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IMF Working Paper-The Evolution of Asian Financial Linkages: Key Determinants and the Role of Policy
November 1, 2012--This paper examines how Asian financial linkages with systemic economies have changed over time. After developing a factor model, it estimates Asian financial sensitivities to systemic economies, and then seeks to uncover their key determinants, which include trade and financial linkages, as well as policies.
In line with Asia’s growing role in the global economy—including through deeper financial integration—regional financial markets have become more sensitive to systemic economies. Asian financial sensitivities to systemic economies exhibit cyclical fluctuations, and reached historically high levels during the latest global financial crisis of 2008–09. While macroeconomic policy frameworks have helped Asian economies cope well with market turbulence, they cannot completely insulate Asian financial markets against major global financial shocks.
view IMF working paper-The Evolution of Asian Financial Linkages: Key Determinants and the Role of Policy
Source: IMF
DB-Asia-Pac Weekly ETF Market Review-ETP AUM remains flat amid bearish equity markets
November 1, 2012--Market Review
Last week, all the major markets in the Asia-Pacific region remained in negative territory except Singapore. Compared to the week before, from north to south:
Japan (Nikkei 225)-0.77%
Korea (KOSPI2) -2.99%
China (CSI 300) -3.63%
Hong Kong (HSI) -0.03%
Singapore (FSSTI) +0.28%
Australia (S&P/ASX 200) -2.16%%
New Product Launch Review
Three new ETFs were launched in the Asia-Pacific ETP market during last week. E Fund Management listed one equity ETF on Shanghai Stock Exchange offering exposure to Hang Seng China Enterprise Index and Mirae Asset MAPS Global Investments listed one equity ETF on the Korea Stock Exchange tracking KOSPI 200 Covered Call Index. Further, China Asset Management launched one equity ETF on Shenzhen Stock Exchange tracking Hang Seng Index and cross listed one equity ETF on Hong Kong Exchange tracking CSI 300 Index. (See Figure 4 for further details)
Turnover Review
Asia-Pacific ETP turnover totaled $7bn last week, 12.6% up from the previous week’s total. South Korea continued to top the turnover ranking with $2.7bn, followed by China ($1.6bn), Hong Kong ($1.4bn), Japan ($0.6bn), and Taiwan ($0.3bn). Among Equity ETFs, the Emerging Country, Leveraged Strategy, Asia-Pacific Developed Country, and Short Strategy ETFs had total turnovers of $3.3bn, $1.5bn, $1.1bn, and $0.7bn respectively. Among the Commodity asset class, turnover in Gold ETPs totaled $103mn.
Assets under Management Review
Last week, Asia-Pacific ETP AUM decreased by $715mn and ended at $123.6bn. On a year-to-date basis, Asia-Pacific ETP market is up by $32.1bn or 35.1% above last year’s closing.
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Source: Deutsche Bank - Synthetic Equity & Index Strategy - Asia
Revision in BSE indices
October 31, 2012--The Executive Management Committee of the Exchange in its meeting held on October 31, 2012 has decided to revise the composition of BSE indices as detailed below:
It has been decided to have the following changes in SENSEX on the effective date:
Merger of Sterlite Industries Ltd. with Sesa Goa Ltd.
Post merger, the merged entity to be called Sesa Sterlite Ltd. would replace Sterlite Industries Ltd., which is currently in SENSEX. The change would be effected on the day trading in the shares of Sterlite Industries Ltd. is discontinued (enters into “No Dealing Status”) at BSE. A separate intimation will be given to the market participants in this regard.
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Source: BSE
Weak Institutions Blamed for India's Decline in Financial Development, Report Finds
World Economic Forum Financial Development Report 2012 shows India falling 4 places to 40th
Weak institutional, business environment and relative instability drag down otherwise strong performance
First place goes to Hong Kong for second year, with Singapore (4) and Japan (8) also in top ten
October 31, 2012--India's financial development remains at risk from the country's continued inability to create the institutional framework and business environment to support growth, according to the fifth edition of the World Economic Forum's Financial Development Report 2012 released today.
The report highlighted a poor record in enforcing contracts, low levels of liberalization, inadequate IT and communication infrastructure and general high costs of doing business as areas that most urgently needed improvement.
While India's comparative strength in the area of non-banking financial services was recognized with a global ranking of 9th in this particular pillar, its overall decline sees it rank 9th out of the 15 Asia Pacific economies that were surveyed in the Report.
view The Financial Development Report 2012
Source: World Economic Forum (WEF)
TSE has published the index value of TSE Home Price Index for August.
October 30, 2012--The index value of TSE Home Price Index (Used Condominium, Composite of Tokyo Metro Area) is 76.39 points. The index value of TSE Home Price Index (Used Condominium, Tokyo) is 80.24 points.
The index value of TSE Home Price Index (Used Condominium, Kanagawa) is 76.27 points. The index value of TSE Home Price Index (Used Condominium, Chiba) is 66.00. The index value of TSE Home Price Index (Used Condominium, Saitama) is 65.18 points.
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Source: Tokyo Stock Exchange (TSE)
Report on the Australian OTC Derivatives Market-October 2012
October 30, 2012--The Australian Prudential Regulation Authority, the Australian Securities and Investments Commission and the Reserve Bank of Australia are releasing a Report on the Australian OTC Derivatives Market-October 2012.
This report reviews the risk management practices of market participants in the domestic over-the-counter (OTC) derivatives market. A particular focus of the report is how market participants are using centralised infrastructure, and the prospects for increased usage.
It reiterates the regulators' view that there are strong in-principle benefits from participants in the domestic OTC derivatives market making greater use of centralised infrastructure, such as trade repositories, central counterparties and trading platforms. The regulators recognise, however, that the suitability of using centralised infrastructure will not be the same for all products and participants. The main recommendations of the report are that:
the Australian Government consider a broad-based mandatory trade reporting obligation for OTC derivatives;
view the Report on the Australian OTC Derivatives Market report
Source: Reserve Bank of Australia
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
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