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India plans to mobilise ETF gold through deposit scheme changes
India's government announces steps to unfreeze gold physically held by mutual funds under gold exchange traded funds (ETF), by allowing them to invest in gold deposit schemes of banks.
January 22, 2013--Even as the Indian government has appealed to the people to moderate their demand for gold, and raised the import duty to 6% from 4% earlier, it has linked the gold deposit and ETF scheme in a bid to unfreeze part of the gold held in exchange traded funds.
The move could prove to be a huge positive for gold ETFs that have been allowed to lend a portion of their gold deposits. Investor sentiment is also bound to increase in gold-linked financial products.
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Source: MoneyWeb
ETF Securities loses Asia-Pac sales head
January 22, 2013--The commodity ETF provider is in the process of replacing Nigel Phelan and plans to make further hires this year.
Nigel Phelan has quit his post as Asia-Pacific head of sales at commodity exchange-traded funds firm ETF Securities and will be on gardening leave until March.
He is moving back to his native Australia, from Hong Kong, for personal reasons, says Fred Jheon, Asia-Pacific head of the business. Phelan had held the role since December 2011, before which he was head of sales for Australia and New Zealand.
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Source: Asian Investor
Samsung launches its first QFII ETF
January 21, 2013--Index provider FTSE Group has licensed the FTSE China A50 Index to Samsung Asset Management Company as the basis of its first Qualified Foreign Institutional Investors (QFII) ETF, which lists on the Korea Exchange on January 21.
The Samsung KODEX FTSE China A50 ETF is the first cash-based QFII ETF and first ETF listed outside Hong Kong based on the FTSE China A50 Index, offering international investors a direct channel to participate in the China bluechip market. It underlines the credibility of the FTSE China A50 Index as a recognized standard route into the A-share market. FTSE maintains its leadership position in the China ETF marketplace, with a majority of the assets under management (AUM) in China-themed ETFs listed globally - more than 58% - benchmarked to FTSE indices.
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Source: The Asset
New 4ETNs to be Listed on Feb. 18, 2013-Nomura Group, "NEXT NOTES" Series
January 21, 2013--Today, Tokyo Stock Exchange, Inc. (TSE) approved the listings of the following trust beneficiary certificates(Japanese Depositary Receipts;hereinafter "JDRs")whose trust assets are exchange traded notes
(indicator-tracking securities; hereinafter "ETNs") issued by Nomura Europe finance N.V.(※）.These will be listed on Monday, February 18,2013.
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Source: Tokyo Stock Exchange (TSE)
India Budget 2013: Commodity transaction tax will promote 'dabba' trade,, says industry
Jamuary 20, 2013--Any transaction tax on commodity derivatives will shift the declining business to either illegal 'dabba' trading or overseas commodity exchanges, warned the industry representatives.
"Imposition of Transaction Tax on commodity derivatives transactions will boost the illegal 'dabba trading' markets without any gain to the exchequer," said the commodity exchanges in their representation to the government.
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Source: The Economic Times
China Macro-China has bottomed out
January 18, 2013--China's 4Q2012 GDP was 7.9%, slightly better than the market consensus and our projection of 7.8%. This is the first time growth has accelerated since the slowdown of the past seven consecutive quarters.
The data confirms our view that China’s economy has bottomed out, thanks to the accommodative policy stance not only of China but also many other Asian countries. We expect growth to return to above 8% in 1H2013, partly benefiting from the low base effect. However, outlook for 2H2013 is highly uncertain and hinges on the strength of the recovery in the US and EU, as well as a possible change in policy stance after the new government is sworn in.
China’s growth has bottomed out
Growth in 4Q2012 has rebounded to 7.9% from 7.4% in 3Q2012. The recovery is mostly driven by:
Ambitious policy easing in China. It has: 1) lowered the effective lending rate floor by about 30%; 2) maintained proper liquidity conditions using reverse repo; 3) adopted proactive fiscal policy with an estimated deficit figure of RMB 1.2-1.3 trillion; and 4) seen rapid credit growth in the corporate bond and trust loan sector.
The policy easing in other Asian countries. In particular, we have seen quantitative easing in Japan and rate cuts in several Asian economies including Korea and Singapore.
view the report-China Macro-China has bottomed out
Source: Mirae Asset Management
TOCOM Delisted Nikkei-TOCOM Commodity Index Futures
January 18, 2013--The Tokyo Commodity Exchange, Inc. (TOCOM) announced today it had completed the procedure for delisting the Nikkei-TOCOM Commodity Index Futures contract (TOCOM NEXT) upon receipt of required regulatory approval from the Minister of Economy, Trade and Industry on January 11, 2013.
TOCOM will continue to calculate and publicize the Nikkei-TOCOM Commodity Index to provide benchmarks for the evaluation of various financial instruments such as investment trusts and commodity funds.
Source: TOCOM
China's growth slows in 2012
January 18, 2013--China's economy grew at its slowest pace in 13 years in 2012, though a year-end spurt supported by infrastructure spending and a jump in trade signalled the foundation for the stable growth path Beijing says is vital for economic reform may be in sight.
Evidence of a burgeoning recovery in exports, stronger than expected industrial output and retail sales, together with robust fixed asset investment, all indicated that Beijing's pro-growth policy mix has gained sufficient traction to underpin a revival without yet igniting inflationary risks.
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Source: FIN24
CSRC chief wants QFII, RQFII to expand 10-fold
January 15, 2013--China's top securities regulator, is optimistic the country could boost the current level of investment quotas for foreign institutional investors, by 10-fold. These anticipated reforms promise to open more doors for global investors wanting to get a foothold into the world's second-largest economy.
Speaking at the ongoing Asia Financial Forum in Hong Kong, Guo Shuqing, Chairman of the China Securities Regulatory Commission, says the Chinese mainland’s securities market is active, generating a turnover of around 4 trillion yuan.view more
Source: cntv.cn
IMF report-India: Financial System Stability Assessment Update
January 15, 2013--This report summarizes the findings of the Financial Sector Assessment Program (FSAP) for India. The assessment was
undertaken in June and October 2011. The findings were further discussed with the authorities during the Article IV consultation mission in January 2012.
The key macro-relevant findings of the Financial System Stability Assessment (FSSA) are as follows:
India has made remarkable progress toward developing a stable financial system but confronts a build-up of financial sector vulnerabilities.
The system is becoming more complex, with interlinkages across institutions and borders. The main near-term risks to the financial system are a worsening of bank asset quality and renewed pressures on systemic liquidity. However, stress tests did not reveal near-term stability concerns, suggesting the banking system would be
resilient to a range of adverse shocks.
The prominent role of the state in the financial sector contributes to a build-up of fiscal contingent liabilities and creates a risk of capital misallocation that may constrain economic growth. Gradually reducing mandatory holdings of government securities by financial institutions, and allowing greater access to private (domestic and foreign) sources of capital, would provide more room for the financial sector to intermediate funds toward productive economic activities, thereby improving prospects for sustained growth.
View the IMF report-India: Financial System Stability Assessment Update
Source: IMF
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