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Tokyo Stock Exchange and Osaka Securities Exchange win regulatory approval for planned merger
July 5, 2012--On 5 July 2012, the Tokyo Stock Exchange Group and the Osaka Securities Exchange received approval from the Japan Fair Trade Commission for their business combination.
The TSE Group will now promptly commence a takeover bid for OSE shares. The two exchanges will subsequently conclude a merger agreement and seek approval at their respective general shareholders meetings. TSE Group and OSE are scheduled to complete the business combination on 1 January 2013.
Source: WFE
IMF Working paper-Japan out of the Lost Decade: Divine Wind or Firms' Effort?
July 2, 2012--Summary: A surge of exports in the 2000s helped Japan exit the severe decade-long stagnation known as the lost decade.
Using panel data of Japanese exporting firms, we examine the sources of the export surge during this period. One view argues that the so-called "divine wind" or exogenous external demand boosted Japanese exports. The other view emphasizes the role of supply factors such as productivity gains, materialized after long-fought restructuring efforts during the lost decade. Estimating the firm-level export function allows us to assess the relative importance of these demand and supply factors. Evidence shows that firms' efforts were more important than the divine wind.
view the IMF Working paper-Japan out of the Lost Decade: Divine Wind or Firms' Effort?
Source: IMF
DB-Equity Research-Asia-Pac-ETF Market Weekly Review: ETP AUM grew by 23.6% in H1 2012, mainly driven by inflows
July 2, 2012--Market Review
Last week, all the markets in the Asia-Pacific region were in positive territory except China. In all, Japan (Nikkei 225) climbed 2.37%, Korea (KOSPI2) was up by 0.31%, China (CSI 300) slid by 2.01%, Hong Kong (HSI) advanced by 2.35%, Singapore (FSSTI) gained 1.78%, and Australia (S&P/ASX 200) increased by 1.15% over the previous week.
New ETP launches
There was no new listing during last week in the Asia-Pacific region.
ETP Monthly Flows
Asia-Pacific ETP market recorded monthly cash inflows of $4.3bn for the month of June, taking the YTD cash flows to +$19bn or 20.6% of last year’s end AUM. Prior to that, Asia-Pacific region recorded monthly flows of -$664m, $1.1bn and $13.3bn for March, April and May respectively. Equities had the lion’s share in the monthly cash flows contributing $4.1bn, with fixed income and commodities registering $204m and -$16m respectively.
Within Equity products, Developed Country ETFs emerged as the single largest recipient of monthly cash flows totaling $3.6bn. ETFs offering exposure to country indices attracted robust inflows; Japan, Taiwan and Korea received $3.4bn, $356mn and $195m respectively.
Turnover Review
Asia-Pacific ETP turnover totaled $6.3bn for last week, 40.1% up from the previous week’s total. South Korea comes to be on top of the turnover ranking with $3.1bn, followed by China ($1.3bn), Hong Kong ($0.9bn), Japan ($0.6bn), and Australia ($0.2bn). Among Equity ETFs, Emerging Country, Leveraged Strategy, Short Strategy, and Asia Pac Developed Country ETFs recorded total turnover of $2.9bn, $1.4bn, $0.8bn and $0.7bn respectively. Under the Commodity asset class, turnover in Gold ETPs totaled $81m.
Asset Under Management Review
Last week, Asia-Pacific ETP AUM ended at $113bn. On a year to date basis, Asia-Pacific ETP assets are up by $21.5bn or 23.6% above last year’s closing.
to request report
Source: Deutsche Bank - Equity Research - Asia Pacific
Japan economy faces same risks as Europe: PM
June 30, 2012--Japan faces the same risks that plague financially-embattled European states, Prime Minister Yoshihiko Noda warned Saturday, days after he pushed through a divisive tax bill to chip away at the country's mountainous debt.
Noda's statement comes a day after leaders from the 17 countries sharing the euro struck a deal to direct emergency measures at Italy and Spain and boost the ailing economy.
"Countries like Italy and Spain have made desperate efforts" towards financial recovery, Noda said.
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Source: EUbusiness
12-148MR ASIC updates policy guidance on approach to cross-border financial regulation
June 29, 2012--ASIC has today released updated policy guidance about its approach to facilitating cross-border financial regulation to assist foreign providers of financial facilities, services and products that wish to operate in Australia.
The updated guidance is covered in new versions of:
Regulatory Guide 54 Principles for cross-border financial regulation (RG 54)
Regulatory Guide 176 Foreign financial services providers (RG 176), and
Regulatory Guide 178 Foreign collective investment schemes (RG 178).
The new versions remove outdated references since the guides were last published and also include content refinements following feedback from respondents to the Joint Treasury/ASIC Consultation Paper 98 Cross-border recognition: Facilitating access to overseas markets and financial services (CP 98), and ongoing industry consultation.
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Source: ASIC
BSE Index based market wide circuit breaker for the Quarter 1st July, 2012 to 30th September, 2012
June 29, 2012--The Exchange implements on a quarterly basis (SEBI circular SMDRPD/Policy/Cir-37/2001 dated June 28, 2001) the index based market wide circuit breaker system.
The system is applicable at three stages of the index movement either way at 10%, 15% and 20%. This circuit breaker brings about a coordinated trading halt in all equity and equity derivative markets nationwide.
The market wide circuit breakers would be triggered by movement of either SENSEX or the NSE S&P CNX Nifty whichever is breached earlier.
In case of a 10% movement of either of these indices, there would be a 1-hour market halt if the movement takes place before 1 p.m. In case the movement takes place at or after 1 p.m. but before 2.30 p.m. there will be a trading halt for ½ hour. In case the movement takes place at or after 2.30 p.m. there will be no trading halt at the 10% level and the market will continue trading.
In case of a 15% movement of either index, there will be a 2-hour market halt if the movement takes place before 1 p.m. If the 15% trigger is reached on or after 1 p.m. but before 2 p.m., there will be a 1 hour halt. If the 15% trigger is reached on or after 2 p.m. the trading will halt for the remainder of the day.
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Source: BSEIndia
Approval of Mainland-traded Hong Kong stock ETFs and Hong Kong-listed RQFII A-share ETF
June 29, 2012--The Securities and Futures Commission (SFC) welcomes the China Securities Regulatory Commission's approval today of two exchange-traded funds (ETFs) to be listed on the Shanghai and Shenzhen Stock Exchanges that will invest directly in Hong Kong listed stocks, each tracking a Hong Kong stock index (Hong Kong Stock ETFs).
The approval of the Hong Kong Stock ETFs represents a milestone in implementing the relevant measures under supplements VI and VII to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA). Hong Kong Stock ETFs provide an alternative channel for Mainland investors to participate in the Hong Kong securities market and further strengthen the co-operation between the Mainland and Hong Kong capital markets,” the SFC’s Chairman, Dr Eddy Fong said.
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Source: Securities and Futures Commission
ASIC updates policy guidance on approach to cross-border financial regulation
June 29, 201--ASIC has today released updated policy guidance about its approach to facilitating cross-border financial regulation to assist foreign providers of financial facilities, services and products that wish to operate in Australia.
The updated guidance is covered in new versions of:
Regulatory Guide 54 Principles for cross-border financial regulation (RG 54)
Regulatory Guide 176 Foreign financial services providers (RG 176), and Regulatory Guide 178 Foreign collective investment schemes (RG 178).
The new versions remove outdated references since the guides were last published and also include content refinements following feedback from respondents to the Joint Treasury/ASIC Consultation Paper 98 Cross-border recognition: Facilitating access to overseas markets and financial services (CP 98), and ongoing industry consultation.
‘ASIC takes a flexible and forward-looking approach to cross-border financial regulation, covering both unilateral and mutual recognition of other international regulatory regimes’, ASIC Commissioner John Price said.
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Source: ASIC
Shanghai Stock Exchange Dividend Series Indices To Be Launched
June 28, 2012--To further enhance the SSE index family as well as to provide new analysis tools and underlying instruments for investors, SSE and CSI together announced that 5 dividend indices to be launched on July 20, 2012, including the SSE180 dividend index, SSE380 dividend index,
SSE State-owned Enterprises Dividend Index, SSE Central State-owned Enterprises Dividend Index and SSE Private-owned Enterprises Dividend Index. Regarding the methodology and more details of the above indices, please refer to the official website of SSE ( www.sse.com.cn ) and the official website of CSI (www.csindex.com.cn) respectively.
Source: WFE
12-143MR ASIC consults further on key market structure reforms
June 28, 2012--ASIC today published a consultation paper (Consultation Paper 179 Australian market structure: Draft market integrity rules and guidance (CP 179)), draft market integrity rules and guidance on market structure reforms.
This marks the next stage of an ongoing consultation process with industry on these reforms. ASIC announced its approach to the rules and guidance in April, and has today published the proposed rules and guidance for consultation, consistent with that approach.
ASIC has also published the feedback report on Consultation Paper 168 Australian equity market structure: Further proposals (CP 168), Report 290 Response to submissions on CP 168 Australian equity market structure: Further proposals (REP 290).
view the Consultation Paper 179 Australian market structure: Draft market integrity rules and guidance
Source: ASIC
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