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China: Corporate Bonds: A Beneficiary from the Tightening
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.
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.
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Source: Mirae Asset Financial Group
Fidessa explores challenges and opportunities of Best Execution in Australia
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.
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
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:
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
Source: ASIC
India forecasts lower growth
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.
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.
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Source: FIN24
Contract Months to be Listed at the Launch of Nikkei 225 VI Futures
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:
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Source: OSE
What Drives Credit Growth in Emerging Asia?
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.
view the IMF Working paper-What Drives Credit Growth in Emerging Asia?
Source: IMF
India-Commodity transaction tax to hit volumes: Traders, chambers
February 6, 2012--The finance ministry’s proposed move to again impose a Commodities Transaction Tax (CTT) is likely to drive volumes to foreign exchnages, say traders and analysts.
The Union food ministry has already represented to the finance ministry against the proposal, saying it would harm development of the commodites futures market. It is believed the finance ministry may levy a CTT of 0.017 per cent (Rs 17 for every Rs 100,000 of transactions) in the budget proposals for 2012-13, initially for non-agricultural commodity futures.
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Source: Business Standard
New ETF to be Listed on Feb. 23, 2012 (Thu.) - Mitsubishi UFJ AM "MAXIS TOPIX Risk Control (5%) ETF
February 6, 2012--Today, Tokyo Stock Exchange, Inc. (TSE) approved the listing of a new ETF created by Mitsubishi UFJ Asset Management Co., Ltd. (Mitsubishi UFJ AM). The ETF will be listed on Thursday, February 23, 2012..
Code:1567 (ISIN JP3047430008),br>
Name: MAXIS TOPIX Risk Control (5%) ETF
Fund Administrator: Mitsubishi UFJ Asset Management
Listing Date: Feb 23, 2012
Trading Unit: 10 unit
Underlying Index: TOPIX Risk Control Index (Volatility 5%)
With this listing, there will be a total of 118 ETFs and ETNs listed on the Tokyo market. TSE will continue working to diversify the ETF and ETN market, and improve the convenience of our market for all investors.
Source: Tokyo Stock Exchange, Inc. (TSE)
China Economic Outlook-IMF
Prepared by the IMF Resident Representative Office, People's Republic of China
January 6, 2012--
China’s economy is slowing, but remains a bright spot in an unpredictable global economy
Growth is expected to stay above 8 percent in 2012-13
Inflation is coming down to more comfortable levels
The real estate market is deflating
A storm emanating from Europe would hit China hard
China’s growth rate would drop abruptly if the Euro area experiences a sharp recession
But China has room for a countervailing fiscal response, and should use that space
Unlike 2009–10, any stimulus should be executed through the budget rather than the banking system The weak global outlook reinforces the importance of rebalancing China’s economy
This means more private consumption and a diminishing reliance on investment
Financial and corporate sector reforms will be critical to achieving this economic transformation
view IMF China Economic Outlook
Source: IMF
Asia in 2012: Resilient, but at Risk from Euro Downturn
February 5, 2012--Further downturn in Europe would have significant spillovers for Asia
Asia has capacity to respond to a new downturn
Tokyo venue for 2012 IMF-World Bank meetings reflects close ties with region
Events unfolding far from Asia’s shores could shape the region’s economic outlook for 2012. But if the global economic situation deteriorates—most notably in the troubled economies of the euro zone—Asia’s policymakers still have the room to respond aggressively, say IMF economists.
Despite the prevailing global uncertainty, Asia has until now, proven to be very resilient. It has boasted strong domestic demand, low unemployment, and factories working at near-full capacity. While credit growth has slowed from the torrid pace of early 2011, it remains robust in most economies.
Japan is mounting a recovery from the March 2011 earthquake and tsunami, and in Thailand reconstruction is under way following the country’s devastating floods.
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Source: IMF
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