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Basel Committee concludes assessment of Basel III capital regulations in Singapore
March 20, 2013--The Basel Committee on Banking Supervision has today published a report assessing the regulations that implement the Basel capital framework in Singapore.
Through its Regulatory Consistency Assessment Programme (RCAP), the Committee monitors the timely adoption of regulations by its members, assesses their consistency with the Basel framework and analyses the quality of intended regulatory outcomes. The RCAP also helps member jurisdictions to identify deviations from the Basel framework and assesses their materiality.
China widens door to foreign investors
March 20, 2013--Amid all the talk of renminbi internationalization, one question has long bugged offshore investors: what to do with the Chinese currency?
China’s strict controls on its capital account have largely prevented overseas holders of renminbi from investing the currency. While there have been some avenues – such as the dim sum bond market in Hong Kong – the inability to put cash back to work on the Chinese mainland itself has stymied international use of the renminbi.
ASIC reports on dark liquidity and high-frequency trading
March 18, 2013--ASIC today released a report and a consultation paper that examine the impact of dark liquidity and high-frequency trading on Australia's financial markets.
They are the result of analysis by two internal ASIC taskforces. The dark liquidity taskforce was set up in response to concerns about its impact on market efficiency and quality; the high-frequency trading taskforce addressed concerns about disorderliness and unfairness.
Report 331 Dark liquidity and high-frequency trading (REP 331) and Consultation Paper 202 Dark liquidity and high-frequency trading: Proposals (CP 202) focus on the quality of the market for capital raising and long term investment, and thus Australia's competitiveness as a regional financial centre.
Thai bourse lists KTAM SET Energy ETF Tracker on March 19
March 15, 2013--The Stock Exchange of Thailand (SET) will list KTAM SET Energy ETF Tracker, managed by Krung Thai Asset Management pcl, on its main board on March 19,under the ticker "ENY".
ENY, an open-end exchange-traded fund (ETF), will track the performance of the SET Energy & Utilities Sector Index, a capitalization-weighted index of all stocks of the SET Index that are involved in the energy and utilities sector. Kesara Manchusree, SET Executive Vice President and Head of the Markets Division, said: "The SET Energy & Utilities Sector Index has the highest market capitalization of all of SET's sector indices, covering securities worth THB 2.5 trillion (approx. USD 83 billion), or about 18 percent of total market value. It consists of 26 large and mid-cap securities, including oil and refineries, power plants, and renewable energy and utilities, that are listed in the SET50 and SETHD (SET High Dividend) Indices. Investors will get more convenience by purchasing ENY through their trading accounts, and can receive the same returns as investing in the energy and utilities sector, but without buying individual stocks. Also, the fund's policy allows for dividend payments of up to 4 times per year.
Indian gold ETFs buck global trend
India is turning out to be a good market for ETFs, garnering Rs800m in inflows in January
March 13, 2012--Gold ETF assets crossed the $2.22 billion (Rs 120 billion) mark in India for the first time, with the month of January seeing inflows of around Rs 0.8 billion.
Urban Indian retail investors are showing a marked preference for investment in gold exchange traded funds (ETFs). At the end of January 2013, category assets rose 0.5% to Rs 120.6 billion. Though the category inflows were the lowest since June 2012, it was much better than the global scene which saw gold ETFs dumping 140 tonne of gold in January.
DB-Synthetic Equity & Index Strategy-Asia-Pac Weekly ETF Market Review-ETP AUM increased marginally amid mixed equity markets
March 13, 2013--Market Review
Last week, Asia-Pacific region had mixed markets. Compared to the week before, from north to south:
Japan (Nikkei 225) +5.84%
Korea (KOSPI2) -1.28%
China (CSI 300) -2.32%
Hong Kong (HSI) +0.93%
Singapore (FSSTI) +0.61%
Australia (S&P/ASX 200) +0.73%
New Product Launch Review
Last week, one new product was launched in the Asia-Pacific ETP market. Nomura Asset Management Ltd listed one equity ETF on Tokyo Stock Exchange tracking Nomura Japan Equity High Dividend 70 Index.
Turnover Review
Asia-Pacific ETP turnover totaled $13.4bn for the last week, 13.9% up from the previous week’s total. South Korea remained on the top of the turnover ranking with $3.8bn turnover, followed by China ($3.7bn), Hong Kong ($3.5bn), and Japan ($1.9bn). Among equity ETFs, emerging country, leveraged long, Asia-Pacific developed country, and short ETFs had total turnovers of $8bn, $2bn, $1.8bn, and $0.9bn respectively. Among the commodity asset class, turnover in gold ETPs totaled $62mn.
Assets under Management Review
Last week, Asia-Pacific ETP AUM increased marginally by $0.6bn and ended at $140.2bn. On a year-to-date basis, Asia-Pacific ETP market is up by $4.3bn or 3.1% above last year’s closing.
On March 12, 2013, the trading volume of equity options reached 74,573 contracts, the highest level since January 13, 2011
March 12, 2013--On March 12, 2013, the trading volume of equity options reached 74,573 contracts, the highest level since January 13, 2011.
In addition, the month-to-date trading volume(March) records approximately 3 times of the monthly trading volume in February.
In order to invigorate the Equity Options Market, Tokyo Stock Exchange, Inc. (TSE) has enacted a variety of measures, including revising the Market Maker Scheme and trading fees, and expanding information dissemination (Please look at the link, “かぶオプナビ” below). As a result of these efforts, the trading volume of equity options has been on the rise.
ETFs and ETPs in Asia Pacific ex-Japan saw net outflows of US$1.3 billion in February 2013
March 8, 2013--In February 2013, Exchange Traded Funds (ETFs) and Exchange Traded Products (ETPs) listed in Asia Pacific ex-Japan had net outflows of US$1.32 billion, according to new research published in the latest ETFGI Asia Pacific ex-Japan ETF and ETP industry insights.
ETFGI won the Best ETF Research award in 2012 in the ETF Express awards announced on February 28th in London.
Equity ETFs and ETPs experienced the largest net outflows with US$1.2 billion, followed by leveraged ETFs and ETPs with US$255 million, and commodity ETFs and ETPs with US$41 million, while inverse ETFs and ETPs gathered the largest net inflows with US$129 million.
Year to date through end of February 2013, ETFs and ETPs have seen net inflows of US$780 million. Equity ETFs and ETPs gathered the largest net inflows with US$571 million, followed by leveraged ETFs and ETPs with US$149 million, and fixed income ETFs and ETPs with US$128 million, while commodity ETFs and ETPs experienced the largest net outflows with US$39 million.
DB-Synthetic Equity & Index Strategy-Asia-Pac Monthly ETF Market Review- ETF flows favor DM in February
Monthly Trends – Asia Pacific
March 8, 2013--Market Review
Last month, all the major markets in the Asia-Pacific region remained in positive territory except South Korea.
Compared to the month before, from north to south Japan (Nikkei 225) appreciated by 7.15%, Korea (KOSPI2) slid by 2.22%, China (CSI 300) gained 6.50%, Hong Kong (HSI) increased by 4.73%, Singapore (FSSTI) rose by 3.65%, and Australia (S&P/ASX 200) climbed 4.94% over the previous month.
New ETP launches
Last month, three new ETPs were launched in the Asia-Pacific market. China Asset Management and CSOP Asset Management listed one equity ETF each on Tokyo Stock Exchange tracking the CSI 300 Index and the FSTE China A50 Index respectively. Further, One Asset Management listed one equity ETF on Stock Exchange of Thailand tracking SET100 Index.
ETP Monthly Cash Flows
Asia-Pacific ETP market experienced cash outflows for the second consecutive month this year. The region’s ETP cash flows totaled -$394mn over February taking year-to-date total to -$670mn. In contrast to the month of January emerging market (EM) equity ETFs recorded outflows of -$898mn (+$533mn in Jan) while developed market (DM) equity ETFs recorded inflows of +$372mn (-$1.2bn in Jan) during February. ETPs offering exposure to China registered outflows of -$472mn, followed by South Korea (-$216mn) and Taiwan (-$210mn), while Japan witnessed +$253mn of inflows followed by Hong Kong (+$103mn). Leveraged long equity ETFs lost -$271mn in cash outflows while short ETFs totaled +$155mn of inflows during February.
As mentioned in our last Monthly ETF Market Review, ETFs focused on China & South Korea in EMs and Japan & Hong Kong in DMs continue to witness significant cash flow activity in the last three months. China focused ETFs alone attracted +$2.7bn inflows during Dec’12 to Feb’13 while ETFs benchmarked to Japan recorded outflows in excess of -$850mn over the same period. (See Figure 1 & 2 for further details)
Turnover Review
Asia-Pacific ETP turnover totaled $44.1bn for last month, 13% down from the previous month’s total. South Korea reached on the top of the turnover ranking with $13.5bn turnover, followed by Hong Kong ($11.5bn), China ($10.4bn), Japan ($7bn), and Taiwan ($0.7bn). Among equity ETFs, the emerging Country, leveraged long, Asia-Pacific developed country, and short ETFs had total turnovers of $24.1bn, $7.2bn, $7.1bn, and $3.1bn respectively. Among the commodity asset class, turnover in gold ETPs totaled $412mn.
Asset under Management Review
On a monthly basis Asia-Pacific ETP AUM stayed flat and ended at $140.4bn at the end of February.
SSE 5-Year Credit Bond Index To Be Launched
March 8, 2013--Designed to serve as new investable benchmark for bond investors as well as to promote innovation of China bond market, CSI today announced the upcoming launch of SSE 5-Year Credit Bond index on Apr. 1 st 2013.
This index is composed of credit bonds trading in SSE whose corporate credit rating are AA grade or above ， term to maturity between 4 and 7 years and outstanding above 0.8 billion . The base date is December 31st, 2007. The base index is100
