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SMX to launch landmark black pepper contract
February 11, 2012--The fledgling commodities operation of the Singapore Mercantile Exchange will launch the first global futures contract for black pepper on Friday in a move that some traders hope will set a global price benchmark and reduce the extreme volatility of recent years.
Pepper is one of the world’s most valuable traded spices, with the global trade worth about $1.5bn at the current price of about $6,000 a tonne, according to Saptak Gangopadhyay, vice-president of product and research at SMX.
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Source: Financial Express
Thai Bourse Sees Gold ETFs As Opportunity For Investment
February 10, 2012--The Stock Exchange of Thailand (SET) confirms that trading prices of all four gold exchange-traded funds (ETFs) listed on SET are efficiently in line with gold prices in the global market and their net asset values, and the exchange also assures investors of its surveillance system.
“The gold ETFs have proven very attractive for domestic investors since they listed on SET late last year, with a combined trading valuation of THB 6.52 billion (approx. USD 210 million) in 2011, because the instrument is an innovative financial tool well-designed to meet investor demand for gold trading. The SET-listed ETFs enable investors to buy or sell at any time during exchange trading hours and provide real-time indicative net asset values (iNAVs), unlike general gold funds. There is also no currency risk as the ETFs are traded in the Thai baht currency,” said Pakorn Peetathawatchai, SET’s Chief Marketing Officer.
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Source: Stock Exchange of Thailand (SET)
Japan's Azumi Distances Himself From Yen Intervention Remark
February 10, 2012--Japanese Finance Minister Jun Azumi distanced himself from his comments to lawmakers that indicated a level that triggered intervention in the yen in October.
“I instructed an intervention when the yen was 75.63, which could pose a threat to the Japanese economy, and finished when it was 78.20,” Azumi said in the parliament in Tokyo today. He didn’t mean that the level prompted intervention, and was referring instead to the yen’s closing price before the Oct. 31 sales, he later told reporters.
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Source: Business Week
Offshore Renminbi Market Set To Lure Issuers
February 10, 2012--Although yields have surged, the question is whether dim sum bond yields are high enough to compensate for the risks.
After an unruly sell-off at the end of last year, calm appears to have returned to the offshore renminbi market.
Dim sum bonds and other debt products denominated in the Chinese currency have rallied in recent weeks as investors became more optimistic about the outlook for the small but fast-growing market in Hong Kong.
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Source: FT.com
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.
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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.
