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India raises rates to curb inflation
November 2, 2010--India has delivered its sixth interest rate rise of the year, as it fears that a new round of quantitative easing in developed economies could flood emerging markets with fresh capital inflows, putting further pressure on fast-rising consumer prices.
However, the central bank also said the likelihood of further rate actions in the immediate future would be relatively low, signalling a move to greater monetary policy stability.
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Source: FT.com
China Securities Depository And Clearing Corporation, Shanghai Stock Exchange, Shenzhen Stock Exchange Arrange For Banks To Trade Bonds On Stock Exchanges
October 29, 2010--In line with the “Notice of Relevant Issues Concerning Listed Commercial Banks’ Pilot Trading of Bonds on Stock Exchanges”, the China Securities Depository and Clearing Corporation Limited (SD&C), the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE) made arrangements for relevant issues concerning bonds trading of listed commercial banks on the SSE and the SZSE in the pilot period by jointly issuing on October 28 the “Notice of Relevant Issues Concerning Bonds Trading of Listed Commercial Banks on Stock Exchanges in Pilot Period”.
According to the notice, commercial banks, accessible to bonds market on the stock exchanges for bonds trading at the auction system, are required to take the self-regulatory management of stock exchanges in addition to providing applications, basic information registration forms and other documents before obtaining the trading qualifications. Meanwhile, they should make technical preparations for bonds trading by opening their communication lines in light of the technical specifications required by the stock exchanges.
During the pilot period, commercial banks can conduct spot trading of treasury bonds, enterprise bonds and corporate bonds or other products approved by regulatory authorities at the auction system of the stock exchanges.
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Source: Mondovisione
Investors to Benefit From Equities Investment in High Growth Economies of Next 10 Years with a View to 2050
New Launch of Open-end Investment Trust: Nikko Next 10 Years Global Equity Open
October 29, 2010--Nikko Asset Management Co., Ltd. (Nikko AM) (Timothy F. McCarthy, Chairman & CEO) announced today that it will launch a new open-end investment trust, Nikko Next 10 Years Global Equity Open and will begin its management on November 12.
Nikko Cordial Securities Inc. will start to accept applications for the
fund on November 1.
In September of this year, Nikko AM developed two closed-end funds with identical investment strategies as this Nikko Next 10 Years Global Equity Open investment trust. As a result of the extensive and well-received response to the product concept of investing in the equities of countries expected to display high economic growth in 40 years time, those two funds were launched with a combined subscription of approximately JPY65 billion. Upon receiving numerous requests for an open-end fund with the same concept during the initial subscription period for the two closed-end investment trusts, Nikko AM decided to launch this open-end investment trust.
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Source: Nikko AM
3 New ETFs launched by Nikko Asset Management
October 29, 2010--Nikko Asset Management has launched three new ETFs which began trading. With the addition of these three ETFs, Nikko AM has now a total of 17 ETFs in its line-up.
The Listed Index Fund US Equity tracks the S&P 500 index. It is the first S&P 500-linked ETF listed on a stock exchange in Japan.
The Listed Index Fund China H-share is linked to mainland Chinese companies listed on the Hong Kong Stock Exchange. Just like investing directly in China A-shares, this ETF will allow investors to capture the movements of stock prices of mainland Chinese companies.
The Listed Index Fund S&P CNX Nifty Futures invests in futures contracts based on a popular Indian equity index.
Source: Asia Online
Assets under management at ETFs to continue 10% growth
October 28, 2010-Assets under management at exchange-traded funds (ETFs) have grown 10 per cent in Singapore this year, as investors look to bet on regional or global indices through these investment vehicles.
ETFs that rise or fall when an index goes up or down are cheaper than mutual funds because investors do not have to pay for a fund manager's expertise in picking stocks.
Analysts see this growth continuing at the same pace in the years ahead as awareness around ETFs grows.
And as Asia currently makes up only 10 per cent of the global US$1 trillion in assets in such funds, providers are ramping up their offerings.
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Source: Channel News Asia
DB Global Equity Index & ETF Research: Asia Pacific ETP Market Weekly Review
October 26, 2010--Market Overview
There are 240 equity based ETFs in the Asia Pacific region with 333 listings across 12 countries and 15 exchanges. Japan has the largest market share by AUM accounting for 40.1% of the whole market, whilst China has the largest market share by turnover with 38.88%.
There was one new listing on the previous week. MAPS Investment Man Co launched a new Equity fund listed on the Korea Stock Exchange.
The objective of this new product is to track the performance of the stocks that compose Nasdaq 100.
Turnover
Monthly average daily turnover rose 10.2% in the last week. Turnover for the previous week was USD 1,204m. The largest ETF by turnover was the iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker issued by BlackRock with USD 252m accounting for 20.9% of total turnover.
Assets Under Management
AUM remained at about the same level as the previous week. AUM as of Oct 22nd was USD 77.7bn. The largest ETF by AUM is the TOPIX ETF managed by Nomura Asset Management with AUM of USD 10.4bn.
To request a copy of the report
Source: DB Global Equity Index & ETF Research
HKEx: Changes Of Designated Securities For Short Selling
October 25, 2010--The Stock Exchange of Hong Kong Limited, a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), announces that with effect from 29 October 2010 (Friday), 47 additional securities will be eligible for short selling and 18 existing designated securities will be removed from the list. The total number of designated securities for short selling will be 633 after 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: Stock Exchange of Hong Kong Limited
India warned over capital inflow risks
October 25, 2010--Economists are warning that New Delhi may be underestimating the risks of excessive capital inflows, as huge foreign portfolio investment into India has helped push both the stock market and the rupee to pre-crisis levels.
Since January, India’s equity and bond markets have attracted a record $33.8bn in foreign funds on the back of the country’s robust economy, which grew 8.8 per cent year-on-year in the second quarter. However, during the same period foreign direct investment – which tends to be more long-term than inflows into the stock market – dropped 35 per cent, down to Rs637bn ($14.4bn) from Rs976bn.
“India’s dependence on foreign capital to grow its economy is a limiting factor,” said Ridham Desai, India equity strategist for Morgan Stanley. “What seems more critical to us is the mix of capital flows, which still are skewed toward capital market sources rather than foreign direct investment.
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Source: FT.com
ASX and SGX combine to create the premier international exchange in Asia Pacific - the the heart of global growth
October 25, 2010--ASX Limited (ASX) and Singapore Exchange (SGX) today announced that they have entered into a merger implementation agreement to combine to enable customers globally to
capitalise on listing, trading, clearing and settlement opportunities created through the expanded platforms, leveraging on the importance of Asia Pacific as the driver of global growth.
This combination will bring together the complementary businesses of two successful exchanges in the Asian time zone, with internationally recognised regulatory standards. The combination leverages the strengths of ASX through its listings, stock options and fixed income franchises, with SGX, the Asian gateway for international listings, equity futures and OTC clearing, to create the region’s pre-eminent exchange group.
The combined group will augment Australia’s financial market and funds management industry through direct participation in Asian growth, and increase ASX’s and SGX’s competitiveness in a changing global markets landscape. As proven platforms for raising capital and managing price risk for the resource sector, ASX and SGX will build on existing distribution and clearing capabilities, and intend to play an important role in establishing price discovery for global commodities in Asia Pacific.
The combined exchange group, ASX-SGX Limited, will have pro forma revenues of approximately US$1.1 billion and pro forma earnings before interest and income tax of approximately US$700 million, based on the audited financial statements of ASX and SGX, each for the financial year ended 30 June 2010 (“FY2010”).
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Source: World Federation of Exchanges (WFE)
HKEx Announces Market Makers, Margin Rates and Information Vendors’ Access Codes for Dividend Futures
October 25, 2010--Hong Kong Exchanges and Clearing Limited (HKEx) has announced market makers, margin rates and information vendors’ access codes for HSI Dividend Point Index Futures (HSI Dividend Futures) and HSCEI Dividend Point Index Futures (HSCEI Dividend Futures), which have received regulatory approval and will begin trading in HKEx’s derivatives market on Monday, 1 November 2010.
Market Makers
HKEx has appointed BNP Paribas Futures (Hong Kong) Ltd, Goldman Sachs Futures (Asia) Ltd and SG Securities (HK) Ltd as market makers for HSI Dividend Futures and HSCEI Dividend Futures to facilitate trading in the new contracts.
Market makers will be quoting prices continuously for at least 70 per cent of the time in a calendar month with a bid / offer spread of not more than 30 points or 10 per cent of the bid price for at least 50 contracts in all listed contract months, or responding to quote requests for at least 70 per cent of the total quote requests in a calendar month within 20 seconds, with a display of at least 10 seconds.
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Source: Hong Kong Exchanges and Clearing Limited (HKEx)
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