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ETF market quality improved under ASX scheme-CMCRC
July 2, 2013--Capital Markets Cooperative Research Centre (CMCRC), the Australian independent academic centre for capital market research, has
found that trading activity and market efficiency in the Australian ETF market, which is approaching $7B,
have improved following the introduction
by the ASX of the ETF Market Making Scheme.
The study was conducted by by
Dr Elvis Jarnecic, Research Director,
Financial Markets Research Centre of the CMCRC, and Professor David Michayluk
and Jagjeev Dosanjh of the University of
Technology, Sydney.
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Source: Capital Markets Cooperative Research Centre (CMCRC)
Index Regular Review Schedule and Corporate Events Methodology Adjustment
July 2, 2013--To satisfy the needs of securities market development and fully listen to the opinions of our index users, after approval by the Expert Committee, China Securities Index Co., Ltd. and Shanghai Stock Exchange decide to adjust the Index Regular Review Schedule and the Corporate Events Methodology.
1. The effective day of index regular review will be adjusted from the first trading day in January and July to the next trading day after the close of the second Friday in June and December.
2. Index constituents Corporate Events Methodology will be adjusted to Concentrated Implementation method instead of strictly according with the ex-right day or listing day.
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Source: China Securities Index Co., LTD
Announcement of Adjusting Methodology of SSE Dividend Index and CSI Dividend Index
July 2, 2013--Based on extensive market survey and upon examination by the committee of index experts, the Shanghai Stock Exchange (SSE) and China Securities Index Co., Ltd. have decided to make the following adjustments to index rules of the SSE Dividend Index and CSI Dividend Index to meet the changes of the securities market:
1. The index Universe: Changed from "Daily average negotiable market cap, trading value in the past one year is ranked top 50% of Shanghai A shares or all the A shares" to “Daily average total market cap, trading value in the past one year is ranked top 80% of Shanghai A shares or all the A shares”.
2. Index Adjustment: Changed from "Daily average negotiable market cap, trading value in the past one year is ranked top 60% of Shanghai A shares or all the A shares” to “Daily average total market cap, trading value in the past one year is ranked top 90% of Shanghai A shares or all the A shares”.
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Source: Shanghai Stock Exchange (SSE)
Expect new RMB-denominated ETFs says BNY Mellon
Hong Kong's administrators' custodians and asset servicing firms will have to grow in sophistication to keep pace with the demands of the market says BNY Mellon's Rex Wong.
June 27, 2013--The demand for RMB-denominated ETFs are well supported by a host of factors, says BNY Mellon's Rex Wong.
Wong, managing director at BNY Mellon Asia Asset Servicing business, noted the factors underpinning the growth of RMB-denominated ETFs, saying, ‘The primary structural factors underpinning the growth of ETFs in Hong Kong are coming into place quickly.
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Source: CityWire
Expect new RMB-denominated ETFs says BNY Mellon
Hong Kong's administrators, custodians and asset servicing firms will have to grow in sophistication to keep pace with the demands of the market says BNY Mellon's Rex Wong.
June 27, 2013--The demand for RMB-denominated ETFs are well supported by a host of factors, says BNY Mellon’s Rex Wong.
Wong, managing director at BNY Mellon Asia Asset Servicing business, noted the factors underpinning the growth of RMB-denominated ETFs, saying, 'The primary structural factors underpinning the growth of ETFs in Hong Kong are coming into place quickly.'
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Source: CityWire
TSE to Begin Calculation and Publication of TOPIX Ex-Financials Indexes and ETF License Application starts
June 26, 2013--In response to the various indexing needs of our market participants, the Tokyo Stock Exchange will begin calculating and publishing the "TOPIX Ex-Financials" which except for the " Banks", "Securities and Commodities Futures","Insurance","Other Financing Business" sector from TOPIX.
Index name: TOPIX Ex-Financials
Calculation Method: free-float adjusted market capitalization-weighted
Projected Launch Date: September 2, 2013
Base Date/Base Value: July 5, 1993 1,000 points
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Source: Tokyo Stock Exchange (TSE)
China's central bank calms markets, but tighter policy looms
June 26, 2013--China's financial markets calmed down on Wednesday after days of turmoil thanks to the central bank's pledge to prevent a credit crunch, but stocks struggled as investors braced for tougher conditions in the world's second-largest economy.
The People's Bank of China (PBOC) said late on Tuesday it had helped some banks and was ready to act again as the lender of last resort for those caught in a short-term squeeze. However, it was also sticking to its stance of tightening market conditions as it seeks to rein in sharp growth in informal lending.The central bank wants to curtail funds flowing into China's vast "shadow" financial system that fuels property and stock speculation and push money into more productive areas of the economy to secure more sustained growth. But its decision to let short-term borrowing costs soar to extraordinary levels last week fanned fears that a temporary squeeze could morph into a lasting credit crunch.
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Source: Today's Zaman
Indian rupee hits record low
June 26, 2013--The Indian rupee fell to a new all-time low against the U.S. dollar Wednesday, with selling exacerbating after it crossed a key psychological level of 60 for one dollar.
The rupee was trading at 60.62 to the dollar by Wednesday afternoon, compared with 59.66 in late Asian trade Tuesday.
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Source: Wall Street Journal
DB-Synthetic Equity & Index Strategy-Asia-Pac Weekly ETF Market Review-ETP market witness $1bn cash inflows
June 25, 2013--Market Review
Last week, all the major markets in the Asia-Pacific region remained in negative territory except Japan. Compared to the week before, from north to south:
Japan (Nikkei 225) +4.28%
Korea (KOSPI2)-3.58%
China (CSI 300) -4.11%
Hong Kong (HSI) -3.37%
Singapore (FSSTI)-1.17%
Australia (S&P/ASX 200) -1.11%
New Product Launch Review
Last week, two new products were launched in the Asia-Pacific ETP market. Horizons Management listed two equity ETFs (3110 HK & 3040 HK) on Hong Kong Exchange tracking Hang Seng High Dividend Yield Index and MSCI China Index respectively.
ETP Weekly Cash Flows
The Asia-Pacific ETP flows during last week totaled +$1.1bn vs. +$1bn (+0.7% of AUM) of inflows for the previous week, setting the YTD weekly flows average at +$374mn (+$9.4bn YTD in total cash flows). Leveraged long equity ETFs collected largest weekly cash inflows of +$574mn. Among country focused products, ETFs benchmarked to South Korea, Japan and Hong Kong received +$201mn, +$196mn and +$117mn of cash inflows.
Turnover Review
Asia-Pacific ETP turnover totaled $13.6bn for the last week, -3.4% down from the previous week’s total. Japan continues on the top of the turnover ranking with $3.9bn turnover, followed by South Korea ($3.6bn), China ($2.9bn) and Hong Kong ($2.6bn). Among equity ETFs, Emerging Country, leveraged long, Asia-Pacific developed country and short ETFs had total turnovers of $5.2bn, $3.9bn, $2.1bn and $0.8bn, respectively. Within the commodity asset class, turnover in gold ETPs totaled $144mn.
Assets under Management Review
Last week, Asia-Pacific ETP AUM decreased by $1.8bn, and ended at $143.5bn. On a year-to-date basis, Asia-Pacific ETP market is up by $7.5bn or 5.5% above last year’s closing.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Asia
Sponsored survey: Deutsche Bank X-trackers ETFs
June 24, 2013--Exchange-traded funds (ETFs) are a genuine bright spot in the equity markets today. While they are still a relatively new product in Asia compared to Europe and North America, there are signs that the product has come of age.
This year, the Asian ETFs survey- conducted by Asia Risk and Deutsche Asset & Wealth Management-samples a broader range of investors and again identifies key trends and themes, which include increased investor knowledge and appetite
Over the past 12 months, inflows into Asia-Pacific exchange-traded fund assets have risen by more than 50% to reach $136 billion. Some of this growth can be explained by a large number of new listings in Asia, up from 506 to 535 ETFs. While impressive, this is still less than half the number of ETFs listed in the US and less than one-third of those listed in Europe -highlighting the untapped future potential.
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Source: Risk.net
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