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FTSE Licenses Nikko Asset Management to Create First Risk Efficient Index Fund for Japanese Investors
Improved risk/reward potential for Japanese institutional investors
Based on FTSE Developed ex Japan Index and FTSE EDHEC weightings
May 7, 2013--FTSE Group ("FTSE"), the global index provider, today announces the licensing of the FTSE EDHEC Risk Efficient Developed ex Japan Index to Nikko Asset Management Co., Ltd. to create the first risk-efficient index fund for Japanese investors.
The FTSE-EDHEC Risk Efficient International Developed Countries Index Fund aims to offer Japanese institutional investors a transparent means of capturing equity market returns with the potential for improved risk/reward efficiency. The universe derives from the FTSE Developed ex Japan (FTSE Kaigai) index.
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Source: FTSE
Vanguard starts rollout of HK-domiciled ETFs
May 7, 2013--After pondering for some time about how to reach retail investors in Asia, Vanguard has had its first Hong Kong-domiciled exchange-traded fund approved.
Vanguard, which manages $2.4 trillion in assets, is set to list its first Hong Kong-domiciled exchange-traded fund, which will track the FTSE Asia ex Japan Index.
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Source: Asian-Investor
Vanguard, One of World's Largest Investment Management Companies, Enters Hong Kong Retail Market
May 6, 2013--Vanguard, the pioneering mutual fund company known around the world for setting the standard for low investment costs, clear fee disclosures and broadly diversified portfolios, today launched its intermediary business in Hong Kong to expand access to its products to investors throughout Asia.
Vanguard will soon announce the listing of its first locally domiciled product offering in Hong Kong.
Since launching the first index fund for individual investors in the United States in 1976, Vanguard has led the industry with its low-cost, broadly diversified and long-term investment approach. Vanguard later extended its indexing expertise to ETFs, giving investors other low-cost investment choices and greater trading flexibility. Vanguard manages USD 2.4 trillion in assets globally. It is the third-largest global ETF provider, with USD 280 billion in ETF assets.
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Source: Vanguard
China guides renminbi to fresh high against US dollar
May 2, 2013--The Chinese renminbi marched to a record high against the US dollar on Thursday, adding to a recent burst of appreciation and spurring talk that Beijing is poised to soon let the currency trade more freely.
Over the past three weeks the renminbi has gained 0.6 per cent against the dollar, an unusually fast rise for the tightly controlled Chinese currency and one that has come even as the dollar has been relatively strong.
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Source: FT.com
MAS Consults on Proposed Regulatory Requirements for Renminbi (RMB) Foreign Exchange Conversion in China
May 2, 2013--The Monetary Authority of Singapore (MAS) today released a consultation paper on the proposed regulatory requirements for participating banks1 and merchant banks in Singapore to conduct foreign exchange conversion in China via the RMB Clearing Bank in Singapore.
2. As part of RMB clearing arrangements, the People’s Bank of China is granting the RMB Clearing Bank in Singapore a RMB foreign exchange conversion quota to allow participating banks and merchant banks to conduct foreign exchange conversion in China via the RMB Clearing Bank in Singapore for the settlement of eligible cross-border trade. MAS’ consultation paper sets out the proposed regulatory requirements that participating banks and merchant banks in Singapore must comply with when conducting such foreign exchange conversion.
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Source: Monetary Authority of Singapore (MAS)
India Panel to Consider ETF Plan Wednesday
April 30, 2013--A panel of India's cabinet ministers will on Wednesday consider a proposal to launch an exchange-traded fund that will invest in the shares of state-run companies, a step that is expected to help the government raise billions of dollars by selling stakes in the companies it manages.
The panel headed by Finance Minister P. Chidambaram will draw up an initial list of companies for the proposed ETF to invest in, a senior government official said Tuesday. The panel will also set the price at which the shares of these companies will be placed with the asset management company managing the fund, he added.
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Source: Wall Street Journal
Despite Current Downturn, Long-Term Growth Prospects for India are Bright, World Bank says
April 30, 2013-- India is regaining economic momentum and growth is expected to recover gradually to its high long-term potential, says the latest India Development Update of the World Bank.
According to the Update, a twice-yearly report on the Indian economy and its prospects, economic growth is likely to accelerate to over 6.0% during the current financial year (April 2013-March 2014). Growth is expected to increase further to 6.7% in FY 2015. Recent data point to some improvements in economic activity: inflation and trade deficit came down in recent months, while private consumption and investment growth had accelerated in the third quarter of FY 2013.
view the World Bank India Development Update
Source: World Bank
Dim sum benchmark launch could bring ETFs into a growing market
April 30, 2013--Dim sum bonds showed signs of fatigue last year, despite their young age.
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Issuance of offshore renminbi bonds grew compared to 2011- but only by a whisker, while a summer sell-off in the Chinese currency prompted a spike in borrowing costs. On both counts, it was a far cry from the market’s early days of breakneck growth and barely visible coupons.
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Source: FT.com
OTC trading reform threatens Asian markets
April 30, 2013--Asia's banks may have avoided the worst of the global financial crisis, but its derivatives markets could still suffer the consequences of a regulatory overhaul.
So-called over-the-counter trading became a big target of Group of 20-led financial reforms in the wake of the 2008 market meltdown.
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Source: FT.com
Regional Economic Outlook: Shifting Risks, New Foundations for Growth
April 29, 2013--Growth in the Asia-Pacific region shows signs of improving as extreme risks emanating from advanced economies have receded and domestic demand remains resilient, supported by relatively easy financial conditions and robust labor markets.
A small and gradual pick-up in growth to over 5¾ percent is projected in the course of 2013. Risks to the outlook from within the region, such as rising financial imbalances and asset prices in some economies, are coming clearer into focus. Although Asia’s banking and corporate sectors have solid buffers, monetary policymakers should stand ready to respond early and decisively to shifting risks, and macroprudential measures will also have a role to play. In many Asian economies, some fiscal consolidation could also rebuild the space needed to respond to future shocks and preempt potential overheating pressures from capital inflows. In particular, there is a growing need to make tax and spending policies more efficient. To sustain high growth rates and alleviate the “middle-income trap” across Emerging Asia, the policy agenda will vary by jurisdiction but will also often include strengthening infrastructure investment and reforming goods and labor markets.
view the Regional Economic Outlook: Asia and Pacific
Shifting Risks, New Foundations for Growth
Source: IMF