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DB-Synthetic Equity & Index Strategy-Asia-Pac Weekly ETF Market Review-South Korea benchmarked ETFs experience outflows
November 14, 2013--Data in this report is as of 8 November 2013.
Market Review
Last week, all the major markets in the Asia-Pacific region remained in negative territory on the concerns that strengthening recovery in US will cause the Federal Reserve to begin scaling back stimulus. Compared to the week before, from north to south:
Japan (Nikkei 225) -0.81%
South Korea (KOSPI2) -3.02%
China (CSI 300) -3.23%
Hong Kong (HSI) -2.17%
Singapore (FSSTI) -0.75%
Australia (S&P/ASX 200) -0.19%
New Product Launch Review
Last week, one new product was launched in the Asia-Pacific ETP market. State Street listed one equity ETF (WDIV AU) on Australian Securities Exchange providing exposure to highest dividend yielding companies within the S&P Global Broad Market Index.
ETP Weekly Flows - EM benchmarked ETFs experience outflows
Last week, Asia-Pacific ETP market recorded outflows of -$394mn vs. +$1.2bn of inflows for the previous week, setting the YTD weekly flows average at +$321mn (+$14.4bn YTD in total flows). Developed markets equity ETFs collected weekly inflows of +$237mn while emerging markets equity ETFs lost -$781mn in outflows over the last week. On a country level, ETFs benchmarked to Japan received +$227mn of inflows while South Korea experienced weekly outflows of -$763mn. Financial sector ETFs received +$266mn of inflows during last week.
Winners and losers: At ETP level, UBS SDIC CSI 300 Financials Index ETF (159933 CH), Daiwa Nikkei 225 ETF (1320 JP) and Nomura Topix ETF (1306 JP) were the largest fund flow receivers of the week collecting +$274mn, +$265mn and +$171mn respectively. Over the same period, biggest outflows were experienced by Samsung KODEX 200 ETF (069500 KS) and Daiwa Topix ETF (1305 JP) recording -$826mn and -$365mn of outflows respectively.
Turnover Review - Floor activity down by 17.7%
Asia-Pacific ETP turnover totaled $9.9bn for the last week. South Korea took the lead in the turnover ranking with $3.1bn turnover, followed by Japan ($2.8bn), China ($2.4bn) and Hong Kong ($1.2bn). Among equity ETFs, Emerging country, leveraged long, Asia-Pacific developed country and short ETFs had total turnover of $4bn, $3bn, $0.9bn and $0.7bn respectively. Within fixed income asset class, turnover in sovereign and money market ETFs totaled $542mn and $149mn respectively.
Assets under Management Review - Assets decreased by $3.4bn
Last week, Asia-Pacific ETP AUM decreased by $3.4bn and ended the week at $161bn. On a year-to-date basis, Asia-Pacific ETP market is up by $25bn or 18.4% above last year’s closing.
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Source: Deutsche Bank- Synthetic Equity & Index Strategy-Asia
Singapore: Financial System Stability Assessment
November 14, 2013--Summary: EXECUTIVE SUMMARY
The Singapore financial system is highly developed, and well regulated and supervised. Singapore is one of the world's largest financial centers, built around a core of domestic and international banks, and also offers a wide range of non-bank services.
The authorities have given strong emphasis to integrity and stability in finance and to compliance with international standards, and have addressed most recommendations made by the 2004 FSAP. Singapore's current regulation and supervision are among the best globally. The Monetary Authority of Singapore (MAS) oversees the entire financial system' and has the analytical and operational capabilities to do so effectively. Singapore is exposed to a broad array of domestic and global risks' especially in light of its interconnectedness with other financial centers. The most pressing vulnerability appears to stem from the rapid growth of credit and real estate prices in recent years' but the financial system is also exposed to possible spillovers from a future tightening of U.S. monetary policy' an economic slowdown in China' or a deterioration of economic conditions in Europe. The team's stress tests suggest that these risks are manageable. This reflects banks' large capital and other cushions, and the decisive macroprudential actions taken by MAS to address the threat of a bubble in the housing sector.
view the IMF Singapore: Financial System Stability Assessment
Source: IMF
IMF Country Report-Singapore Selected Issues
November 14, 2013--Restructuring to raise productivity
Successful implementation of Singapore's policies to reduce labor intensity hinges of raising productivity in tandem with wages. In 2010, Singapore embarked on a program to raise economy-wide labor productivity by 2-3 percent per year over the next 10 years.
In addition to measures incentivizing companies to upgrade technology and employees' skills and encourage workers to seek additional training, the authorities' strategy relies on reducing the dependence on foreign workers.
The resulting tighter labor market conditions were anticipated to raise real wages and, in turn, support productivity growth by encouraging investments in physical and human capital. To protect long-term competitiveness, annual wage guidelines are set with the goal of keeping real wages in line with productivity over time.
view the IMF Country Report-Singapore Selected Issues
Source: IMF
As oil flows east, race is wide open to price Asia's imports
Shanghai crude futures to launch in new free trade zone
China import restrictions, lack of oil producers' backing seen as hurdles
Platts Dubai, DME Oman, Russian ESPO also potential Asia oil price markers
November 13, 2013--China will increasingly dominate global oil trade with a fuel import bill worth half a trillion dollars a year by the end of the decade-a lucrative prospect for futures exchanges battling to provide the benchmark to price Asia's oil.
There is no dominant Asian contract to value the 30 million barrels of oil consumed on the continent every day- a third of global demand.
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Source: Reuters
Hang Seng is first HK financial institution to launch RQFII ETF
November 13, 2013--Hang Seng will launch a Renminbi Qualified Foreign Institutional Investor (RQFII) exchange-traded fund (ETF)- the Hang Seng China A Industry Top Index ETF (Fund)-making it the first local financial institution in Hong Kong to issue an RQFII ETF.
The Fund has been authorized by the Securities and Futures Commission and is expected to be listed on The Stock Exchange of Hong Kong (SEHK) on November 26 2013 (RMB Counter stock code: 83128 / HKD Counter stock code: 03128). It will be available for subscription at Hang Seng Bank branches between November 12-19 2013. The Fund units are denominated in renminbi and, after the Fund is listed, investors can trade in either renminbi counter or HKD counter in the SEHK.
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Source: The Asset
4 New ETFs to be Listed on December 5, 2013 (Thu.)-BlackRock Group, "iShares(R)" Series (Second Installment)
November 13, 2013--Today, Tokyo Stock Exchange, Inc. (TSE) approved the listings of four new ETFs managed by BlackRock Fund Advisors. These four issues use the JDR scheme and will be listed on Thursday, December 5, 2013.
| Ticker | Issue Name | Underlying Index | Trading Unit |
| 1587 | iShares S&P 100 ETF-JDR | S&P 100 | 1 unit |
| 1588 | iShares Russell 2000 ETF-JDR | Russell 2000 Index | 1 unit |
| 1589 | iShares High Dividend ETF-JDR | Morningstar® Dividend Yield Focus Index SM | 1 unit |
| 1590 | iShares U.S. Real Estate ETF-JDR | Dow Jones U.S. Real Estate Index | 1 unit |
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Source: TSE
China vows 'decisive' role for markets, results by 2020
November 12, 2013--China's leaders pledged to let markets play a "decisive" role in the economy as they unveiled a reform agenda for the next decade on Tuesday, looking to secure new drivers of future growth.
China aims to achieve "decisive results" in its reform push by 2020, with economic changes in focus, the ruling Communist Party said in a communiqué released by state media at the end of a four-day conclave of its 205-member Central Committee.
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Source: Reuters
BNY Mellon Granted Singapore Capital Markets Services Licence
Enables company to expand its investment management business and manufacture locally
November 12, 2013--BNY Mellon, the global leader in investment management and investment services, has been awarded a Capital Markets Services licence by the Monetary Authority of Singapore for its new dedicated Singapore-based subsidiary* to provide fund management services in Singapore. The licence was approved on 11, November 2013.
With the new licence, the Singapore subsidiary, BNY Mellon Investment Management Singapore Pte. Limited, will be able to conduct a full range of investment management activities, including research, portfolio management, marketing and sales of collective investment schemes. BNY Mellon Investment Management has been offering global investmen, solutions to institutional investors in the region through its investment boutiques, each with their own independent investment philosophy and strategy. The new licence will help the company expand its existing institutional business in Singapore and strengthen its presence in Southeast Asia. It will also enable the company to start building local manufacturing capabilities.
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Source: BNY Melon
South Korea's derivatives decline threatens equity trade
November 12, 2013--South Korea's derivatives market, once the world's largest by trading volume, is suffering a sharp drop in liquidity as stricter regulations damp appetite and drive investors to neighbouring markets in China and Japan.
The country was the world's top derivatives trader until 2011 thanks to heavy retail investor activity in equity derivatives. Last year it fell to fifth ranked in the world, and is now not even in the top 10 as retail investors deserted the market after regulators raised the entry barriers against them.
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Source: FT.com
ASX looks to volatility-linked products to drive Australia Vix futures liquidity
November 12, 2013--Increasing the potential liquidity pool a major aim for Australia volatility futures market
The Australian Securities Exchange (ASX) is looking to extend the product suite linked to its recently launched Vix futures in order to avoid the issue of low liquidity which has dogged other attempts by Asian exchanges to kick-start similar domestic markets.
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Source: Risk.net
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