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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
World's largest gold ETF cleared for HK pensioners
February 27, 2013--SSgA gains approval to allow MPF scheme providers to invest in its gold-backed ETF, just as the price of bullion sinks.
Also, Invesco launches a CNH bond fund for its MPF platform.
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Source: Asiain Investor
ICI Global to set up shop in Hong Kong
This trade association for global fund managers will open its office on May 1
February 26, 2013--ICI Global said its coming to Hong Kong is a reflection of the rapid growth of the asset management industry in Asia.
Ms Qiumei Yang, a senior executive from the Hong Kong Stock Exchange, will oversee ICI Global’s operations in Asia.
Yang served as head of mainland development at Hong Kong Exchange and assisted in the acquisition of the London Metal Exchange in 2012.
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Source: Hong Kong Business
S. Korea to introduce synthetic exchange-traded fund in H1
February 26, 2013--South Korea's financial regulator said on Tuesday that it would introduce a new type of exchange-traded fund (ETF) that tracks an index through swap contracts.
The Financial Services Commission (FSC) approved the revised bill submitted by the main bourse operator Korea Exchange to adopt the synthetic ETF and list the index-tracking product in the first half, according to an e-mailed statement.
ETF is an index-tracking mutual fund that is traded and priced in real-time on exchanges like listed stocks. The investment vehicle holds stocks and bonds to track a certain index, and it has advantages such as low costs and access to a wide range of asset classes.
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Source: China.org
DB-Synthetic Equity & Index Strategy-Asia-Pac Weekly ETF Market Review-ETP AUM reduced by $1.8bn amid mixed equity markets
February 26, 2013--Market Review
Last week, Asia-Pacific region had mixed markets. Compared to the week before, from north to south:
Japan (Nikkei 225) +1.90%
Korea (KOSPI2) +2.12%
China (CSI 300) -6.32%
Hong Kong (HSI) -2.82%
Singapore (FSSTI) +0.15%
Australia (S&P/ASX 200) -0.31%
New Product Launch Review
Last week, one new product was launched in the Asia-Pacific ETP market. One Asset Management Ltd listed an equity ETF on Thailand Stock Exchange tracking SET100 Index.
Turnover Review
Asia-Pacific ETP turnover totaled $13.4bn for the last week, 180% up from the previous week’s total. South Korea remained on the top of the turnover ranking with $4bn turnover, followed by China ($3.6bn), Hong Kong ($3.6bn), and Japan ($1.4bn). Among equity ETFs, emerging country, leveraged long, Asia-Pacific developed country, and short ETFs had total turnovers of $8bn, $1.9bn, $1.7bn, and $0.9bn respectively. Among the commodity asset class, turnover in gold ETPs totaled $149mn.
Assets under Management Review
Last week, Asia-Pacific ETP AUM decreased by $1.8bn and ended at $137.5bn. On a year-to-date basis, Asia-Pacific ETP market is up by $1.6bn or 1.2% above last year’s closing.
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Source: Deutsche Bank - Synthetic Equity & Index Strategy - Asia
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