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EDHEC-Risk Institute Study Highlights the Inefficiency of Asian Stock Market Indices
Ia study entitled "Assessing the Quality of Asian Stock Market Indices," researchers at EDHEC-Risk Institute have reported results for 10 major Asian stock market indices over the past decade.
March 5, 2013--Among the key findings of the study:
All indices analysed display a pronounced lack of efficiency, in the sense of providing an efficient risk-reward trade-off: for all of them, an equal-weighted index constructed from the same components outperforms the corresponding cap-weighted market index.
The levels of inefficiency of Asian market indices were found to be quite comparable to those of European and US indices.
The standard Asian indices are heavily concentrated in a few large-cap stocks. Most indices allocate as much as 60% of the index weight to only one-fifth of the stocks in the universe. For investors who are interested in holding well-diversified equity portfolios, one can see these results as a motivation to explore whether more appropriate alternatives can be developed.
view the EDHEC report-Assessing the Quality of Asian Stock Market Indices
Source: EDHEC-Risk Institute
New ETF to be Listed on Mar.25, 2013 (Mon.)-Nikko Asset Management Co., Ltd. "Listed Index Fund Nikkei 225 (Mini)"
March 4, 2013--Today, Tokyo Stock Exchange, Inc. (TSE) approved the listing of a new ETF managed by "Nikko Asset Management Co., Ltd.". The ETF will be listed on Monday, March 25, 2013.
Code: 1578 (ISIN JP3047570001)
Name: Listed Index Fund Nikkei 225 (Mini)
Fund Administrator: Nikko Asset Management Co., Ltd.
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Source: Tokyo Stock Exchange (TSE)
SSE and CSI Culture Industries Index, CSI Services Industry Index To Be Launched
March 4, 2013--Designed to serve as new benchmarks and investable underlyings for investors, today SSE and CSI announced the upcoming launch of SSE Culture Industries Index, CSI Culture Industries Index and CSI Services Industry Index on Mar 26th 2013.
Regarding the methodologies and more details about the above indices, please refer to attached.
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Source: China Securities Industries Index
South Korea regulator announces derivatives law
March 4, 2013--South Korean lawmakers passed the revised bill on capital markets act that will allow the establishment of central counterparties (CCPs) for the clearing of over-the-counter (OTC) financial derivatives, the financial regulator said Monday.
According to the Financial Services Commission (FSC), the nation's legislators in charge of related matters passed the bill that will enable the OTC derivative CCPs to be set up in at least three months.
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Source: Xinhuanet.com
Concerning Index Futures and Options Trading on March 5, 2013
March 4, 2013--We deeply apologize for the circumstances caused by the system failure today in Index Futures and Options trading.
For tomorrow, March 5th, trading in Index Futures and Options trading shall be held on normal schedule.
We have identified the system portion with the problem and by restarting this portion, the system is recovered and the Night Session is trading normally.
Source: Osaka Securities Exchange (OSE)
UBS eyes Asia with first Hong Kong ETF listing
March 3, 2013--UBS is gearing up to list its first exchange-traded funds in Hong Kong, backed by a new local fund platform, as the investment bank looks to take advantage of the growing Asia-Pacific ETF market.
The Swiss bank is planning to list a number of ETFs on the Hong Kong Exchanges & Clearing in the second half of this year, following its launch of a new ETF arm in the region with the hiring of a Hong Kong sales team.
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Source: Financial News
China Macro-China-Alarming export outlook
March 1, 2013--February PMI recorded a weaker reading of 50.1 but remained in the "expansion" territory for the fifth consecutive month.
However, it did sound an alarm on export outlook, as we see clear deterioration in export-oriented enterprises and regions. The domestic economy is still on a track of recovery, despite the fact that outlook on the job market has not yet improved. We reiterate our view that China will face a weaker growth outlook in the second half of the year. If the downside risks to the growth outlook materialize, we may see deterioration in the major activity indicators as early as 2Q13 — a quarter earlier than our baseline scenario of 3Q12.
The slightly weaker February PMI figure sounds an alarm on export outlook
Part of the decline in the February PMI reading could possibly be explained by Chinese New Year effect. However, we see consistent signs of growing risks to the export outlook, which include:
view the China Macro-
China: alarming export outlook-report
Source: Mirae Asset Securities (HK) - Global Research Center
HKEx may launch monthly metals contracts to boost profits
HKEx seen planning monthly commodities contracts-industry
May turn LME Asia reference price into tradable contract- traders
Asian benchmark price suffers from lack of liquidity-industry
Exchange seen opening its membership outside of London
March 1, 2013--Hong Kong Exchanges & Clearing Ltd is likely to launch monthly metals contracts as part of a plan to boost business with mainland China and justify its $2.2 billion purchase of the London Metal Exchange,
senior metals industry executives and traders said on Friday.
HKEx this week unveiled a preliminary timeline of developments for the LME as it posted results that showed shrinking profits and a core loss for the exchange it acquired in December last year.
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Source: CNBC
Mirae Asset Management-Asia Pacific Equity Market Outlook-Hope dominates fear
February 28, 2013--Equities continued to climb a wall of worries in 2012 but closed at the high for the year. Tail risks of a euro zone meltdown and a hard landing in China were managed by pragmatic policy making.
Asia Pacific ex-Japan, which rallied to end the year up 22.5%, seems to already discount part of the recovery. Further upside would be contingent on whether economies build on festival season momentum.
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Source: Mirae Asset Management
ASX to use cross-margining efficiencies in battle for Australia clearing market
February 28, 2013--Australian domestic clearing house hoping to use lower margin costs as a means to win market share
The decision by the Australian Securities Exchange (ASX) to introduce cross-margining between listed and over-the-counter derivatives when it launches its OTC clearing operation later this year will help it secure a majority of the cleared Australian OTC derivatives market, says a senior figure for the exchange.
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Source: Risk.net