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SFC to adopt new short-position reporting regime
March 4, 2010--In a set of consultation conclusions released today, the Securities and Futures Commission (SFC) announced that after taking into account industry feedback and the domestic market situation, it will introduce a short-position reporting regime to enhance transparency of short-selling activities in Hong Kong.
The SFC received 21 responses from market participants to its 31 July 2009 consultation paper on increasing short-selling transparency which discussed two possible approaches: enhancing the existing transactional reporting regime and implementing a new short-position reporting model.
“A build-up of large short positions may be potentially disruptive to market stability,” said the SFC’s Chief Executive Officer Mr Martin Wheatley. “A short-position reporting regime will not only complement Hong Kong’s robust short-selling regulatory framework but will also provide a more complete picture of short-selling activities in our market.”
Under the proposed regime, the reporting obligation will be triggered if a short position is equal to or exceeds, 0.02% of the issued share capital of a listed company, or a market value of $30 million, whichever is lower. Weekly reports must be submitted to the SFC until the short position falls below both trigger levels. The SFC will publish aggregated short positions of each stock on an anonymous basis a week later.
The proposed short-position reporting regime will only be applicable to constituent stocks of the Hang Seng Index, the H-shares Index, financial stocks and other stocks specified by the SFC. Derivatives will not be included.
The new reporting model will be implemented by a new subsidiary legislation, on which the SFC will be consulting the public in due course.
view the Consultation Conclusions on Increasing Short Position Transparency
Source: Securities and Futures Commission (SFC)
DB Index Research -- Weekly ETF Reports - Asia-Pacific
March 3, 2010--Highlights
Market Overview
There are 205 equity based ETFs in the Asia Pacific region with 280 listings across 12 countries and 15 exchanges. Japan has the largest market share by AUM accounting for 41.16% of the whole market, whilst China has the largest market share by turnover with 42.33%.
There were eight new listings in the last week. Deutsche Bank AG listed six new ETF on Hong Kong Stock Exchange. Samsung Investment Trust Management and Nikko Asset Management listed one new ETF each on Korea Stock Exchange and Tokyo Stock Exchange, respectively.
All the new listings were Primary listings except those issued by Deutsche Bank AG.
Turnover
Monthly average daily turnover declined 7.1% in the last week. Turnover for the previous week was USD 807m. The largest ETF by turnover was the China 50 ETF issued by China Asset Management with USD 202m accounting for 25.1% of total turnover.
Assets Under Management
AUM declined 2.8% in the previous week. AUM as of March 1st were USD 58.9bn. The largest ETF by AUM is the TOPIX ETF managed by Nomura Asset Management with AUM of USD 6.1bn.
To request a copy of the report
Source: Aram Flores and Shan Lan -DB Index Research
Shanghai exchange aims to launch overseas ETFs soon
March 3, 2010--The Shanghai Stock Exchange will launch trading of exchange traded funds (ETFs) based on overseas stock indexes as soon as possible, the exchange's chairman Geng Liang said on Thursday.
In January, the exchange's president Zhang Yujun said the Shanghai exchange aimed to launch an ETF based on Hong Kong-based H shares this year,
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Source: Reuters
Publication of the Revision on the Designation of the International Financial Reporting Standards for their Voluntary Application in Japan
March 3, 2010--The Financial Services Agency (FSA) completed the public consultation and updated the list of Designated International Financial Reporting Standards (IFRSs), allowing all IFRSs and International Financial Reporting Interpretations Committee (IFRIC) interpretations approved and issued by the International Accounting Standards Board (IASB) on or before December 31, 2009, to be used in the voluntary application of IFRS in Japan by certain Japanese listed companies (“Specified Companies”) starting from the consolidated fiscal years ending on or after March 31, 2010. During the public consultation period, the FSA received 6 sets of comments, which did not oppose to the proposed list of Designated IFRSs, and the FSA has decided to update the list of Designated IFRSs as proposed.
1. Background
On December 11, 2009, the FSA published a set of revised Cabinet Office Ordinances for the voluntary application of IFRS in Japan. With this revision, Japanese listed companies which meet certain requirements (“Specified Companies”) will be given the option to prepare their consolidated financial statements, starting from the consolidated fiscal years ending on or after March 31, 2010, by applying IFRSs designated by the Commissioner of the FSA through public notice.
(Note) The Commissioner of the FSA will designate and publish in the Official Gazette, those IFRSs published by the IASB which are recognized as having been approved and issued through fair and reasonable due process and are expected to be considered as being fair and appropriate financial reporting standards from the viewpoint of investor protection and market integrity in Japan (“Designated IFRSs”). The official designation is preceded by a public consultation process to listen to a wide range of stakeholders and reflect their views in the decision making. On December 11, 2009, the Commissioner of the FSA designated after such public consultation the entire IFRSs and IFRIC interpretations approved and issued by the IASB, on or before June 30, 2009.
The FSA put under public consultation the draft of the revised Regulatory Notices, etc. from January 20 to February 22, 2010, with an intention to update the list of Designated IFRSs for their voluntary application in Japan.
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Source: FSA.go.jp
BlackRock to beef up ETFs in Japan - Nikkei
March 1, 2010--BlackRock Inc (BLK.N) plans to broaden its lineup of exchange-traded funds as part of efforts to expand its Japanese operations, the Nikkei business daily said citing an interview with the chief executive of the U.S. asset management company.
Last December's acquisition of Barclays Global Investors -- including its iShares ETF brand -- has prepared BlackRock to broaden its product lineup and better meet clients' needs, Chief Executive Laurence Fink told the Nikkei.
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Source: Reuters
ETF Landscape: China ETFs Industry Review - Year End 2009
March 1, 2010--At the end of 2009 there were 53 ETFs globally tracking Chinese benchmarks with US$32.3 Bn in assets under management from 28 providers on 21 exchanges around the world. The United States has the highest concentration of Chinese ETF AUM with US$12.47 Bn in 21 ETFs, followed by Hong Kong with US$9.97 Bn AUM in 12 ETFs, and China with US$5.87 Bn AUM in eight locally domiciled ETF
There are now 20 ETFs with US$14.4 Bn tracking A share indices listed in Hong Kong and Singapore.
visit Blackrock for more information
Source: ETF Research and Implementation Strategy Blackrock
China Pledges Stable Yuan to Help Ailing Exporters
February 26, 2010--China reaffirmed its determination on Thursday to hold down the yuan's exchange rate to help its beleaguered exporters.
Beijing is under pressure, especially from the United States and the European Union, to let the currency rise to relieve their own exporters and so reduce their big trade deficits with China.
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Source: Reuters
Nomura raises $3bn in first dollar bond sale
February 26, 2010--Nomura has sold $3bn worth of bonds in its first dollar-denominated offering and the biggest by a Japanese financial institution in nearly four years as it seeks to raise its profile as an investment bank.
The brokerage, which in 2008 bought Lehman’s Asian and European operations , is trying to diversify funding sources. It sold €1.2bn ($1.6bn) of bonds in Europe last December.
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Source: FT.com
DB Index Research -- Weekly ETF Reports - Asia-Pacific
February 25, 2010--Highlights
Market Overview
There are 204 equity based ETFs in the Asia Pacific region with 269 listings across 12 countries and 15 exchanges. Japan has the largest market share by AUM accounting for 39.97% of the whole market, whilst China has the largest market share by turnover with 44.36%.
There were six new listings in the last week. Deutsche Bank AG listed one new Equity ETF and three new Fixed Income ETFs on Singapore Stock Exchange. Nomura AM and Mizuho AM listed one new commodity ETF each on Osaka Stock Exchange, Japan. All the new listings were Primary listings.
Turnover
Monthly average daily turnover remained at about the same level in the last week. Turnover for the previous week was USD 869m. The largest ETF by turnover was the China 50 ETF issued by China Asset Management with USD 230m accounting for 26.5% of total turnover.
Assets Under Management
AUM rose 1.2% in the previous week. AUM as of Feb 22nd were USD 60.6bn. The largest ETF by AUM is the TOPIX ETF managed by Nomura Asset Management with AUM of USD 6.2bn.
To request a copy of the report
Source: Aram Flores and Shan Lan -DB Index Research
India May Grow 8.2% Next Year, Allowing Stimulus Exit
February 25, 2010-- India’s economic growth may surpass 8 percent in the coming financial year, Finance Ministry projections showed, allowing scope for a reduction in stimulus measures that would help the nation restrain its debt burden.
“The economy has posted a remarkable recovery from the global recession,” according to the annual Economic Survey prepared by officials advising Finance Minister Pranab Mukherjee, released in New Delhi today. “The recovery creates scope for a gradual rollback, in due course, of some of the measures undertaken over the last 15 to 18 months.”
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Source: Bloomberg
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