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DB - Equity Research - Asia-Pac ETF+ Monthly Directory : January 2012 ETPs
February 9, 2012--The document includes all Asia-Pacific listed exchange-traded funds (ETFs) and exchange-traded commodities (ETCs). The directory is organized by country and asset-class-related sub sections. Within each sub section it has been sorted by ETP issuer by alphabetical order and by AUM in descending order.
A number of key information per product has been included in order to enable the reader to get an overview in their respective area of interest. Among the key numeric information we include avg. daily turnover, assets under management, and cash flows (all in $US). If you have any questions for any of the products listed, or any suggestions on how to improve the directory going forward, please do not hesitate to get in touch. .
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Source: Deutsche Bank - Equity Research - Asia Pacific
Tokyo Stock Exchange Release of the "Improvements to Listing Rules pertaining to Amendments to the Financial Instruments and Exchange Act and Consolidation of Trading Units
February 9, 2012--Tokyo Stock Exchange, Inc. (TSE) released the "Improvements to Listing Rules pertaining to Amendments to the Financial Instruments and Exchange Act and Consolidation of Trading Units".
We will be accepting public comments regarding these improvements from January 31, 2012 until March 1, 2012. Please refer to the paper for details.
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Source: Tokyo Stock Exchange (TSE)
DB - Equity Research - Asia Pacific ETF Weekly Review: ETP market recorded inflows of $1.4bn in January
February 8, 2012--New ETP Launches
There was no new listing during last week in the Asia-Pacific region.
ETP Monthly Flows
Asia-Pacific ETP market started the year with healthy cash inflows of $1.4bn for the month of January. From a market perspective, ETPs in South Korea led the inflows with $644m, followed by Japan with $543m, and Hong Kong $141m. Total monthly flows were primarily contributed by Equity ETFs with $1.3bn of inflows.
Within Equity products, Emerging Country, Asia Pac Developed Country and Short Strategy ETFs recorded $962m, $357m and $230m of inflows, partially offset by outflows of $302m from Leveraged Strategy ETFs.
Turnover Review
Asia-Pacific ETP turnover totaled $6.1bn for last week, 144.5% up from the previous week’s total. South Korea continues to be on top of the turnover ranking with $2.1bn, followed by China ($1.5bn), Hong Kong ($1.5bn), Japan ($0.5bn), and Taiwan ($0.3bn). Among Equity ETFs, Emerging Country, Leveraged Strategy, Asia Pac Developed Country, and Short Strategy ETFs had total turnover of $3bn, $0.9bn, $0.9bn and $0.7bn respectively. Under the Commodity asset class, turnover in Gold ETPs totaled $143m.
Assets Under Management Review
Last week, Asia-Pacific ETP AUM moved closer to the $100bn mark and ended at $99.97bn. On a year to date basis, Asia-Pacific ETP market is up by $8.5bn or 9.3% above last year’s closing.
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Source: Deutsche Bank - Equity Research - Asia Pacific
DIGGA looks to shovel more funds into mining stocks
February 8, 2012--Scouring the world of small cap mining companies fits well with Chimaera Financial founders Ian Pattison and Sal Catalano. Indeed, when Garimpeiro tried to track down the pair, they were half way up a mountain in rural Queensland visiting a mine.
‘‘Can’t tell you where we are,’’ quipped Pattison.
The reason for Garimpeiro’s interest in the pair is a product they have launched today on the Australian Securities Exchange. It’s called the DIGGA Australian Mining Fund - ASX code DGA - which is an exchange-traded fund (EFT) that tracks a basket of small and mid-cap listed mining stocks.
read China: Corporate Bonds: A Beneficiary from the Tightening China tightened its monetary policy and stepped up regulation of banks’ off-balance sheet activities in 2011.
As inflation rose above the government’s comfort zone, the RRR rate and interest rate were raised. New Rmb loans declined by more than Rmb2tn (22%) in 2011 from the peak in 2009, and regulation of banks’ off-balance sheet activities was stepped up to tighten the credit conditions in China. As a result, total bank financing declined from Rmb12.2tn in 2010 to Rmb10.6tn in 2011. Financing from the banking system—both on and off balance sheet—has become increasingly difficult for investors. read more Fidessa explores challenges and opportunities of Best Execution in Australia This latest paper considers how far it is possible to achieve and demonstrate Best Execution in the changed equity trading landscape, exploring what it means for market participants of all types and how its implementation might play out. As with preceding papers, Beauty and Best draws on Fidessa’s global experience to highlight the critical differences between Australia’s own Best Execution requirements and those that apply in other jurisdictions. The paper goes on to assess how these may become a key point of competitive differentiation in Australia just as they have in some other markets.
ASIC releases third market supervision report There were 20,029 trading alerts with 131 matters requiring further consideration during the reporting period. Alert numbers can depend on trading conditions. We continue our calibration of alert parameters to generate more targeted alerts and eliminate ‘false positives’. This has resulted in a drop of more than 3,000 alerts.
Some 23 matters were referred for investigation. These matters involved potential insider trading (6), market manipulation (5), possible breaches of the market integrity rules (9) and of the continuous disclosure obligations (3).
A further four matters referred for investigation were identified during ASIC’s participant surveillance visits. These related to possible breaches of market integrity rules (2), misleading and deceptive conduct (1), and inappropriate advice (1).
view Report 277 ASIC supervision of markets and participants: July to December 2011 India forecasts lower growth
It would mark a sharp decline from the prior year’s 8.4% growth rate, and a reversal of fortune for a country that until recently aspired to double-digit growth like China.
read more Contract Months to be Listed at the Launch of Nikkei 225 VI Futures read more What Drives Credit Growth in Emerging Asia? view the IMF Working paper-What Drives Credit Growth in Emerging Asia?
Source: Sydney Morning Herald
February 8, 2012--One man’s meat is another man’s poison. This could be applied to the recent expansion of China’s corporate bond market.
Tight monetary policy and stepped-up regulation of banks’ off-balance sheet activities have provided a natural opportunity for China’s corporate bonds as an alternative funding source. We believe that the corporate bond market will continue to prosper as monetary policy continues to limit growth in bank loans in 2012 and beyond. Thus, we expect the corporate bond market to become an increasingly important component of China’s capital market over the medium term.
Source: Mirae Asset Financial Group
Third white paper in series on Australia looks at how firms can turn regulatory burden into competitive edge
February 7, 2012 – Fidessa group plc, provider of high-performance trading, investment management and information solutions for the world’s financial community, has today announced the publication of the third in its series of white papers looking at issues raised by the new market integrity legislation in Australia.
Entitled Beauty and the Best - the perils and opportunities of Best Execution in a multi-market structure, the paper examines different ways in which equity brokers might approach the new obligation for Best Execution, and how their buy-side clients will be affected.
February 7, 2012--ASIC today issued its third report on the supervision of Australian financial markets and market participants.
Report 277 ASIC supervision of markets and participants: July to December 2011 (REP 277) identified that during the reporting period:
Source: ASIC
February 7, 2012--India’s economic growth may dip below 7% in the current fiscal year, the slowest pace since the 2008 financial crisis, restrained by the central bank’s inflation-fighting campaign and government gridlock.
The government forecast 6.9% annual growth for the fiscal year that ends in March, a tad below the 7% to 7.5% growth predicted by several government officials.
Source: FIN24
November 7, 2011--Osaka Securities Exchange Co., Ltd. (OSE) will launch the Nikkei Stock Average Volatility Index Futures (Nikkei 225 VI Futures) on Monday, February 27, 2012, and has decided the contract months
available from the launch date as follows:
Source: OSE
February 7, 2012--Summary:This paper seeks to uncover the main drivers of credit growth in emerging Asia using a multi-country structural vector autoregressive (SVAR) model.
Taking a novel approach, we developed a two-block SVAR whereby shocks within blocks are identified using sign restrictions, whereas shocks across the blocks are identified using a recursive (block-) Cholesky structure. We find that domestic factors are more dominant than external factors in driving rapid credit growth in emerging Asia. This is particularly true for domestic monetary policy, which can play a pivotal role in terms of managing rapid credit growth in emerging Asia.
Source: IMF