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Three Subdivision Industry Indices Launched Today
October 29, 2012--In order to provide investment reference for subdivision industries like health care, non-ferrous, and food and beverage, Shenzhen Securities Information Co., Ltd. announced that the SINO Health Care Index (Code: 399394, Abbreviation: SINO Health Care), SINO Non-ferrous Index (Code: 399395, Abbreviation: SINO Non-ferrous) and SINO Food & Beverage Index (Code: 399396, Abbreviation: SINO Food) were launched on October 29 2012.
All the indices take December 31 2004 as the base date and 1000 points as the base value.
Based on the CNINFO Industry Classification for Listed Companies, the aforesaid indices take market capitalization, liquidity and industry representativeness into full consideration, and select sample stocks from A-share companies in corresponding subdivision industries. In this regard, SINO Health Care selected 80 samples from the medicine and health care industry
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Source: Shenzhen Stock Exchange (SSE)
Morgan Stanley-ETF Fund Flows-ETFs Exhibited Net Inflows of $55.8 Billion in 3Q12
October 29, 2012--There were 20 new ETFs listed in the US in the third quarter of 2012. So far this year, 141 ETFs have been issued and three providers have entered the ETF market.
There have also been 73
ETF liquidations so far this year. As of October 25, 2012, there were
36 issuers with 1,234 ETFs listed in the US.
Net inflows into US-listed ETFs were $55.8 billion during 3Q12.
This is well above the average quarterly rate of net cash inflows over the past three years ($33.8 billion), bringing net cash flows for the first three quarters of the year to $133.4 billion. ETF net inflows are on pace for the biggest year on record.
The current high mark is 2008, when US-listed ETF net cash inflows were $174.6 billion.
The largest net cash inflows this past quarter went into US Large-Cap ETFs. ETFs tracking US large cap equity indices had the highest net cash inflows this past quarter at $11.0 billion andthey currently account for over 21% of the US-listed ETF market. Fixed Income and Emerging Market ETFs had the next highest net cash inflows this past quarter at $8.1 billion and $6.8 billion, bringing their net cash flows for the first three quarters of the year to $41.3 billion and $14.4 billion, respectively. Currency ETFs were the only segment to post net cash outflows this past quarter and for the first three quarters of the year at $0.1 and $2.0 billion, respectively.
US ETF industry assets of almost $1.3 trillion are ~21% higher than their level at the end of 2011. Despite the growth of the ETF market, it remains concentrated with three providers and 20 ETFs accounting for almost 79% and 47% of industry assets, respectively.
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Source: Morgan Stanley
SSE Report: Blue Chips Perfect for Long-term Investment
October 29, 2012--According to the latest research report made by the Shanghai Stock Exchange (SSE), an array of major reforms launched by the China Securities Regulatory Commission (CSRC) since 2012 have got active responses from the market and witnessed the increasing policy effects, with the appeal of the market being enhanced as well.
At present, domestic blue-chip companies have long-term investment values in light of historical data of the market valuation, listed companies' performances and dividend distributions at home and abroad, as well as investors' incomes from long-term shareholding.
The low market valuation
The SSE report presented an argumentation for the viewpoint above in the following 3 aspects. First, the historical data of the market valuation at home and abroad showed that China's securities market would have long-term investment values. When the SSE Composite Index closed at 2,066 points on October 26, 2012, the price-to-earnings ratio reached 11.16, lower than those of the previous two bottoms, namely, the price-to-earnings ratio of 16.52 when the SSE Composite Index closed at 998 on June 6, 2005 and that of 12.25 when the SSE Composite Index closed at 1,664 on October 28, 2008.
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Source: Shanghai Stock Exchange (SSE)
ICICI Securities to advise govt for public sector ETFs
October 26, 2012--The Department of Disinvestment has selected ICICI Securities to act as its adviser to create and market the proposed central public sector enterprise (CPSE) exchange traded funds ( ETFs).
Three other i-bankers--Citi, SBI Caps and Yuanta Fund--were in the fray for this.
The proposed PSU ETF will comprise shares of listed central PSUs and will act as an additional mechanism for the disinvestment process.
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Source: Economic Times
Chinese Economy Lost $3.79 Trillion in Illicit Financial Outflows Since 2000, Reveals New GFI Report
Fraudulent Mispricing of Trade Accounted for $3.20 Trillion in Illicit Outflows from 2000-2011
Serious Ramifications for "Social and Political Stability"
October 25, 2012--The Chinese economy hemorrhaged US$3.79 trillion in illicit financial outflows from 2000 through 2011, according to a new report [PDF] released today by Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization.
Amidst increased domestic concern over inequality and corruption, GFI’s study raises serious questions about the stability of the Chinese economy merely two weeks before the once-in-a-decade leadership transition.
“I’ve studied the proceeds of crime, corruption, and tax evasion for decades, and the magnitude of illicit money flowing out of China is astonishing,” said GFI Director Raymond Baker. “There’s no other developing or emerging economy that even comes close to suffering as much in illicit financial outflows.”
view the Illicit Financial Flows from China and the
Role of Trade Misinvoicing report
Source: Global Financial Integrity (GFI),
Regarding Today's Some News Report On Purported Personnel Matters Related To Merger Of Osaka Securities Exchange And Tokyo Stock Exchange
October 24, 2012--Today, there were some news reports by some media institutions on personnel matters in connection with the business combination between Osaka Securities Exchange Co., Ltd. and Tokyo Stock Exchange Group, Inc.
However, there is no factual basis regarding such decision at the present time.
Source: Online Media
China Macro-Rmb: At worst no appreciationRmb: At worst no appreciation
October 23, 2012--As of 19 October, the Rmb was slightly weaker than the US dollar compared with its value at the beginning of the year. In our view, the recent appreciation trend will continue until the currency exits 'depreciation' territory for the year.
China’s huge international reserves of US$3.2tn mean that the government does not have to depreciate the Rmb if it does not want to. In addition, we believe the Chinese government will not tolerate a weak image of the Rmb while it is in the process of Rmb internationalization and capital account liberalization. Currently, exchange rate risks in China are mostly tilted towards increasing volatility, and not towards depreciation risks.
At worst the Rmb will show no appreciation for the year
Despite the recent sharp appreciation, the Rmb is still slightly weaker YTD against the US dollar. We believe the current appreciation trend is more than explained by the upcoming US presidential election, as the appreciation has been against other major currencies too. The trend will likely continue until the Rmb exits ‘depreciation’ territory for the year.
Medium-term fundamentals still argue for Rmb appreciation in real terms
Although China’s trade balance has fallen from a huge surplus of 8-9% of GDP before the global financial crisis, it will remain in surplus for the medium term. FDI inflows have slowed due to cyclical and structural factors, but we expect them to continue. These inflows, combined with China’s current US$3.29tn of international reserves, will buffer any capital outflows in our baseline scenario. In other words, the Rmb does not have to depreciate if the government does not want it to.
view the report-[China Macro] Rmb: At worst no appreciation
Source: Mirae Asset Financial Group
China launches yuan ETFs for Hong Kong stocks
China launches two yuan-denominated ETFs tracking Hong Kong stocks
New ETFs allows mainland investors to indirectly trade Hong Kong shares
Funds help domestic investors to diversify portfolios
October 22, 2012--China launched two yuan-denominated exchange-traded funds tracking Hong Kong stocks Monday allowing mainland investors to indirectly trade shares in the former British colony for the first time.
The ETF rollout is part of a broader liberalization and improvement by Beijing of China's tightly-controlled financial sector and capital markets as the government seeks to bolster domestic consumption and economic growth. China's securities regulator approved the ETFs in June.
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Source: MarketWatch
DB-Synthetic Equity & Index Strategy-Asia-Weekly ETF Market Review-ETP AUM added $4.3bn amid bullish equity markets
October 22, 2012--Market Review
Last week, all the major markets in the Asia-Pacific region remained in positive territory. Compared to the week before, from north to south:
Japan (Nikkei 225) +5.49%
Korea (KOSPI2) +0.93%
China (CSI 300) +1.21%
Hong Kong (HSI) +1.97%
Singapore (FSSTI) +0.24%
Australia (S&P/ASX 200) +1.88%
New Product Launch Review
Last week, one new product was launched in the Asia-Pacific ETP market. UBS made its regional debut with the listing of one equity ETF on the Australian Securities Exchange tracking UBS Research Preferred Index. (See Figure 4 for further details)
Turnover Review
Asia-Pacific ETP turnover totaled $6.2bn last week, 7.5% down from the previous week’s total. South Korea continued to top the turnover ranking with $1.9bn, followed by China ($1.5bn), Hong Kong ($1.4bn), Japan ($0.8bn), and Australia ($0.3bn). Among Equity ETFs, the Emerging Country, Leveraged Strategy, Asia-Pacific Developed Country, and Short Strategy ETFs had total turnovers of $3bn, $1.2bn, $1bn, and $0.4bn respectively. Among the Commodity asset class, turnover in Gold ETPs totaled $101mn.
Assets under Management Review
Last week, Asia-Pacific ETP AUM increased by $4.3bn and ended at $124.3bn. On a year-to-date basis, Asia-Pacific ETP market is up by $32.8bn or 36% above last year’s closing.
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Source: Deutsche Bank - Synthetic Equity & Index Strategy-Asia
First Australian ETF launched by UBS
October 19, 2012--Global banking group UBS has launched the first exchange-traded fund on the Australian Securities Exchange, in a move that allows investors access to the bank's wide range of research and analysis, The Australian Financial Review reports.
According to the newspaper, UBS Australia and New Zealand chief executive officer and joint global head of investment banking Matthew Grounds and ASX Ltd chief executive Elmer Funke Kupper rang the opening bell on the exchange earlier this week.
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Source: UBS
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