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Direxion wins HK licence, adds saleswoman
July 30, 2013--The US exchange-traded funds provider has begun marketing its products to professional and institutional investors in the territory.
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Source: Asian Investor
IRDA to soon notify proposed ETF as an investment product for insurance firms
July 30, 2013--The insurance sector regulator will soon notify the proposed central public sector enterprises-exchange traded fund as an investment product for insurance firms, a senior finance ministry official has said.
This follows deliberations between the finance ministry and the Insurance Development and Regulatory Authority.
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Source: Economic Times
FMIC to offer, list P1B exchange traded funds
July 29, 2013--The Metrobank group's First Metro Investment Corp. seeks to be the first institution to roll out exchange traded funds (ETFs) in the country with the targeted offering of P1 billion worth of shares of a pioneering fund that will debut on the local stock exchange by September.
This developed as market experts and regulators are set to convene on Tuesday to work on the introduction of ETFs in the Philippines, one of the last markets in the region to open up to this fast-growing asset class.
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Source: Businessinquirer.net
Gov't to levy tax on derivatives trading from next year
July 28, 2013--The government will push to impose a tax on derivatives trading starting next year as part of an effort to increase tax revenue, despite a strong market backlash, ministry officials said Sunday.
To that end, the Ministry of Strategy and Finance will propose a revised tax bill for 2014 to the National Assembly early next month for approval, according to the officials.
Under the revised tax bill, investors will be levied a tax of 0.001 percent of their turnover value per futures trading,
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Source: Yonhap News
SSgA's China venture to offer a broad range of products
July 26, 2013--SSGA Fund Management Co, State Street's new joint venture in China with Zhongrong International Trust, will cater to the country's retail, high net worth and institutional investors with a focus on passive and active strategies.
SSgA says the joint venture will initially focus on assisting clients targeting income and yield opportunities through local offerings of structured products and overseas index products.
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Source: IP&A
Singapore Exchange's MSCI India may lure out more FIIs
July 26, 2013---The Singapore Exchange (SGX) is planning to launch the MSCI India Index Futures to provide global investors a one-stop access to Asia's key markets, a move which could undermine the Indian government's efforts to shift the country's stock-elated activities to the domestic market.
Market experts believe that this could shift volumes from Indian bourses to Singapore as foreign investors are likely to bet more on SGX as trading costs in India are still prohibitive despite the recent cut in securities transaction tax (STT).
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Source: The Economic Times
China grants HSBC renminbi investment licence
July 25, 2013--HSBC has received approval from mainland Chinese regulators to invest renminbi onshore, the latest step in the opening up of China's financial markets to overseas funds.
The bank’s asset management arm said on Thursday that it had obtained a licence under China’s renminbi qualified institutional investor (RQFII) scheme, which will enable it to put renminbi into the country’s equity and bond markets.
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Source: FT.com
First RMB shares to start trading on SGX
July 25, 2013--Yangzijiang Shipbuilding will be the first company to have trading of its shares in Chinese Renminbi (RMB) on the Singapore Exchange's (SGX) dual currency trading platform, SGX announced Thursday.
Yangzijiang’s RMB-denominated shares will start trading on August 5.
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Source: Todayonline.com
HKFE Announces Revised Margins for iShares FTSE A50 China Index ETF Futures
July 25, 2013-- Hong Kong Futures Exchange Limited (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), has announced that with effect from the commencement of trading on Monday, 29 July 2013, the minimum margins to be collected by an Exchange Participant from its clients in respect of their dealings in the following futures contract will be as outlined in
the table below. The adjustments are based on the clearing company’s normal procedures and standard margining methodology.
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Source: Hong Kong Futures Exchange Limited (HKFE)
State Street Global Advisors and Zhongrong International Trust Launch China Joint Venture
July 25, 2013--State Street Global Advisors (SSgA), the investment management business of State Street Corporation (NYSE: STT), today announced its joint venture with Zhongrong International Trust Co. Ltd (ZRT) in China.
Registered and principally located in Beijing, the joint venture (SSGA Fund Management Co. Ltd., will provide domestic China fund management activities including launching and managing securities investment funds for retail, high net worth and institutional clients. ZRT holds 51 percent of the company shares and State Street Global Advisors Asia Ltd. holds 49 percent. SSgA’s initial financial contribution is expected to be approximately $50 million.
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Source: State Street Global Advisors (SSgA)