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RBI bars banks, NBFCs from lending against gold exchange traded funds, mutual funds
May 28, 2013--The Reserve Bank of India has said that banks and non-banking finance companies will not be permitted to provide loans against units of gold exchange traded funds and gold mutual funds, with an aim to curtail the demand for the yellow metal.
The banks must also ensure that the weight of gold coins does not exceed 50 grams per customer while giving loans against the security of the specially minted gold coins sold by them, the central bank said in a notification on Monday.
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Source: Contify.com
IMF Mission Completes the 2013 Article IV Consultation Discussions with China
May 28, 2013--At the conclusion of the visit, the mission issued the following statement:
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Despite weak and uncertain global conditions, the Chinese economy is expected to grow at around 7¾ ¾ percent this year. The pace of the economy should pick up moderately in the second half of the year, as the recent credit expansion gains traction and in line with a projected mild pick-up in the global economy.
Inflation is forecast to end the year at around 3 percent, and the external current account surplus is projected to remain broadly unchanged at around 2½ percent of GDP.
Notwithstanding this relatively favorable near-term outlook, China’s economy faces important challenges. In particular, the rapid growth in total social financing—a broad measure of credit-raises concerns about the quality of investment and its impact on repayment capacity, especially since a fast-growing share of credit is flowing through less-well supervised parts of the financial system.
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Source: IMF
DB-Synthetic Equity & Index Strategy-Asia-Pac Weekly ETF Market Review-ETP AUM reduced $2.2bn amid weak equity markets
May 27, 2013--Market Review
Last week, all the major markets in the Asia-Pacific region remained in negative territory except China. Compared to the week before, from north to south:
Japan (Nikkei 225) -3.47%
Korea (KOSPI2) -0.64%
China (CSI 300) +0.20%
Hong Kong (HSI) -2.01%
Singapore (FSSTI) -1.63%
Australia (S&P/ASX 200) -3.81%
New Product Launch Review
Last week, one new product was launched in the Asia-Pacific ETP market. Kyobo AXA Power KTB ETF listed one Fixed Income ETF (176710 KS) on Korea Stock Exchange tracking the KTB Index.
ETP Weekly Cash Flows
The Asia-Pacific ETP flows during last week totaled -$3mn vs. +$341mn (+0.2% of AUM) of outflows for the previous week, setting the YTD weekly flows average at +$303mn (+$6.1bn YTD in total cash flows). Equity ETFs recorded outflow of -$179mn while fixed income ETFs registered inflows of +$175mn. Leveraged equity ETFs witnessed the highest weekly outflows of -$220mn among all the segments. ETPs offering exposure to Japan registered inflows of +$134mn while China witnessed outflows of -$157mn.
Turnover Review
Asia-Pacific ETP turnover totaled $16.5bn for the last week, +35% up from the previous week’s total. Japan continues on the top of the turnover ranking with $7.5bn turnover, followed by China ($3.1bn), South Korea ($2.9bn) and Hong Kong ($2.4bn). Among equity ETFs, Emerging Country, Asia-Pacific developed country, leveraged long and short ETFs had total turnovers of $5.3bn, $4.4bn, $4.2bn and $0.7bn, respectively. Among the commodity asset class, turnover in gold ETPs totaled $99mn.
Assets under Management Review
Last week, Asia-Pacific ETP AUM reduced by $2.2bn, and ended at $151.6bn. On a year-to-date basis, Asia-Pacific ETP market is up by $15.6bn or 11.5% above last year’s closing.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Asia
HSBC: Singapore is to be next offshore renminbi trading hub
May 26, 2013--Singapore could become the next offshore trading hub for the renminbi, according to new research from HSBC China.
The bank speculated that a deliverable renminbi market in Singapore could be available as early as 2012, setting a template for further expansion of the offshore RMB in other jurisdictions.
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Source: International Adviser
Goldman Sachs to Manage ETF of India State-Run Firms
May 24, 2013--India has appointed Goldman Sachs GS +0.83% Asset Management (India) Pvt. Ltd. to create and launch an exchange-traded fund that will raise money from investors and invest in state-run companies, a senior finance ministry official said Friday.
"The finance minister [P. Chidambaram] has cleared the appointment. We have issued a letter to Goldman Sachs," the finance ministry official told The Wall Street Journal.
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Source: Wall Street Journal
MSCI poaches from Credit Suisse, Pimco
The group has made two new hires – one for its index business and one on the analytics side – to strengthen its Asia operations.
May 24, 2013--Index and analytics/software provider MSCI has expanded its team in Hong Kong and Singapore by luring Rene Veerman from Credit Suisse and Quah Chum-Yong from US asset manager Pimco.
Veerman is on gardening leave and is due to start shortly in a newly created role as managing director and head of portfolio analytics for Asia based in Hong Kong. Quah relocated from Hong Kong to Singapore earlier this month as vice-president of Southeast Asia client coverage for MSCI’s index business.
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Source: Asian Investor
HKEx touts CES Indexes as critical platform
May 24, 2013--Charles Li, chief executive of Hong Kong Exchanges and Clearing Limited (HKEx), identifies the development of the soon-to-be-launched China-linked CES index series as a significant platform for the bourse to expand into the index futures business.
Speaking at a luncheon on Thursday (May 23), Mr. Li explained that the formation of the China Exchange Services Company Limited (CESC), the joint venture between the HKEx, Shanghai exchanges and Shenzhen exchanges, is critical to the bourse in that it facilitates its ETFs and index futures products.
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Source: ETFI Asia
Shanghai Stock Exchange-Notice of Taking ETFs as Underlying Securities of Margin Trading and Securities Lending
May 24, 2013--All member units and fund management companies
According to Articles 25 and 26 in the "SSE Detailed Rules for Implementation of Margin Trading and Securities Lending", the Shanghai Stock Exchange (SSE) hereby makes the following notice for relevant issues of taking ETFs as underlying securities of margin trading and securities lending:
1. Any ETF taking cross-market index or cross-border index as its tracking target which meets the following requirements could be taken as an underlying security of margin trading and securities lending after being traded on the SSE for at least 5 trading days:
a. The average daily asset size is not smaller than RMB2 billion;
b. The number of fund holders is not less than 4,000.
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Source: Shanghai Stock Exchange
Special Report- ETFs in China
May 23, 2013--The China ETF is space is in the midst of a growth spurt with the range of products on offer undergoing a rapid expansion and investor interest in index funds continuing to grow both domestically and abroad.
China's proactive reformist regulators are encouraging innovation on all fronts and view ETFs as a convenient vehicle to bring capital into the market from overseas, while at home providing growth opportunities for the maturing fund management industry and raising the sophistication of retail investors – a problem which has long dogged the domestic investment space. From the point of view of investors meanwhile, ETFs continue to offer an efficient means to tap otherwise inaccessible growth trends as a vehicle for cross-border access or for honing in on specific domestic sectors.
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Source: IP&E
Japan delays cross-border rules amid US and European uncertainty
Equivalence and substituted compliance issues must be resolved quickly, or financial markets will be affected, says Kono at Japan FSA
May 23, 2013--Japan is delaying its cross-border clearing rules to avoid adding to the "tremendous uncertainty" created by the US and Europe over this issue, according to Masamichi Kono, vice-commissioner for international affairs at the Japan Financial Services Agency (JFSA).
The JFSA wants to establish its own set of cross-border rules, and extend clearing beyond the current interest rate swap and credit default swap remit, but is conscious of inconsistencies in the approaches of global regulators, Kono says.
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Source: Centralbanking.com
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