BIS Working Papers-To lend or not to lend: the Bank of Japan's ETF purchase program and securities lending

October 16, 2023--August 2, 2023-Summary
Focus-We study the effects of the Bank of Japan's (BOJ) ETF purchasing programme on stock returns, focusing particularly on the role of the stock lending market. In 2010, the BOJ established a programme to conduct outright purchases of various financial assets to stimulate the economy. This policy is unique as a monetary policy because equity index-tracking exchange-traded funds (ETFs) were included in those assets.

The BOJ has continuously increased its purchasing amounts and its market presence has provoked discussions on how it has affected the market's structure.

Contribution
While some previous studies show that the programme significantly affected Japanese stock prices, these arguments relied solely on demand and supply in the spot market, almost completely ignoring the role of the stock lending market. To fill this gap, this study investigates the effects of the ETF purchasing programme by focusing on both spot and stock lending markets.

QFIIs Gain Access to Onshore ETF Options As A-share Market Opening Deepens

June 25, 2025-Qualified Foreign Institutional Investors (QFIIs) will be permitted to trade onshore ETF options starting October 9, exclusively for hedging purposes, according to the China Securities Regulatory Commission.

Mirae Asset Global Investments Launches MIRAE ASSET TIGER CHINA GLOBAL LEADERS TOP3 PLUS ETF, Tracking Solactive-KEDI China Global Leaders TOP3Plus Index

June 18, 2025--Solactive is pleased to announce its collaboration with Mirae Asset Global Investments and the Korea Economic Daily Index (KEDI) for the launch of MIRAE ASSET TIGER CHINA GLOBAL LEADERS TOP3 PLUS ETF, which tracks the jointly developed Solactive-KEDI China Global Leaders TOP3Plus Index.