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Hong Kong not ready for ETF fee war, yet
November 22, 2013--Hong Kong's exchange traded fund market has all the makings of a fee war, except a reason to wage it.
Vanguard, whose low-cost structure has created a US ETF juggernaut, entered Hong Kong's retail market in May, launching its first ETF. Soon thereafter, Mirae Asset Global Investment's Horizons unit launched two ETFs it touted as having the market's lowest-ever fees, while Hong Kong ETFs participating in China's offshore-renminbi investment scheme also began paring back expenses.
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Source: FT.com
Chinese Yuan Index Launched Today
November 21, 2013--Securities Information Co., Ltd. (hereinafter abbreviated to 'SSI') and the Financial Channel of China Central Television (hereinafter abbreviated to 'CCTV') joint launched Chinese Yuan Index on November 21st, 2013. Chinese Yuan Index family is consist of Chinese Yuan Index (nominal exchange rate, Code: CNYX) and Chinese Yuan Real Index (real exchange rate, Code: CNYR).
Chinese Yuan Index samples nine foreign currencies-USD, EUR, JPY, HKD, AUD, CAD, GBP, RUB and MYR -in order to objectively describe the intrinsic value of Chinese Yuan and gauge the overall movement of the bilateral exchange rates of Chinese Yuan against other major currencies, as well as facilitate the reform of Chinese Yuan exchange rate.
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Source: CNINDEX
Fund chiefs debate obstacles to China entry
Tapping the mainland market is as tough as ever for foreign asset managers, particularly given the current environment, say industry experts.
November 21, 2013--China's Rmb2.8 trillion ($459.6 billion) mutual fund market remains enticing for foreign asset managers, with many viewing joint ventures as the most appealing way to enter the mainland.
But it remains a very tough proposition build up a profitable and sustainable onshore business, argued a panel at AsianInvestor’s Art of Asset Management conference in Hong Kong this week.
A minimum of 30 staff are typically required for mainland fund house offices, says Gerard De Benedetto, CEO of An Zhong Investment Management, the China subsidiary of Italian firm Azimut Holdings...
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Source: Asian Investor
NSE extends cross margins to ETFs
Move would primarily benefit ETF investors seeking to take counter positions
November 20, 2013--The National Stock Exchange (NSE) has extended cross margining to index-based exchange-traded funds (ETFs). So far, the facility was available only in the equity stocks, index futures and stock futures segments.
Cross margining helps market participants, as it reduces the margin requirement and trading costs.
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Source: Business Standard
China''s population suffers gender imbalance
November 20, 2013--Even if one assumes that women in China today are willing to have two children, two out of every 10 mothers would have to have three offspring each just to keep the population level by the middle of this century, according to an analysis of UN data.
China's "missing girls" make it much harder for the country to keep its population stable, according to Carl Haub, demographer at the Washington-based Population Research Bureau. In recent decades, China has produced only 80 baby girls for every 100 baby boys.
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Source: FT.com
China bank wants faster freeing of yuan
November 20, 2013--With a shift in tone and language, China's central bank governor has dangled the prospect of speeding up currency reform and giving markets more room to set the yuan's exchange rate as he underlines broader plans for sweeping economic change.
The central bank under Zhou Xiaochuan has consistently flagged its intention to liberalise financial markets and allow the yuan to trade more freely, even before the Communist Party's top brass unveiled late last week the boldest set of economic and social reforms in nearly three decades.
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Source: FIN24
First S&P 500-based ETF Launches in China
S&P Dow Jones Indices' License with Bosera Asset Management Leads to Greater Chinese Access to the U.S. Market
November 19, 2013--S&P Dow Jones Indices, one of the world's leading providers of financial market indices, further strengthened its presence in China today as the first ever S&P 500-based ETF in China was launched by Bosera Asset Management.
The ETF, a result of S&P Dow Jones Indices' license with Bosera Asset Management, is based upon the premier measure of U.S. stock market performance, the S&P 500, and enables Chinese investors to express their views on the U.S. market.
The launch of China's first ETF based upon the S&P 500 signals an acceleration of the ETF market and a larger and more diversified range of investment opportunities for China investors. The total asset under management of ETFs listed in mainland China (Shanghai and Shenzhen) rose to over 150 billion Yuan (about USD $25 billion) in Q3 2013 with close to 80 ETFs available in the market.
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Source: Wall Street Journal
DB-Synthetic Equity & Index Strategy-Asia-Pac Weekly ETF Market Review-China focused ETFs bring inflows of $0.3bn
November 19, 2013--Data in this report is as of 15 November 2013.
Market Review
Last week, all the major markets in the Asia-Pacific region advanced amid US Federal Reserve Chair nominee Janet Yellen indicated the delay in monetary tapering in the US. In Japan, weaker yen supported equity markets rally. Compared to the week before, from north to south:
Japan (Nikkei 225) +7.66%
South Korea (KOSPI2) +1.41%
China (CSI 300) +1.85%
Hong Kong (HSI) +1.27%
Singapore (FSSTI) +0.76%
Australia (S&P/ASX 200) +0.02%
Market Review
Last week, all the major markets in the Asia-Pacific region advanced amid US Federal Reserve Chair nominee Janet Yellen indicated the delay in monetary tapering in the US. In Japan, weaker yen supported equity markets rally. Compared to the week before, from north to south:
Japan (Nikkei 225) +7.66%
South Korea (KOSPI2) +1.41%
China (CSI 300) +1.85%
Hong Kong (HSI) +1.27%
Singapore (FSSTI) +0.76%
Australia (S&P/ASX 200) +0.02%
New Product Launch Review
Last week, one new product was launched in the Asia-Pacific ETP market. State Street listed one equity ETF (WEMG AU) on the Australian Securities Exchange providing exposure to large and mid cap companies in emerging markets worldwide.
ETP Weekly Flows - Mild inflows over the week
Last week, Asia-Pacific ETP market recorded mild inflows of +$92mn vs. -$370mn of outflows for the previous week, setting the YTD weekly flows average at +$317mn (+$14.6bn YTD in total flows). Emerging markets equity ETFs collected weekly inflows of +$126mn while developed markets equity ETFs lost -$44mn in outflows over the last week. On a country level, ETFs benchmarked to China received +$337mn of inflows while South Korea experienced weekly outflows of -$297mn.
Winners and losers: At ETP level, CSOP FTSE China A50 ETF (82822 HK) and Samsung KODEX Leverage ETF (122630 KS) were the largest fund flow receivers of the week collecting +$316mn and +$102mn respectively. Over the same period, biggest outflows were experienced by Maxis Nikkei 225 ETF (1346 JP) and Samsung KODEX 200 (069500 KS) recording -$172mn and -$132mn of outflows respectively.
Turnover Review - Floor activity up by 60%
Asia-Pacific ETP turnover totaled $15.8bn for the last week, 60% up from the previous week’s total. Turnover in Japan accelerated by equity market rally with $7.3bn turnover, followed by South Korea ($3.3bn), China ($2.6bn) and Hong Kong ($2.1bn). Among equity ETFs, Leveraged long, emerging country, Asia-Pacific developed country and short ETFs had total turnover of $6bn, $4.9bn, $2.7bn and $1bn respectively. Within fixed income asset class, turnover in sovereign and money market ETFs totaled $374mn and $180mn respectively.
Assets under Management Review - Assets increased by $4.7bn
Last week, Asia-Pacific ETP AUM increased by $4.7bn and ended the week at $165.7bn. On a year-to-date basis, Asia-Pacific ETP market is up by $29.8bn or 21.9% above last year’s closing.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Asia
China central bank vows faster FX reform; IPO hopes tempered
November 19, 2013--China's officials indicated on Tuesday how they plan to steer reforms on interest rates, the currency and stock markets, following a top-level party meeting that promised sweeping changes over the next decade.
Following up on that, central bank chief Zhou Xiaochuan vowed to quicken the process of full yuan convertibility, which would allow the free movement of capital across China's borders and which is a demand of many of the country's major trading partners.
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Source: Reuters
Advisers drive ETF boom towards $10bn mark
February 15, 2013--The Australian exchange traded fund (ETF) industry is nearing the $10 billion mark, following strong interest from advisers and SMSF investors, according to State Street Global Advisors (SSgA).
At the end of October, Australian ETFs reached $9.4bn in assets under management (AUM), which is an increase from $6.5bn the previous year.
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Source: ifa.com.au
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