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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
Changes in stock, commodities transaction tax make little sense
Tax reduction on option segment could have helped more than on equity futures
February 28, 2013--It is hard to comprehend the rationality in the changes that the Budget has made in tweaking the securities transaction tax (STT) in equities and in introducing commodities transaction tax.
It is proposed to reduce STT on equity futures alone, leaving out equity options that account for the bulk of the trades. The FM has also left out cash-based transactions out of the ambit of the STT reduction.
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Source: Hindu Business Line
UBS GAM upbeat on 'smart beta' ETFs
February 28, 2013--UBS Global Asset Management (UBS GAM) is forecasting significant growth in so-called "smart beta" exchange-traded funds (ETFs) on the back of increased levels of adviser and self-managed superannuation fund (SMSF) interest.
While smart beta ETFs make up around only 10 per cent of the Australian ETF market at the current time, UBS GAM ETF capability manager Stephen Small said he expected this to double by the end of the year.
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Source: Money Management.com
Malaysia: Financial Sector Stability Assessment
February 28, 2013--EXECUTIVE SUMMARY
1. Malaysia, like many of its Asian neighbors, experienced significant
macro/financial distress in the late 1990s, with severe economic consequences. Policy responses proved largely successful in mitigating the worst consequences, and the authorities
initiated far-reaching reforms of the financial system.
A ten-year Financial Sector Masterplan
covering 2001–2010, led by the Bank Negara Malaysia (BNM), and a parallel Capital Market Masterplan (CMP1) led by the Securities Commission (SC), supported a restructuring of the
financial sector, underpinned by a strong regulatory and supervisory framework.
2. The transformed and strengthened financial sector weathered the recent global financial crisis well. Reliance by financial market intermediaries on cross-border and interbank funding remains limited, as is the exchange rate exposure of the economy. Mergers have led to the emergence of a number of strong banking and financial groups as well as capital market intermediaries which are now able to expand into neighboring markets.
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Source: IMF
HKEx annual profit hit by listings slump
February 27, 2013--Hong Kong Exchanges & Clearing, the world's largest bourse operator by market capitalisation, has reported a worse than expected slide in full-year net profit amid weak trading volumes and a dearth of new listings.
Net profit fell 20 per cent to HK$4.1bn ($528m) for the year ended December 31, HKEx said on Wednesday. That compared with expectations of HK$4.4bn from analysts polled by Thomson Reuters.
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Source: FT.com
Why Sensex rise stokes hope on fund flow
January 27, 2013--Assets under management ( AUMs) of offshore India-focused equity schemes and exchange traded funds ( ETFs) last month, when the Sensex was just below the 20,000 mark, were almost 34 per cent or $19 billion lower than in the same month of 2010, when the index was around the same level.
Optimists say the data suggests room for further inflow into these funds, which would in turn find its way into Indian stocks as the government aims at attracting more foreign investments. Finance Minister P Chidambaram happens to be readying for a week’s global tour to woo foreign investors, to attract more money into the country’s equities.
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Source: Busines Standard
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