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China Universal to list RQFII ETF, plans more
July 3, 2013--China Universal Asset Management will become the latest fund house to list a renminbi qualified foreign institutional investor (RQFII) exchange-traded fund.
The Shanghai-based firm’s Hong Kong subsidiary plans on using some of the Rmb2 billion ($325 million) RQFII quota it received in May to launch the ETF, which will track China’s benchmark index CSI 300 and start trading on July 8.
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Source: Asian Investor
BNY Mellon readies managed-account platform
July 3, 2013--Mellon will launch a separately managed account (SMA) business in Hong Kong later this year, its first in the region, with a view to tapping private bank clients.
The US investment management and services firm, which received the required licence from...
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Source: Asian Investor
Market-making scheme helps Aussie ETF market, study finds
Rebates have generated a lot of public discussion, but one study found that a scheme for market-making rebates in the Australian ETF market boosted liquidity.
July 2, 2013--The introduction by ASX of its ETF Market Making Scheme has improved trading and market efficiency in the Australian exchange traded fund market, a study by the Capital Markets Cooperative Research Centre (CMCRC) found.
The study analysed market activity for 12 months either side of the scheme's introduction in 2010 to assess the impact of market-maker rebates. To qualify for the rebate, contracted market makers had to meet spread and volume obligations 80% of the time over a calendar month, with the rebate covering all trading and clearing fees. The authors also looked at trades made to see how income was derived and whether market makers supplied liquidity.
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Source: Automated Trader
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
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