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SECP approves regulations for exchange traded funds for KSE
March 6, 2012--As part of its mandate to develop the capital market in Pakistan, the Securities and Exchange Commission of Pakistan (SECP) has approved regulations governing exchange traded funds (ETFs) for the Karachi Stock Exchange (KSE).
The trading in ETFs at the stock exchanges will provide investors with alternative investment avenues while allowing diversified portfolio of securities that track a benchmark index and improve liquidity in the market. Internationally, ETFs are among the fastest growing investment products which due to a growing demand are being customised to cover specific arrays of regions, sectors, stocks, commodities, bonds, futures and other asset classes. The approved regulations will enable the stock exchange to list and regulate trading in ETFs, which at their core are portfolios of securities that are traded like individual stocks on an exchange.
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Source: Daily Times Pakistan
IMF Working paper-Does the Business Environment Affect Corporate Investment in India?
March 6, 2012--Summary: Since the global financial crisis, corporate investment has been weak in India. Sluggish corporate investment would not only moderate growth from the demand side but also constrain growth from the supply side over time.
Against this background, this paper analyzes the reasons for the slowdown and discusses how India can boost corporate investment, using both macro and firm-level micro data. Analysis of macro data indicates that macroeconomic factors can largely explain corporate investment but that they do not appear to account fully for recent weak performance, suggesting a key role of the business environment in reviving corporate investment. Analysis of micro panel data suggests that improving the business environment by reducing costs of doing business, improving financial access, and developing infrastructure, could stimulate corporate investment.
view the IMF Working paper-Does the Business Environment Affect Corporate Investment in India?
Source: IMF
DB-Equity Research-Asia-Pac ETF Market Weekly Review:ETP assets near all-time highs in spite of $1.1bn outflows during February
March 6, 2012--Market Review
Asian markets remained in positive territory last week. From north to south, Japan (Nikkei 225) surged by 1.34%, Korea (KOSPI2) increased by 0.85%, China (CSI 300) gained 1.21%, Hong Kong (HSI) advanced by 0.73% and Singapore (FSSTI) rose by 0.52%, while Australia (S&P/ASX 200) fell by 0.78% over the previous week.
New ETP launches
Last week, Kiwoom Asset Management made its debut with one Equity ETF listed on Korea Stock Exchange offering exposure to Kospi 100 Index. (See Figure 5 for further details.)
ETP Monthly Flows
Asia-Pacific ETP market recorded monthly cash outflows of $1.1bn for the month of February for the first time since November 2010. From a market perspective, ETPs in Taiwan led the outflows with $626m, followed by Japan with $581m, while India witnessed $115mn of inflows. Total monthly outflows were primarily contributed by Equity ETFs with $1.3bn of outflows, partially offset by $117m of inflows in Fixed Income ETFs with Sovereign exposure. Within Equity products, Asia Pac Developed Country, Emerging Country and Sector ETFs recorded $789m, $433m and $138m of outflows.
Turnover Review
Asia-Pacific ETP turnover totaled $5.7bn for last week, 2.6% down from the previous week’s total. China climbed to the top of the turnover ranking with $1.6bn, followed by South Korea ($1.5bn), Hong Kong ($1.2bn), Japan ($1bn), and Singapore ($0.2bn). Among Equity ETFs, Emerging Country, Asia Pac Developed Country, Leveraged Strategy, and Short Strategy ETFs had total turnover of $2.7bn, $1.3bn, $0.7bn and $0.4bn respectively. Under the Commodity asset class, turnover in Gold ETPs totaled $262m.
Asset Under Management Review
Last week, Asia-Pacific ETP AUM ended at $102.1bn. On a year to date basis, Asia-Pacific ETP market is up by $10.6bn or 11.6% above last year's closing.
to request report
Source: Deutsche Bank - Equity Research - Asia Pacific
China cuts growth target to 8-year low
March 5, 2012--Chinese Premier Wen Jiabao cut his nation's 2012 growth target to an eight-year low of 7.5% and made boosting consumer demand the year's first priority, as Beijing looks to wean the economy off its reliance on external demand and foreign capital.
He lowered the target from a longstanding annual goal of 8%, a move investors anticipated so that Beijing has some economic leeway to rebalance the economy and defuse price pressures in the runup to a leadership change later this year.
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Source: FIN24
Thai bourse holds campaign to promote SET-listed ETFs
March 5, 2012 --The Stock Exchange of Thailand (SET) gears up its 2012
strategy to boost investment in exchange-traded funds (ETFs) and stimulate new ETF launches by holding the campaign "ETFs give chances to win a THB 10,000 gift
voucher every week," aiming to increase ETF purchases and boost assets under
management to THB 7.5 billion (approx. USD 244.3 million) this year
Currently, there are eight ETFs listed on SET with a combined assets under
management of THB 5.62 billion (USD 181 million) and total trading volumes of
THB 19.3 billion (USD 623 million) in 2011.
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Source: Stock Exchange of Thailand (SET)
Release of the "Revisions to Listing Rules Regarding Corporate Governance to Restore Confidence in the Securities Market"
March 2, 2012--Tokyo Stock Exchange, Inc. (TSE) released the "Revisions to Listing Rules Regarding Corporate Governance to Restore Confidence in the Securities Market".
We will be accepting public comments regarding these improvements from February 28, 2012 until March 29, 2012. Please refer to the paper for details
view the Revisions to Listing Rules Regarding Corporate Governance to Restore Confidence in the Securities Market Document
Source: Tokyo Stock Exchange (TSE)
SFC sets up centralised unit on risk management
March 2, 2012--The Securities and Futures Commission (SFC) today announced the establishment of a centralised unit overseeing risk management and strategy planning.
The setting up of the Risk and Strategy Unit is in line with the SFC’s statutory objectives of reducing systemic risks and maintaining financial stability in the securities and futures markets.
The Unit will be headed by Ms Bénédicte Nolens, who has been appointed as Senior Director of Risk and Strategy (Note 1).
Reporting to the Chief Executive Officer, the new Unit is tasked with identifying and evaluating significant risks facing the financial sector and working with SFC divisions to determine the priorities for the SFC to address these risks.
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Source: Securities and Futures Commission (SFC)
ETF Listing Rules Finalized Soon
March 2, 2012--Rules on listing exchange-traded funds in the Philippines will be finalized this quarter, the Securities and Exchange Commission (SEC) said yesterday, helping attract overseas investors to one of Asia's smallest equity markets.
“We have received a lot of interest from banks and fund managers,” SEC Chairperson Teresita Herbosa said in an interview yesterday. “This will help expand the market.”
Philippine Stock Exchange Inc. President Hans Sicat had said that the introduction of ETFs was one of the initiatives the bourse was pursuing to boost trading. The exchange this year added a noon-to-3:30 p.m. session to its trading day, after extending its morning session by an hour on Oct. 3. Trading value averaged $158 million a day from Oct. 3 through Feb. 20, 21 percent more than in the same period a year earlier.
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Source: MB.com
ETF License Application and Coverage Area for TOPIX Leveraged (2x) Index and TOPIX Inverse (-1x) Index
March 1, 2012--The TSE has been accepting ETF license applications for the TOPIX Leveraged (2x) and TOPIX Inverse (-1x) Indexes from February 6th to February 17th, 2012, and will continue to accept applications for those indices for an extended period.
Furthermore, the TSE will begin accepting license applications for products located in Europe (including UK) beginning March 2nd, 2012.
Source: Tokyo Stock Exchange (TSE)
RP Data, Rismark and ASX introduce world-first daily home value index
March 1, 2012--The Australian Securities Exchange in conjunction with national property data and analytics group RP Data and property research group Rismark International announce the launch of the RP Data-Rismark Daily Home Value index, available from 1st March.
Designed to be a tradable index, the RP Data-Rismark Daily Home Value index will replace the current monthly RP Data-Rismark Home Value index, and provide the most up-to-date and sophisticated measure of value movements across the Australian housing market
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Source: The Financial