8% and 4.5% during the week, respectively.
While others such as those in Japan (Nikkei 225) and Australia (S&P/ASX 200) remained indifferent rising by 0.59% and 0.37% in the same period, respectively. The Chinese market processed an overall net positive load of economic news, pushing the A-Share market to the upside (FTSE China A50, 0.75%; CSI 300, 1.42%).
There were no new listings in the Asia-Pac ETP markets. Total ETPs available in the region stand at 294, with 85% represented by equity products, and the remaining 15% distributed, mainly between Commodity and Fixed Income products.
Turnover Review: Activity comes back as markets return from the break
On exchange activity increased as most of the markets came fully back from the Lunar New Year break, total ETP weekly turnover was up by 72% as compared to the previous week, totaling $4.4 bn, a bit lower (-8%) than last year’s weekly average, although still suggesting a significant increase in activity considering that China (the most active market by turnover) was closed for two days. Equity ETPs activity rose by 76%, totaling $4.3 bn.
With the Chinese mainland market partially open for the week, the Hong Kong market took the first place with a weekly turnover total of $1.9 bn, followed by the Chinese with $760 mm.
Asset Under Management Review
Mixed market sentiment in the region and a rising US dollar shaved $1.2 bn in assets at the bottom line, shrinking the industry AUM by 1.4%. On a week over week basis, this week’s assets sat at $84.1 bn vs. $85.3 bn in the previous week. Year to date, assets are practically flat, just $76 mm below last year’s close.
To request a copy of the report
Source: Deutsche Bank Global Equity Index & ETF Research
China’s consumer price index hits 4.9%
February 15, 2011--Chinese inflation exceeded the government’s target in January despite a lower-than-expected increase in food prices, underlining the pressure on policymakers to continue tightening monetary policy.
The consumer price index rose 4.9 per cent last month compared with a year earlier, up from 4.6 per cent in December. The result remains stubbornly above Beijing’s official inflation target of 4 per cent and included the highest increase in non-food prices in recent years.
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Source: FT.com
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