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Hong Kong SFC Proposes Restricting Retail Access to Dark Pools
February 27, 2014--Hong Kong's Securities and Futures Commission said it will consult the public on proposed legislation to restrict retail investors from accessing so-called dark pools and enhance disclosure requirements.
Alternative liquidity pools, or dark pools, should be limited to institutional investors as the platform operators may not properly and sufficiently inform retail clients about risks, the SFC said on its website today. Retail orders, which are typically smaller than those of institutional investors, also risk having their orders not being transacted fairly, the regulator said in a statement today.
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Source: Bloomberg BusinessWeek
HK budget hands sweetener to ETF providers
February 27, 2014--A stamp duty waiver first introduced in 2010 for some exchange-traded funds listed in Hong Kong is set to be extended to all such products.
The move is expected to boost volume and liquidity.
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Source: Asian Investor
KRX chief recommends delay in taxing derivatives to after market recovery
February 26, 2014-- The head of South Korea's bourse operator said Wednesday it would be best not to tax derivatives trading, but if it's unavoidable, he would recommend levying capital gains tax rather than transaction tax and wait until the local stock market recovers.
The government is considering levying taxes on financial products including derivatives and bring them out of what it calls "taxation dead zone." The finance ministry is in talks with related agencies over which of the two types of taxes to levy.
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Source: globalpost.com
Competition intensifies in Asia's ETF market
February 26, 2014--That ETFs are 'here to stay' may describe their maturity in the US, but their development in Asia will reflect the particular challenges and characteristics facing the region.
While every market will follow its own development path, the pattern of cross border capital flows will play a vital role.
Julie Kerr, Executive Director, Financial Services, Asia-Pacific at consulting firm EY estimates ETF volumes will grow at 15% to 20% annually. "More US and European ETF issues are coming to Asia. Mainland ETF providers are also entering the market."
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Source: IP&E Asia
China Corporate Debt Hikes to $12Tln, Triggers Default Worries：Report
February 26, 2014--Chinese non-financial companies held total outstanding debt of about $12 trillion at the end of last year, equal to over 120 percent of GDP,according to Standard & Poor's estimates. China's corporate debt has hit record highs, likely to trigger a wave of restructuring amid worries over defaults.
Chinese non-financial companies held total outstanding debt of about $12 trillion at the end of last year, equal to over 120 percent of GDP, according to Standard & Poor's estimates.
A Thomson Reuters analysis of 945 listed medium and large non-financial firms showed total debt soared by more than 260 percent, from 1.82 trillion yuan ($298.4 billion) to 4.74 trillion yuan ($777.3 billion), between December 2008 and September 2013
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Source: Source: Caijing.com.cn
New ETFs Included in Real-Time Dissemination of "TSE Indicative NAV"
February 26, 2014--Tokyo Stock Exchange, Inc. (TSE) will newly calculate and publish the real-time Indicative Net Asset Value (Indicative NAV) per share for the below Exchange Traded Funds (ETFs) on our website beginning February 26, 2014.
Code: 1597
ETF: MAXIS J-REIT ETF
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Source: TSE
Northern Trust Opens In Kuala Lumpur
February 25, 2014--Northern Trust has extended its presence in the Asia-Pacific region with the opening of a Malaysia representative office to support current institutional clients and develop Northern Trust's businesses in Malaysia and the region.
The Kuala Lumpur operation will be led by chief representative Ariani Rustam, who joined from Bank Negara Malaysia, the country's central bank. Northern Trust adds that it celebrated the official opening of its office with an event for regulators, clients and industry peers.
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Source: Globalcustodynews.net
Moderately Tight Monetary Policy Expected in 2014
It is a great test for the Chinese economy to defuse early-stage risks and optimize resource allocation without bursting bubbles.
February 25, 2014--This January saw 1.32 trillion yuan in new lending, marking a four-year high. However, RMB deposits decreased by more than 900 billion yuan in Jan. 2014, marking the smallest year-on-year percentage increase in a decade. Conflicting signals sent out by these two figures triggered widespread speculation and concern.
The market is eager to know how tight China's monetary policy will be and whether it will take a major turn in its course. Caijing learned that policymakers are maintaining tight control over total liquidity through moderately tight monetary policy. Among the four objectives the central bank has set for its monetary policy, namely to "stabilize growth, adjust the economic structure, boost reform, and prevent systemic risks," more weight is being given to the second and the last objectives.
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Source: Caijing.com.cn
News Analysis: Economists predict changes in China's FX policy
February 24, 2014--The value of the Chinese currency Renminbi, or the yuan, has fallen against the U.S. dollar for five consecutive trading days. It weakened 13 basis points to 6.1189 against the greenback on Monday.
It has fallen 136 points during the past five trading days, after dropping 20 basis points on Tuesday, dipping another 30 points on Wednesday, declining 43 points on Thursday and shedding 30 points on Friday, according to the China Foreign Exchange Trading System.
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Source: Xinhua
Fears Australian dollar facing 'benign collapse' to $US66¢
February 24, 2014--The Australian dollar could face a "benign collapse" to US66¢ by the end of next year amid falling commodity prices, declining mining investment and reduced government spending, Deutsche Bank says in one of the most bearish forecasts for the local currency.
The plunge in the Australian dollar to the mid-US60¢ would come about if the Reserve Bank keeps interest rates on hold until 2016, if the US lifts its rates by mid-2015 and if the United States' dollar continues to strengthen, Deutsche Bank's chief economist for Australia Adam Boyton said.
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Source: Sydney Morning Herald
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