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Blueprint for China to open up markets
February 23, 2012--China should accelerate the loosening of capital controls, its central bank said, in a report outlining the path to a freely tradable currency and more open capital markets.
While China’s economy has grown dramatically over the past three decades, its financial markets have remained mostly closed off from the rest of the world. Opening the capital account would give foreigners far more access to Chinese stocks and bonds and help transform the renminbi into a global currency and potential rival to the dollar.
IMF Working paper-India's Growth Spillovers to South Asia
February 23, 2012--Summary: This study investigates the role of India's economy in explaining the observed growth in South Asia, taking into consideration other sources of growth endogenous to the countries in the region.
Since a review of key variables indicates that India’s bilateral trade and financial linkages with South Asian countries (SAC) are relatively weak, the paper analyses the spillover effects by focusing on growth more generally with India’s growth as an explanatory variable. The results of the panel growth regressions suggest that India’s growth has good explanatory power for growth in other SAC after 1995.
view IMF working paper-India's Growth Spillovers to South Asia
Launch of BSE-GREENEX to promote investments in Green India
Designed to promote 'Green' investing mindset among investors
Assesses corporates on quantitative metrics for Carbon performance
February 22, 2012--Indian markets witnessed the launch of the first-ever live Carbon Index BSE-GREENEX, at the hands of Dr. (Shri) M Veerappa Moily, Hon'ble Minister of Corporate Affairs, GoI at BSE today.
BSE Ltd. (Formerly Bombay Stock Exchange Ltd.) in association with gTrade (supported by GIZ promoted by Federal Republic of Germany, Observer Research Foundation and IIM Ahmedabad) has constructed BSE-GREENEX - designed specifically to promote green investing, with emphasis on financial performance and long term viability of companies. It is based upon purely quantitative and objective performance signals to assess carbon performance. BSE-GREENEX includes top 20 companies based on Green House Gas Numbers, Free Float Market capitalisation & Turnover.
DB-Equity Research-Asia-Pac ETF Market Weekly Review : ETP AUM crosses the $100bn milestone
February 21, 2012--Market Review
Most of the Asian equity markets stayed in positive territory last week. From north to south, Japan (Nikkei 225) gained 4.88%, Korea (KOSPI2) increased by 1.78%, China (CSI 300) grew by 0.14%, Hong Kong (HSI) advanced by 3.41%, and Singapore (FSSTI) rose by 1.37%, while Australia (S&P/ASX 200) lost 1.16% over the previous week.
New Launch Review
Nine new products were launched in the Asia-Pacific ETP market during last week. The Hong Kong market saw seven new equity ETFs and one commodity ETF listed in the Hong Kong Stock Exchange. Enhanced Investment Products Ltd made its debut with four equity ETFs offering exposure to country benchmarks of Malaysia, Thailand, Taiwan and Korea, respectively. Ping An of China Asset Management launched three equity ETFs tracking the CSI Hong Kong Dividend Index, CSI Hong Kong Mid Cap Select Index and the CSI RAFI Hong Kong 50 Index respectively. All these ETFs were listed on the Hong Kong Stock Exchange. Kyobo AXA Investment Mg Co Ltd listed an ETF on Korea Stock Exchange tracking the Kospi 200 Index. Lastly, Hang Seng Investment Mgmt. launched an ETF tracking gold which was listed on the Hong Kong Stock Exchange.
Turnover Review
Asia-Pacific ETP turnover totaled $6.3bn for last week, 6% down from the previous week’s total. South Korea continues to be on top of the turnover ranking with $2.4bn, followed by China ($1.5bn), Hong Kong ($1.2bn), Japan ($0.8bn), and Taiwan ($0.4bn). Among Equity ETFs, Emerging Country, Leveraged Strategy, Asia Pac Developed Country, and Short Strategy ETFs had total turnover of $3bn, $1.1bn, $1bn and $0.7bn respectively. Under the Commodity asset class, turnover in Gold ETPs totaled $80m for the last week.
Assets Under Management Review
After testing the historical $100bn mark for a few weeks in succession, Asia-Pacific ETP AUM finally managed to cross it and ended close to $101bn. On a year-to-date basis, Asia-Pacific ETP market is up by $9.4bn or 10.3% above last year’s closing.
Motilal Oswal launches MOSt Gold Shares-Now get gold at a lower price!
February 21, 2012--Motilal Oswal Mutual Fund announced the launch of Motilal Oswal MOSt Shares Gold ETF (MOSt Gold Shares), an open ended exchange traded fund that invests in gold bullion. Continuing with the tradition of creating 'India's first' products, MOSt Gold Shares is India's 1st Gold ETF of its kind which seamlessly enables Investment as well as Consumption of Gold for Retail Investors.
The NAV of the MOSt Gold Shares unit will track spot price of 1 gm of gold. Valued at spot gold bullion prices, investors can get pure imported Gold at a price lower than any other option in the market by redeeming the ETF units for physical gold bars in as low as 10 grams across 22 cities in India. It will provide investors a means of participating in the gold bullion market and take physical delivery of gold when needed. This makes MOSt Gold Shares stand apart from others.
India-MCX IPO to open tomorrow-first bourse to hit capital market
February 21, 2012--India's largest commodity bourse MCX will hit the capital market tomorrow with an estimated Rs 663 crore initial public offer (IPO), pursuant to with it would become the country's first ever exchange to get listed.
The bidding for shares in the IPO -- the first in the year 2012 -- will open tomorrow and close on February 24, MCX Managing Director and CEO Lemon Rutten told journalists here.
The price band of the IPO has been fixed in the range of Rs 860 to Rs 1032 per share, with a face value of Rs 10 each.
SZSE Issues a Notice of 3rd Cross-market ETF Whole-network Testing, Rolling out SSE-SZSE 300 ETF on Countdown
February 21, 2012--Yesterday, Shenzhen Stock Exchange and China Securities Depositary and Clearing Corp. Ltd. jointly issued the Notice on Third Whole-network Simulation Test for Cross-market ETF on Shenzhen Market, planning to organize such market participants as Bank of China, fund management companies to launch the third whole-network test. And the move also signals the SZSE has well prepared the work for SSE-SZSE 300 ETF.
Since the SZSE first rolled out the ETF products in 2006, it has been actively put tremendous effort to doing research on cross-market ETF products. The SZSE, China Securities Depositary and Clearing Corp. Ltd. and Harvest Fund Management Company successfully designed and developed the cross-market ETF products scheme and relevant technical system in view of the sophisticated experience of overseas market, taking into the consideration China’s securities trading, registration and clearing system. As for the technical system, two whole-network tests were made respectively in September, 2010 and January, 2011. On Feb.06, 2012, China Securities Regulatory Commission accepted the application for Harvest SSE-SZSE 300 ETF, and the countdown for rolling out SZSE cross-market ETF begins.
Kospi 200 Index option could lose volume due to regulatory changes
February 20, 2012--The Korea Exchange's Kospi 200 Index option, which trades at a higher volume than all the contracts on the CME Group and Eurex futures exchanges combined, could become more expensive to trade because of actions by Korea's regulator, the Financial Services Commission.
The agency plans to increase the value of the Kospi 200 Index option to bring it closer in line with the standard contract size for most international indices.
Eastday-Hopes high for ETFs to be attractive
February 19, 2012-CHINESE mainland investors may find the cross-border exchange-traded fund (ETF) a new and attractive investment option, according to market analysts.
A statement on the securities regulator’s website on Monday said the China Securities Regulatory Commission is vetting applications from two Chinese fund companies to launch the mainland’s first ETF linked to the Hong Kong stock market.
They are Guangzhou-based E Fund Management that will launch the ETF, which is linked to the Hang Seng China Enterprises Index that tracks the performance of Chinese companies listed in Hong Kong, on the Shanghai Stock Exchange and Beijing-based China Asset Management which plans to launch its ETF linked to the Hang Seng Index that will trade on the Shenzhen Stock Exchange.
China to develop new financial options, forex futures
February 19, 2012--The China Financial Futures Exchange (CFFEX) is developing new financial instruments including options and foreign currency futures, the official China Securities Journal reported on Saturday, citing general manager Zhu Yuchen.
The exchange will also issue new index futures products based on underlying indices such as Shenzhen's SME board, Zhu was quoted as saying, without giving a timetable.
