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Consultation conclusions reached on proposal to introduce scripless securities market in Hong Kong
September 21, 2010-The Securities and Futures Commission (SFC), Hong Kong Exchanges and Clearing Ltd (HKEx) and the Federation of Share Registrars Limited (FSR) jointly released a set of consultation conclusions today, announcing the plan to introduce a scripless securities market in Hong Kong (Note 1).
The proposed operational model is largely similar to that described in the joint consultation paper issued on 30 December 2009 (Note 2).
“Implementation of the scripless regime will be a significant step forward in enhancing the overall efficiency and competitiveness of Hong Kong's securities market, and in securing an appropriate and improved level of investor choice and protection,” said the SFC’s Chief Executive Officer Mr Martin Wheatley.
The scripless regime will be implemented in phases to provide investors with the flexibility of holding securities in physical certificates or in paperless form. The new paperless option will enable investors to hold securities in their own names as registered holders, thus offering more opportunities for straight-through-processing to enhance market efficiency.
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Source: Hong Kong Exchanges and Clearing Ltd (HKEx)
China launches first ESG index, plans corporate governance addition
Joint venture between China Securities Index and Italy’s ECPI
September 20, 2010--China has taken a major step in the promotion of sustainable investment in the country with the launch of its first ESG-based (environmental, social, governance) index, a joint venture between Chinese Securities Index Company (CSI) and ECPI, the Italian-based ESG index and research group.
. The CSI ECPI China ESG 40 Equity Index is made up of 40 domestic companies listed either on the Shanghai or the Shenzhen Stock Exchange, both joint owners of CSI. The index constituents will be the best Chinese companies meeting its sustainability criteria.
Professor Hu Ruyin,?director of the research centre?at the Shanghai Stock Exchange, speaking at the Responsible Investment Association Australasia conference in Sydney last week, said the index was scheduled to launch on September 17.
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Source: Responsible Investor
Mumbai shines as foreigners buy in
September 20. 2010--Mumbai stocks surged to 32-month highs as foreign investors rushed to grab more of the Indian growth story, helping Asian equities advance to near five-month peaks.
The FTSE Asia-Pacific rose 0.4 per cent to 240.44 with the BSE Sensex climbing 1.6 per cent to 19,906.10 as overseas funds bought more shares than they sold for the 13th consecutive session.
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Source: FT.com
DB Global Equity Index & ETF Research-- Asia-Pacific ETP Market Weekly Review
September 20, 2010--Market Overview
There are 236 equity based ETFs in the Asia Pacific region with 329 listings across 12 countries and 15 exchanges. Japan has the largest market share by AUM accounting for 40.85% of the whole market, whilst China has the largest market share by turnover with 35.55%.
There was one new listing during the last week. Korea Investment Trust Management launched one fund tracking Samsung Group companies in the Korean Stock Exchange.
Turnover
Monthly average daily turnover rose 3.3% in the last week. Turnover for the previous week was USD 869m. The largest ETF by turnover was the iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker issued by BlackRock with USD 137m accounting for 15.8% of total turnover.
Assets Under Management
AUM in Asia Pacific Equity ETPs crossed the USD 70 bn level, rising 7.0% at the end of the previous week. The new USD 70.5bn level is the highest AUM level seen in the region in more than three years. This asset increase was mainly driven by both positive flows and performance in the Japanese ETF market. The largest ETF by AUM is the TOPIX ETF managed by Nomura Asset Management with AUM of USD 8.4bn.
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Source: DB Global Equity Index & ETF Research
FTSE creates new index for State Street’s first Greater China themed ETF
September 20, 2010--FTSE Group (“FTSE”), the award-winning global index provider, has created a new customised version of its FTSE
Greater China Index for State Street Global Advisors Asia Limited (State Street). The new index, FTSE Greater China HKD Index, will be the basis of State Street’s first Greater China
themed Exchange Traded Fund (ETF) which lists in Hong Kong today.
The new FTSE Greater China HKD Index is calculated in Hong Kong Dollars (HKD) and made up of large and mid cap China (H Shares, B Shares and Red Chips), Hong Kong SAR (Hong Kong stocks and P Chips) and Taiwan stocks. Creating products based on the index will give
international investors access to the Greater China growth story without the restriction of Qualified Foreign Institutional Investment (QFII) quotas.
FTSE continues to build on its leadership position in the Chinese market through index benchmarking and the customization of investment solutions which meet the needs of both global and regional investors. Nearly 60% of assets under management in Chinese ETFs listed globally are benchmarked to FTSE’s China Index Series. Licensing the use of FTSE Greater China HKD Index for State Street’s ETF further enhances the wide range of investment solutions available to global investors who want financial exposure to Greater China.
Paul Hoff, Director of Business Development, Asia said, “FTSE indices have become the natural choice for ETF issuers globally who wish to create new, Chinese themed investment products. These indices are built on FTSE’s internationally recognised standards which are widely accepted as the basis for tradable products globally. The new FTSE Greater China HKD index further demonstrates FTSE’s ability to innovate through customisation. We are delighted to have worked with State Street on their new ETF which aims to capture the Greater China growth story.”
Bernard Reilly, Senior Managing Director and Head of Asia Pacific for State Street commented, “There is a growing interest among investors to access investment opportunities across the Greater China region and therefore capture the broader China growth story. China, Hong Kong and Taiwan each have their own unique strengths and advantages which, when combined, generate many vital synergies for long term growth. Choosing the representative and easily replicable FTSE Greater China HKD Index as the basis of our ETF helps investors capture three markets in one in a cost efficient and transparent way.”
The customised FTSE Greater China HKD Index is based on the FTSE All-World Index and therefore adopts award winning methodology which includes free float adjustment and liquidity screens, and is managed in accordance with a clear and transparent set of index rules.
For more information on the construction of FTSE Greater China Index, please visit www.ftse.com/allworld.
Source: FTSE
Tokyo action puts brake on yen
The authorities are alarmed by the yen’s sudden rise, fearing its impact on exports. The central bank sells yen worth US$ 1.21 billion.
September 17, 2010--Japanese authorities reacted negatively to the yen’s sudden rise yesterday, which touched a 15-year high against the US dollar. This morning, the central bank stepped to sell yen in currency markets. This is the first time Japanese monetary authorities intervened since March 2004; the main goal was to protect Japan’s exports.
In yesterday trading, the US currency hit 83.36, a significant loss compared to 83.71 just two days earlier. A few hours before, the greenback even hit 83.25, the best rate since May 1995.
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Source: Asia News.it
Japan intervenes to weaken yen
September 15, 2010--Tokyo intervened in the currency markets on Wednesday for the first time in more than six years, a move that immediately sent the yen lower against the dollar but attracted criticism from Europe over Japan’s decision to act alone.
The unilateral intervention also marks a further easing of monetary policy, since the Bank of Japan has decided to leave in the market the yen which were used to buy dollars, where they will add to general liquidity.
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Source: FT.com
S. Korean bourse signs tie-up deal with Japanese exchange
September 15, 2010--outh Korea's stock market operator Korea Exchange (KRX) signed an agreement with a Japanese exchange on Wednesday to cooperate in the joint development of the regional tech-laden bourse.
The memorandum of understanding with Osaka Securities Exchange (OSE) calls for boosting their cooperation in tech-heavy secondary stock markets -- Korea's KOSDAQ and Japan's JASDAQ to be launched next month, the KRX said in a statement.
Source: Yonhap News Agency
SGX to launch ADRs with effect from October 22
September 14, 2010--Market operator Singapore Exchange (SGX) said on Tuesday that it will launch American Depository Receipts (ADRs) with effect from October 22.
Investors will be able to trade in the shares of 19 major Asian companies including Chinese search engine, Baidu, China Eastern Airlines, China Mobile and Petrochina.
The tie-up marks the first time that investors can act on news-flow about these companies during Asian trading hours as some of these US-listed Asian companies do not have Asian home exchanges.
ADRs quoted on GlobalQuote will also provide investors with round-the-clock trading opportunities as they are fully fungible with US-listed ADRs.
SGX added that the launch of the trading of the ADRs marks the start of its cooperation with NASDAQ OMX to bring ADR quotations to SGX's new GlobalQuote board.
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Source: Channel Asia
Renminbi rises to peak against dollar
September 13, 2010--The renminbi rose to a post-revaluation high against the dollar as strong Chinese economic data and mounting pressure from the US prompted the People’s Bank of China to let its currency rise.
The PBoC fixed the renminbi’s daily midpoint against the dollar, about which it is allowed to fluctuate by plus or minus 0.5 per cent, at Rmb6.7509.
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Source: FT.com
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