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ETFs tap A-share demand
July 20, 2010--Two financial firms have launched new products with A shares as the underlying assets to tap Hongkongers' huge appetite for mainland stock investments.
iShares introduced two A-share consumer exchange- traded funds yesterday, offering customers more investing opportunities in the booming mainland consumer market.
The two ETFs have attracted subscriptions with assets under management of up to US$105 million (HK$819 million), according to iShares, which is managed by New York-based investment firm BlackRock.
Trading of the new products - iShares CSI A-share Consumer Discretionary Index ETF and iShares CSI A-share Consumer Staples Index ETF - will begin on the local bourse today.
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Source; The Standard
Tokyo Stock Exchange Begins Calculation And Publication Of The "TOPIX And TOPIX Core30 Dividend Index"
July 20, 2010--Tokyo Stock Exchange, Inc. (TSE) will begin calculation and publication of the “TOPIX Dividend Index” and “TOPIX Core30 Dividend Index” on July 22, 2010. The indices indicate, in points, the amount of dividends to be obtained if the component stocks of TOPIX or TOPIX Core30 were held during the index calculation period.
Additionally, TSE also plans to list futures whose underlyings are these new indices, as well as the Nikkei
Dividend Index on July 26, 2010.
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Source: Tokyo Stock Exchange (TSE)
India says farms key to matching China
July 20, 2010--Improving India’s rural economy is the key to matching China’s economic growth rate of 10 per cent, Indian financial policymakers said on Tuesday.
Speaking at a meeting on growth strategy over the next four years, K.M. Chandrasekhar, the government’s cabinet secretary, said reaching double-digit growth was “largely contingent” on the farm sector’s achieving 4 per cent growth.
Particular attention, he said, was needed to secure higher productivity in India’s eastern states, Bihar and Jharkhand. Last year, a severe drought led to a contraction in farm output.
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Source: FT.com
China denies IEA claim on energy consumption
July 20, 2010--China on Tuesday dismissed claims that it was the world’s largest energy consumer, calling the latest estimates from the International Energy Agency “not very credible”.
The energy watchdog disclosed on Monday that China had overtaken the US in energy consumption, according to preliminary estimates.
The news – and China’s quick reaction – underlines the sensitivities that surround China’s thirst for energy, particularly as the government struggles to meet ambitious efficiency targets by the year’s end.
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Source: FT.com
Shanghai Applies to China Central Bank to Offer Gold Exchange Certificates
July 16, 2010--The Shanghai Stock Exchange has submitted a proposal to China’s central bank for introduction of a gold exchange certificate developed with the Shanghai Gold Exchange, said Liu Ti, an official with the stock exchange.
The gold exchange certificates, designed for institutional investors such as insurers and mutual funds, would be traded on the Shanghai exchange, Liu, director of the Shanghai Stock Exchange’s innovation department, said at a Guosen Securities Co. conference in the city of Qingdao today. They would be sponsored by the gold exchange instead of a fund as China prohibits mutual funds from investing in gold, Liu said.
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Source: Bloomberg
ICICI Prudential MF launches Gold ETF
July 16, 2010--ICICI Prudential Mutual Fund on Friday launched its open-ended exchange traded fund – ICICI Prudential Gold Exchange Traded Fund.
The investment objective of the fund is to provide investment returns that, before expenses, closely track the performance of domestic prices of Gold derived from the London Bullion Market Association fixing prices.
According to a press release, Gold ETF costs are lower than buying, storing and insuring physical gold and the units can be bought and sold on the major exchanges like the NSE or BSE.
"The Gold ETF will allow investors to participate in the future potential of this asset classes with convenience and create a holistic financial portfolio for themselves," ICICI Prudential AMC, Managing Director, Nimesh Shah said.
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Source: NDTV Profit
Chinese economy starts to cool down
July 15, 2010--The Chinese economy grew at 10.3 per cent in the second quarter over the year before, down from the previous three months as government efforts to cool the housing market and infrastructure investment began to bite.
The comparable first quarter figure was 11.9 per cent, when many economists feared China was close to overheating. For the first half of the year, the economy expanded by 11.1 per cent.
Although the slowdown was expected, other figures on Thursday suggested the economy could be cooling more quickly than forecast, including a drop in the expansion of industrial production to 13.7 per cent in June, year on year, from the 16.5 per cent increase in May.
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Source: FT.com
Bursa Malaysia Invites Feedback On Proposals Aimed To Enhance Levels Of Disclosure And Governance Practices
July 15, 2010--Bursa Malaysia today published two consultation papers seeking public feedback on proposals that are aimed to promote further transparency, quality and efficiency of the Malaysian capital market.
The first paper seeks feedback on various proposed amendments to its Listing Requirements (LR) on the listed issuers' disclosure obligations, corporate governance practices and other obligations (Consultation Paper No. 3/2010). The second paper is on the proposed Corporate Disclosure Guide which seeks to provide clarification and guidance on the listed issuers' disclosure obligations under the LR (Consultation Paper No. 4/2010).
Selvarany Rasiah, Chief Regulatory Officer of Bursa Malaysia said, "The proposed amendments are part of the Exchange's on-going efforts to enhance the regulatory framework for listed issuers to ensure the competitiveness and attractiveness of Bursa Malaysia as a listing and investment destination. Maintenance of market integrity remains our key focus in formulating the proposed amendments, and in so doing, we strive to strike a careful balance between enhancing market regulation and promoting business efficacy."
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Source: Bursa Malaysia
DB Index Research -- Weekly ETP Market Review -- Asia-Pacific
July 13, 2010--Market Overview
There are 225 equity based ETFs in the Asia Pacific region with 313 listings across 12 countries and 15 exchanges. Japan has the largest market share by AUM accounting for 40.87% of the whole market, whilst China has the largest market share by turnover with 36.52%.
Mitsubishi UFJ Asset Management listed four commodity ETFs on Japan's Tokyo stock exchange which track precious metals such as Gold, Silver, Platinum and Palladium.
Turnover
Monthly average daily turnover declined 22.3% compared to Q2 '10 ended June 30, 2010. Turnover for the previous week was USD 780m. The largest ETF by turnover was the iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker issued by BlackRock with USD 150 m accounting for 19.3% of total turnover.
Assets Under Management
AUM declined 4% in the previous week compared to last quarter. AUM as of July 9th was USD 63.3 bn. The largest ETF by AUM is the iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker managed by BlackRock with AUM of USD 7.0bn.
To request a copy of the report
Source: DB Index Research
BNY Mellon Western Fund Management Company
July 12, 2010--The China Securities Regulatory Commission (CSRC) has
authorized BNY Mellon and Western Securities to establish a joint venture fund management company in
China. The new company, BNY Mellon Western Fund Management Company Limited, will be owned by BNY
Mellon (49%) and Western Securities (51%).
BNY Mellon Western Fund Management will initially manage domestic Chinese securities in a range of local
retail fund products. Over time, the venture will develop further products using the scale and expertise of the
broader BNY Mellon group. BNY Mellon Western Fund Management will also focus on leveraging distribution
within the Chinese banking and securities sectors, building awareness of the new company in the region.
Dr. Bin Hu, a former senior executive at BNY Mellon Asset Management, has been appointed chief executive officer of the Shanghai-based venture.
“The Chinese authorities are creating a strong financial market and our commitment to China reflects this, not only in providing a comprehensive suite of solutions from one of the largest global asset managers in the world but also in supporting job creation,” said Jon Little, vice chairman of BNY Mellon Asset Management. “Receiving license approval from the CSRC for our new venture with Western Securities is a major step forward in the development of our business in this very important country.”
Dr. Hu added: “We have very ambitious expansion plans for our new company, which include becoming one of China’s leading QFII advisors through actively pursuing QFII sub-advisory deals with foreign institutional investors and providing access to new products in China.”
Founded in 2001 with registered capital of RMB 1bn, Western Securities is based in Xi’an and has 34 Securities Branches and 20 Securities Services offices throughout China.
Mr. Bohe An, CEO of Western Securities, said: “Opportunities to develop international partnerships here are significantly increasing to the benefit of Chinese investors. We are extremely pleased to join forces with BNY Mellon, one of the world’s strongest financial institutions. I believe we will together, over time, be able to offer a broad range of tailored asset management solutions to investors.”
BNY Mellon Asset Management, BNY Mellon’s asset management arm, was granted a Qualified Foreign
Institutional Investor (QFII) licence by the China Securities Regulatory Commission (CSRC) in November
2009*. The company is currently seeking approval from the State Administration of Foreign Exchange (SAFE)
for an initial investment quota. The approval will allow BNY Mellon Asset Management* to invest in
Renminbi-denominated treasuries and Shanghai- and Shenzhen-listed 'A' shares on behalf of overseas
investors.
Source: BNY Mellon
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