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DB-Equity Research-Asia-Pac-ETF Market Weekly Review: ETP AUM lost $2.3bn amid bearish equity markets
May 14, 2012--Market Review
Last week, all the markets in the Asia-Pacific region were down. From north to south, Japan (Nikkei 225) lost 4.55%, Korea (KOSPI2) fell by 3.93%, China (CSI 300) slid by 2.91%, Hong Kong (HSI) decreased by 5.32%, Singapore (FSSTI) was down by 3.58%, and Australia (S&P/ASX 200) declined by 2.52% over the previous week.
New Launch Review
Last week, three new products were launched in the Asia-Pacific ETP market. Bosera Fund Management Co Ltd listed one equity ETF on the Shanghai Stock Exchange tracking SSE Natural Resource Index. Harvest Fund Management listed one equity ETF on the Shenzhen Stock Exchange tracking SME-ChiNext 400 Index. Further, Polaris listed one equity ETF on Taiwan Stock Exchange tracking SSE50 Index.
Turnover Review
Asia-Pacific ETP turnover totaled $6.1bn for last week, 82.5% up from the previous week’s total. South Korea continued to be on top of the turnover ranking, with $1.9bn, followed by China ($1.6bn), Hong Kong ($1.3bn), Japan ($0.9bn), and Taiwan ($0.2bn). Among Equity ETFs, Emerging Country, Asia Pac Developed Country, Leveraged Strategy, and Short Strategy ETFs had total turnover of $2.9bn, $1.3bn, $872m and $413m respectively. Under the Commodity asset class, turnover in Gold ETPs totaled $151m for the last week.
Assets Under Management Review
Last week, Asia-Pacific ETP AUM declined by $2.3bn and ended at $98.8bn. On a year-to-date basis, Asia-Pacific ETP market is up by $7.3bn or 8% above last year’s closing.
ETF growth continues according to BetaShares' April review
April 14, 2012--The Australian market for exchange-traded funds (ETFs) continues to grow, according to BetaShares' April review which points to funds under management just shy of the recorded high of $5.45 billion.
According to BetaShares, growth had been slow during April, with approximately $7 million of new money entering the market. And where March's standout had been international equities, the top performers for the month of April had been property securities and Palladium.
Drew Corbett, head of investment strategy at BetaShares said that the shift continued to develop a trend of gradual switching between competing ETF products as investors conducted their due diligence and looked for similar beta exposures at lower costs.
Squeeze on Asia funds industry continues
May 13, 2012--Last month's Asian fund forum in Hong Kong was an opportunity for the industry to take stock of recent developments and to assess how current trends regionally and globally are likely to impact upon the fund management industry in Asia.
Despite sustained growth over the past 10 years and general optimism about the growth of wealth management and the accumulation of assets owned by individuals, concerns were expressed by some of the speakers about the industry’s ability to overcome a number of potential headwinds that could slow growth in the market for international companies.
New ETF finishes lower on debut
May 11, 2012--The first exchange traded fund (ETF) issued by Yuanta Securities Investment Trust since its acquisition of Polaris made its debut on the Taiwan Stock Exchange yesterday yet closed lower, on an overall decline of the TAIEX.
The Polaris SSE 50, which tracks the Shanghai Stock Exchange 50 Index, had a listing price of NT$19.81 and closed at NT$19.66. The weighted stock index TAIEX meanwhile declined 82.64 points to 7,401.37.
Equity and bond index investors in Asia-Pacific region show dissatisfaction with their indices, and concerns exist over index transparency
May 10, 2012--EDHEC-Risk Institute has released the results of its inaugural Asian Index Survey, a comprehensive survey of 127 Asian investment professionals (asset managers, institutional investors, investment consultants, and private wealth managers) on the subject of indices and passive investment and the first comprehensive account of investor attitudes to equity and bond indices in the Asia-Pacific region.
Respondents are principally from the three asset management hubs in the Asia Pacific region (Australia, Singapore and Hong Kong), but a wide range of other countries are represented, including India, China, Japan and New Zealand. The survey was conducted as part of the Amundi ETF research chair at EDHEC-Risk Institute on “Core-Satellite and ETF Investment.”
view the EDHEC-Risk Asian Index Survey 2011
China's trade surplus widens in April
May 10, 2012--China's trade surplus widened in April as imports barely budged, sharpening fears that the world's second-biggest economy is not doing enough to stimulate domestic demand and counter a slowdown.
Imports edged up 0.3 percent to $144.8 billion in April while exports rose 4.9 percent to $163.3 billion, leaving a surplus of $18.4 billion, according to customs data released Thursday. That compared with a surplus of $5.35 billion in March and a deficit of $31.5 billion in February. China often has a large trade deficit early in the year as factories restock after their long lunar new year holiday break. The weak import numbers could be a sign Chinese policymakers are failing to boost demand by businesses and consumers for imported goods and raises concerns about whether China will be able to bounce back from slowing growth. In March, imports rose 5.3 percent while exports climbed nearly 9 percent.
SFC proposes to enhance sponsors regulatory regime
May 9, 2012--The Securities and Futures Commission (SFC) has launched today a two-month consultation on proposals to enhance the regulatory regime of sponsors.
The proposals combining new and existing sponsor requirements will become part of the Code of Conduct (Note 1). The key elements of the proposed regime include:
When submitting a listing application:
a sponsor should have completed the vast majority of due diligence;
the first draft of the prospectus should be published on the website of Hong Kong Exchanges and Clearing Ltd; and
a sponsor should have resolved key issues concerning the operation, governance and structure of the company, and issues affecting the suitability for listing.
SECP approves regulatory requirements for exchange traded funds
May 9, 2012--The SECP has prescribed detailed requirements for launching Index Tracking Exchange Traded Funds by the Asset Management Companies in Pakistan. Earlier, the SECP had approved regulations governing listing and trading of exchange traded funds (ETFs) on the Karachi Stock Exchange.
The SECP circular has stipulates the regulatory requirements for the authorization of ETFs, including investment restrictions, issuance and redemption of creation units, pricing and dealing, additional disclosure requirements, role of the authorized participants, and fees and expenses.
ETF is a hybrid between an open-end and closed-end mutual fund. It continuously issues shares which trade on a stock exchange and unlike a traditional open-end collective investment scheme (CIS), the ETF does not sell or redeem its individual shares (ETF shares) to and from retail investors at the net asset value. Instead, certain financial institutions known as authorized participant (AP) purchase and redeem ETF shares directly from the ETF in creation units.
ETF/ETN Monthly Report for April 2012
May 8, 2012--TSE's Newly Listed Inverse/Leveraged ETFs made a good start and scored #3 and #6, respectively in terms of Trading Volume.
TSE's ETF market in April reflected the overall market sentiment and closed 18.09% down in terms of volume. However, since the stock market closed down 20.73%, the ETF market was hit less badly.
Nevertheless, with the market being in doldrums, the newly listed "TOPIX Bull 2x ETF" [1568] and the "TOPIX Bear -1x ETF" [1569] as well as the "Thai Stock SET50 ETF" [1559] and the "Bursa Malaysia KLCI ETF" [1560] of the Next Funds family showed strong growth throughout the past month. In terms of volatility, ETF Securities' Natural Gas ETF [1689] once again scored the top position.
view the TSE ETF/ETN Monthly Report for April 2012
IMF Working paper-Alternative Monetary Policy Rules for India
May 8, 2012--Summary: This paper empirically evaluates the operational performance of the McCallum rule, the Taylor rule and hybrid rules in India over the period 1996-2011 using quarterly data, with a view to analytically informing the conduct of monetary policy.
The results show that forward-looking formulations of both rules and their hybrid version - setting a nominal output growth objective for monetary policy with an interest rate instrument - outperform contemporaneous and backward-looking specifications, especially when targeting core components of GDP and inflation, and combine the best parts of efficiency and discretion.
view IMF working paper-Alternative Monetary Policy Rules for India
