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DB-Synthetic Equity & Index Strategy-Asia-Pac Monthly ETF Market Review-Broad based outflows except Japan focused ETFs
September 9, 2013--Market Review
Last month, Asia-Pacific region had mixed markets. Chinese equity markets advanced as China's manufacturing activity accelerated in August, while the Southeast Asia and Singapore markets tanked on concerns over the US Federal Reserve's QE tapering as well as the potential slowing of regional economic growth. Compared to the month before, from north to south:
Japan (Nikkei 225) -2.04%
Korea (KOSPI2) +1.51%
China (CSI 300) +5.51%
Hong Kong (HSI) -0.70%
Singapore (FSSTI) -5.99%
Australia (S&P/ASX 200) +1.64%
ETPs flows: Inflows into Japan focused ETFs drive region’s fund flows
Last month, Asia-Pacific ETP market recorded inflows of +$1.5bn setting the YTD monthly flows average at +$1.6bn (+$12.9bn YTD in total flows). DM equity ETFs outperformed EM equity ETFs and registered inflows of +$2.3bn, driven by positive flows into Japan focused ETFs (+$2.4bn). EM equity ETFs witnessed outflows of -$1.6bn which were primarily contribute by South Korea, China and Taiwan focused ETFs, recording -$0.8bn,-$0.4bn and -$0.3bn of outflows respectively. Financial sector and leveraged long strategy ETFs gained traction collecting +$201mn and +$109mn of inflows.
Fixed income ETFs contributed +$365mn of fund flows in August. Sovereign ETFs were the largest beneficiary with +$347mn of inflows.
Winners and losers: At ETP level, Japan focused ETFs Nomura Nikkei 225 ETF (1321 JP), Maxis Nikkei 225 ETF (1346 JP) and Daiwa Nikkei 225 ETF (1320 JP) received largest inflows of +$660mn, +$481mn and +$395mn respectively.
Largest redemptions were experienced by Mirae Asset MAPS TIGER 200 ETF (102110 KS), Fubon MSCI Taiwan ETF (0057 TT) and Samsung KODEX 200 (069500 KS) with outflows of -$513mn, -$279mn and -$259mn respectively.
Last three months: ETFs focused on Japan & Hong Kong (DM) and Taiwan, China and South Korea (EM) witnessed significant fund flow activity in the last three months. Japan focused ETFs attracted +$4.2bn inflows from June'13 to Aug' 13 while ETFs benchmarked to China recorded outflows of -$0.5bn over the same period.
Turnover: Floor activity down by 3% on a month-over-month basis
Asia-Pacific ETP turnover totaled $53.2bn for August, 2.7% down from the previous month's total. On a country level, stock exchanges in Japan topped the turnover ranking with aggregate turnover of $15.2bn, followed by China ($14.1bn), South Korea ($14bn) and Hong Kong ($7.5bn) respectively. Among equity ETFs, the emerging country, leveraged long, Asia-Pacific developed country, and short ETFs were the most traded products recording total turnovers of $20.7bn, $14.6bn, $7.3bn, and $4.4bn respectively. Within the commodity asset class, turnover in gold ETPs totaled $541mn.
AUM-Assets increased by 1.7% in July
Last month, Asia-Pacific ETP AUM added $2.6bn and closed the month at $153.9bn. On a year-to-date basis, Asia-Pacific ETP market is up by $17.9bn or 13.2% above last year's closing.
New ETP launches-Equities lead the rally with six new products
During August, Asia-Pacific ETP market saw nine new product launches- six within equity and three in fixed income asset class.
Equity: Penghua Fund Management (159927 CH), China Asset Management (3180 HK) and the new issuer China International Fund Management (510450 CH) each listed one China focused equity ETF on Shenzhen Stock Exchange, Hong Kong Exchange and Shanghai Stock Exchange respectively. Among the 57 new launches this year, Chinese equity indices are the most tracked depicting increasing investors' interest towards Chinese equity markets.
Korea Investment Trust Management listed one equity ETF (181480 KS) on the Korea Stock Exchange tracking the Dow Jones US Real Estate Index. Prudential ICICI Asset Management listed one equity ETF (ICPNCNX IN) on the National Stock Exchange (India) providing exposure to the Indian equity market. Further, Krung Thai Asset Management listed one equity ETF (EICT TB) on Stock Exchange of Thailand tracking SET Information & Communication Technology Index.
Fixed Income: Bosera Fund Management Company listed one China focused fixed income ETF (511210 CH) on the Shanghai Stock Exchange. Harvest Fund Management listed one fixed Income ETF (159926 CH) on the Shenzhen Stock Exchange tracking medium term Chinese sovereign bonds. In addition to one equity ETF, Korea Investment Trust Management launched one fixed income ETF (181450 KS) in August. The fund was listed on the Korea Stock Exchange and tracks the Markit iBoxx USD Liquid High Yield Index.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Asia
Regulators release conclusions on further proposals for regulating OTC derivatives market
September 6, 2013--The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) jointly published today their conclusions on a joint supplemental consultation regarding the proposed scope of activities to be regulated under the new over-the-counter (OTC) derivatives regime, and regulatory oversight of systemically important participants (Note 1).
The conclusions paper summarises the comments received and the responses of the HKMA and the SFC to these comments. It also notes that further work is necessary and is being conducted to implement the new OTC derivatives regime.
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Source: Securities and Futures Commission (SFC)
China Brings Back Bond Futures
September 6, 2013--In 1995, the same week that a rogue trader brought down venerable British bank Barings PLC, a $10 billion trading scandal erupted in China's bond futures market, taking down the country's biggest brokerage.
Chinese authorities shut down trading in bond futures and spent two and a half years sorting through the mess.
Now, 18 years later, China is reopening the market as it pushes ahead with a broad set of financial reforms aimed at modernizing its capital markets and easing state control over interest rates.
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Source: Wall Street Journal
HKEx delisting notice-
September 6, 2013-HKEx Notice of delisting
SBC MSCI Golden Dragon ETF (Stock Code: 3088)
HSBC MSCI Hong Kong ETF (Stock Code: 3000)
HSBC MSCI China ETF (Stock Code: 3033)
HSBC MSCI Taiwan ETF (Stock Code: 3083)
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Source: HKEx
High Logistics Costs Impede Higher Economic Growth For Indonesia, Says Joint Report
September 6, 2013--September 6, 2013--High logistics costs are a serious impediment to higher economic growth for Indonesia, according to a report launched today by Bandung's Institute of Technology in West Java, in partnership with the World Bank.
"The costs of logistics across Indonesia account for some 24 per cent of GDP (Gross Domestic Product), higher than in neighboring countries. Cutting down costs and improving the quality of logistics and transport systems would vastly improve Indonesia's access to international markets and increase trade," says Henry Sandee, a senior trade specialist at the World Bank.
view the State of Logistics Indonesia 2013 report
Source: World Bank
New ETFs Included in Real-Time Dissemination of "TSE Indicative NAV"
September 5, 2013--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) beginning October 7, 2013.
1. Addition
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