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.

An Income Strategy for Volatile Markets-CSOP HSCEI Covered Call Active ETF (2802.HK) Debuts on HKEX Tomorrow

December 10, 2025-CSOP HSCEI Covered Call Active ETF (2802.HK) will be listed on the Hong Kong Stock Exchange on 11 December 2025. 2802.HK seeks to achieve its investment objective by primarily (i) investing in constituent equity securities in the Hang Seng China Enterprises Index (HSCEI); and (ii) selling call options on HSCEI to receive call options premium.

HKEX Expands Index Business with Launch of HKEX Tech 100 Index

December 8, 2025-New index tracks 100 companies listed in Hong Kong across six major technology-focused themes
HKEX's first Hong Kong equity index, marking a significant milestone in Group's index and data business development
HKEX enters licensing agreement with E Fund Management to issue an ETF in Chinese Mainland market

China's exports grow 5.9% in November, while U.S. shipments drop 29%

December 8, 2025-While exports from China to the U.S. have fallen for most of the year, shipments have surged to other places, including Southeast Asia, Latin America, Africa and the European Union.