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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
Source: EDHEC
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.
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Source: Todays Zaman
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.
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Source: Securities and Futures Commission (SFC)
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.
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Source: Online News
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
Source: Tokyo Stock Exchange (TSE)
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
Source: IMF
IMF Working paper-China's Impact on World Commodity Markets
May 8, 2012--Summary: Shocks to aggregate activity in China have a significant and persistent short-run impact on the price of oil and some base metals. In contrast, shocks to apparent commodity-specific consumption (in part reflecting inventory demand) have no effect on commodity prices.
China’s impact on world commodity markets is rising but, perhaps surprisingly, remains smaller than that of the United States. This is mainly due to the dynamics of real activity growth shocks in the U.S, which tend to be more persistent and have larger effects on the rest of the world.
view IMF Working paper-China's Impact on World Commodity Markets
Source: IMF
DB-Equity Research-Asia-Pac-ETF Market Weekly Review : ETP AUM defends $100bn milestone
May 7, 2012--Market Review
Last week, all the markets in the Asia-Pacific region, except Japan, remained in positive territory. From north to south, Japan (Nikkei 225) lost 1.48%, Korea (KOSPI2) gained 0.37%, China (CSI 300) advanced by 3.42%, Hong Kong (HSI) increased by 1.66%, Singapore (FSSTI) grew by 0.30%, and Australia (S&P/ASX 200) rose by 0.78% over the previous week.
New Launch Review
Last week, two new products were launched in the Asia-Pacific ETP market. Samsung Asset Management listed one equity ETF on the Korea Stock Exchange tracking MSCI Korea Index. Vanguard listed one fixed income ETF on the Australian Securities Exchange tracking the UBS Government Bond Index.
Turnover Review
Asia-Pacific ETP turnover fell to $3.3bn (-43%) last week due to holidays in many parts of the region. South Korea continues to be on top of the turnover ranking with $1.1bn, followed by China ($0.9bn), Hong Kong ($0.7bn), Japan ($0.3bn), and Australia ($0.1bn). Among Equity ETFs, Emerging Country, Leveraged Strategy, Asia Pac Developed Country, and Short Strategy ETFs had total turnover of $1.8bn, $486m, $467m and $234m respectively. Under the Commodity asset class, turnover in Gold ETPs totaled $69m for the last week.
Assets Under Management Review
Asia-Pacific ETP AUM edged higher and ended at $101.1bn. On a year-to-date basis, Asia-Pacific ETP market is up by $9.6bn or 10.5% above last year’s closing.
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Source: Deutsche Bank - Equity Research - Asia Pacific
SSE Select Industries Indices, SSE Leading Consumption and Services Index and SSE Banks Index To Be Launched(
May 4, 2012--Designed to serve as new investable benchmarks for investors, SSE and CSI today announced the upcoming launch of SSE Select Industries Indices, SSE Leading Consumption and Services Index and SSE Banks Index on May 28th 2012.
Regarding the methodologies and more details of the above indices, please refer to the official website of SSE (www.sse.com.cn) and CSI (www.csindex.com.cn).
Source: Shanghai Stock Exchange
ETFGI-Asia Pacific (ex-Japan) ETF/ETP industry as at end of April 2012-Preliminary findings
May 4, 2012--Summary for Asia Pacific (ex-Japan) listed ETFs
At the end of April 2012, the Asia Pacific (ex-Japan) ETF industry had 350 ETFs, with 458 listings, assets of US$60.3 Bn, from 82 providers on 14 exchanges.
Assets
ETF assets have increased by 3.2% from US$58.4 Bn in March 2012 to US$60.3 Bn in April 2012.
YTD through end of April 2012, ETF assets have increased by 10.8% from US$54.4 Bn to US$60.3 Bn.
Flows
In April 2012, ETFs saw net inflows of US$563.9 Mn. Equity ETFs gathered net inflows of US$253.1 Mn, of which US$239.1 Mn went into emerging market equity ETFs. Fixed income ETFs experienced net inflows of US$93.5 Mn, where US$79.7 Mn went into government bond ETFs. Commodity ETFs also had net inflows for the month gathering US$46.0 Mn, of which US$47.8 Mn went into ETFs providing exposure to precious metals, while ETFs providing exposure to energy, industrial metals and broad commodity indices experienced net outflows totalling a combined US$1.8 Mn.
YTD through end of April 2012, ETFs saw net inflows of US$109.0 Mn. Fixed income ETFs gathered US$510.3 Mn net inflows YTD, with US$379.5 Mn going into government bond ETFs, and US$55.8 Mn into ETFs tracking broad/aggregate fixed income indices. Commodity ETFs also experienced net inflows YTD with US$50.8 Mn, of which US$58.6 Mn went into precious metals ETFs, while ETFs tracking broad commodity indices saw net outflows of US$12.6 Mn. Equity ETFs suffered net outflows YTD of US$355.1 Mn, mostly from developed Asia Pacific equity indices which saw US$264.7 Mn net outflows, as well as emerging market equity ETFs with US$82.2 Mn net outflows.
YTD through end of April 2012, inverse ETFs have experienced US$85.2 Mn net outflows, as well as leveraged ETFs with US$35.9 Mn net outflows YTD.
Polaris gathered the largest net inflows in April with US$150.7 Mn, followed by Samsung Investment Trust Management with US$149.2 Mn and HSBC/Hang Seng with US$118.5 Mn net inflows.
iShares gathered the largest net inflows YTD with US$425.7 Mn, followed by Kyobo AXA Investment Management with US$217.0 Mn and Samsung Investment Trust Management with US$206.1 Mn net inflows.
Mirae Asset MAPS Global Investments experienced the largest net outflows in April with US$127.9 Mn.
Polaris experienced the largest net outflows YTD with US$824.3 Mn, followed by SPDR ETFs with US$196.4 Mn and Mirae Asset MAPS Global Investments with US$171.1 Mn net outflows.
Summary for Asia Pacific (ex-Japan) listed ETFs/ETPs
Including other Exchange Traded Products (ETPs), at the end of April 2012, the Asia Pacific (ex-Japan) ETF/ETP industry had 373 ETFs/ETPs, with 484 listings, assets of US$63.1 Bn, from 89 providers on 14 exchanges.
Assets
ETF/ETP assets have increased by 2.9% from US$61.3 Bn in March 2012 to US$63.1 Bn in April 2012.
YTD through end of April 2012, ETF/ETP assets have increased by 10.8% from US$56.9 Bn to US$63.1 Bn.
Flows
In April 2012, ETFs/ETPs saw net inflows of US$461.5 Mn. Equity ETFs/ETPs gathered net inflows of US$141.3 Mn, of which US$186.0 Mn went into emerging market equity ETFs/ETPs. Fixed income ETFs/ETPs experienced net inflows of US$93.5 Mn, where US$79.7 Mn went into government bond ETFs/ETPs. Commodity ETFs/ETPs also had net inflows for the month gathering US$55.4 Mn, of which US$56.4 Mn went into ETFs/ETPs providing exposure to precious metals, while ETFs/ETPs providing exposure to energy and industrial metals indices experienced net outflows totalling a combined US$1.1 Mn.
YTD through end of April 2012, ETFs/ETPs saw net inflows of US$161.2 Mn. Fixed income ETFs/ETPs gathered US$510.3 Mn net inflows YTD, with US$379.5 Mn going into government bond ETFs/ETPs, and US$55.8 Mn into ETFs/ETPs tracking broad/aggregate fixed income indices. Commodity ETFs/ETPs also experienced net inflows YTD with US$214.8 Mn, of which US$222.5 Mn went into precious metals ETFs/ETPs, while those tracking broad commodity indices saw net outflows of US$12.6 Mn. Equity ETFs/ETPs suffered net outflows YTD of US$466.9 Mn, mostly from developed Asia Pacific equity indices which saw US$264.7 Mn net outflows, as well as emerging market equity ETFs/ETPs with US$135.3 Mn net outflows.
YTD through end of April 2012, inverse ETFs/ETPs have experienced US$85.2 Mn net outflows, as well as leveraged ETFs/ETPs with US$35.9 Mn net outflows YTD.
Polaris gathered the largest net inflows in April with US$150.7 Mn, followed by Samsung Investment Trust Management with US$150.0 Mn and HSBC/Hang Seng with US$118.5 Mn net inflows.
iShares gathered the largest net inflows YTD with US$425.7 Mn, followed by Kyobo AXA Investment Management with US$217.0 Mn and Samsung Investment Trust Management with US$206.2 Mn net inflows.
Mirae Asset MAPS Global Investments experienced the largest net outflows in April with US$127.9 Mn.
Polaris experienced the largest net outflows YTD with US$824.3 Mn, followed by SPDR ETFs with US$196.4 Mn and Mirae Asset MAPS Global Investments with US$171.1 Mn net outflows.
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Source: ETFGI
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