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SFC unveils conclusions and further consults public on short position reporting rules
October 18, 2011--Following a consultation on the Securities and Futures (Short Position Reporting) Rules in May (Note 1), the Securities and Futures Commission (SFC) today announces the conclusions and further consults the public on the matter.
Noting the industry’s feedback about difficulties in reporting short positions on a gross basis, the SFC proposes to revise the rules to require reporting of net short positions. The SFC now invites comment on the rules thus modified.
“In view of the feedback, requiring the market to report short positions on a net basis would be the more pragmatic course of action to progress the SFC’s goal in enhancing its ability to access data on short positions and monitor short selling activities in the Hong Kong market; and to provide the market with more information about short selling activities, without placing undue burden on the industry,” said Mr Ashley Alder, the SFC’s Chief Executive Officer.
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Source: Securities and Futures Commission Hong Kong
China's economic growth slows amid cooling efforts
October 18, 2011--China's rapid economic growth eased in the latest quarter to a still-robust 9.1 percent amid government efforts to prevent overheating.
Growth of the world's second-largest economy in the three months ending in September was down from the previous quarter's 9.5 percent and the lowest level in two years, data showed Tuesday. The government said that was in line with plans to steer growth that hit 10.3 percent last year to a more sustainable level and cool politically dangerous inflation.
The moderation comes amid Europe's debt crisis and high US unemployment and might reduce China's contribution to global growth, though analysts say its expansion cannot shore up a slumping world economy on its own. "This means China itself is still growing well and will continue to generate demand for commodities and exports," said Darius Kowalczyk, senior economist for Credit Agricole CIB in Hong Kong. Still, he said, "I don't think they are going to save the world."
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Source: Todays Zaman
New ETF to be Listed on Nov. 4, 2011 (Fri.) - TOPIX Asia Focus ETF (managed by Sumitomo Mitsui Asset Management Company, Limited.)
October 17, 2011--Today, Tokyo Stock Exchange, Inc. (TSE) approved the listing of a new ETF created by Sumitomo Mitsui Asset Management Company, Limited. The ETF will be listed on Friday, November 4, 2011.
This is the first ETF created by said company.
| Code | 1562 (ISIN JP3047390004) |
| Name | YOURMIRAI TOPIX Asia Focus ETF |
| Fund Administrator | Sumitomo Mitsui Asset Management |
| Listing Date | November 4, 2011 |
| Trading Unit | 10 units |
| Underlying Index | TOPIX Active in Asia Index |
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Source: Tokyo Stock Exchange
Japan, Korea ETF inflows in Sept offset Asia-Pacific outflows
October 17, 2011-- Inflows into Japan and Korea exchange traded funds (ETFs) in September neutralised outflows from most other parts of Asia-Pacific, resulting in flat overall net flows for the month, data estimated by Lipper showed.
China and Indonesia focused ETFs saw relatively large outflows for the month, which was a very volatile one for markets globally.
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Source: Reuters
Consultation begins on proposed regulatory regime for OTC derivatives market
October 17, 2011--The Hong Kong Monetary Authority (HKMA) and Securities and Futures Commission (SFC) have issued a joint consultation paper on the proposed regulatory regime for Hong Kong’s over-the-counter (OTC) derivatives market.
The HKMA and SFC have been working on developing a regulatory regime for the OTC derivatives market locally, in accordance with commitments the G20 Leaders made in September 2009 to carry out reform in that area (Note 1).
“In line with the objectives of the G20 commitments, the proposed regime aims to improve overall transparency in the OTC derivatives market, reduce interconnectedness of participants, and generally reduce systemic risk in the financial system,” said Mr Eddie Yue, Deputy Chief Executive of the HKMA.
view the Consultation paper on the proposed regulatory
regime for the over-the-counter derivatives market in
Hong Kong
Source: Securities and Futures Commission
DB - Equity Research - Asia Pacific ETF Weekly Review: ETP AUM added $2.9bn amid market recovery
October 17, 2011--Market Review
Asia-Pacific markets experienced some respite from continuous downfall in the past several weeks and had a positive week across all the major markets. From north to south, Japan (Nikkei 225) gained 1.65%, Korea (KOSPI2) increased by 4.08%, China (CSI 300) advanced by 2.81%, Hong Kong (HSI) grew by 4.49%, Singapore (FSSTI) rose by 3.93% and Australia (S&P/ASX 200) climbed by 1.03% over the week ending on last Friday.
New Launch Review
Two new products were launched in the Asia-Pacific ETP market during last week. One Asset Management Ltd listed one gold ETF on Stock Exchange of Thailand and Penghua Fund Management Co Ltd listed Penghua SSE Non-SOE Index ETF on Shenzhen Stock Exchange tracking the SSE Non-State Owned Enterprises Index. (See Figure 4 for further details)
Turnover Review
Asia-Pacific ETP turnover totaled $7.8bn for the last week, 17.7% up from previous week's total and 63% up from last year's weekly average. South Korea continues to be on top of the turnover ranking with $3.4bn (down 12.1%), followed by China ($1.6bn, no activity last week), Hong Kong ($1.4bn, up 33.1%), Japan ($906m, down 17.2%), and Australia ($154m, down 9.3%). Among Equity ETFs, Emerging Country, Short Strategy, Asia Pac Developed Country and Leveraged Strategy ETFs had total turnover of $3.2bn, $1.6bn, $1.3bn and $1.3bn respectively. Under the Commodity asset class, turnover in Gold ETPs totaled $111m, 29.5% down from last week.
Assets Under Management Review
As markets recovered last week, Asia-Pacific ETP AUM reached $91.4bn with an increase of 3.3% over the previous week. On a year to date basis, the Asia-Pacific ETP market is $7.2bn or 8.5% above last year's closing.
to request report
Source: Deutsche Bank - Equity Research - Asia Pacific
China inflation dips, yet policy on pause
Headline inflation ticks lower, in line with expectations
Inflation not far from July peak, no room to ease policy
Increases in food prices still a concern
Money supply growth weakest since 2001
October 14, 2011--China's consumer inflation dipped to 6.1 percent in September, retreating further from three-year highs, although stubborn food price pressures will deter the central bank from loosening its policy reins anytime soon.
Since inflation is still close to the three-year peak of 6.5 percent hit in July, few analysts believe China will follow the likes of Brazil, Indonesia and Singapore and ease policy in the near-term, barring a marked deterioration in Europe's debt woes.
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Source: Reuters
Indian Bonds Fall On Concerns Over Inflation; Rupee Rises
October 14, 2011--Indian government bonds ended lower Friday after the inflation rate for September, though in line with market expectations, came in above 9% for the 10th consecutive month, raising expectations of an interest rate hike by the Reserve Bank of India later this month.
However, they ended after recouping some of their intraday losses as a combination of in-line cutoff yields and a devolvement at the central bank's INR130 billion auction sparked talks of the Reserve Bank of India rejecting bond bids at yields beyond the government's comfort zone.
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Source: Reuters
China Stocks' 20% Surge Leads Asia as Government Acts on Crisis
October 14, 2011--The Hang Seng China Enterprises Index became the first of Asia's major equity benchmark gauges to exit a bear market as the Chinese government bought bank shares and pledged support for small business, spurring the biggest rally in three years.
Zijin Mining Group Co., Anhui Conch Cement Co. and Agricultural Bank of China Ltd. have rallied more than 39 percent since Oct. 4, sending the gauge of Chinese companies in Hong Kong to a 21 percent advance. The surge trimmed the 2011 loss for the H-share index to 23 percent.
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Source: Bloomberg BusinessWeek
India gold ETF demand likely to explode - WGC
October 13, 2011--Demand for gold exchange traded funds (ETF) in India is likely to "explode" as investors get accustomed to "click-and-park" mode of investing, shying away from sagging stock markets and as high inflation eats into bank savings, a trade body head told Reuters on Thursday.
"Clearly people are seeing convenience in the form of ETF, going through the same broker which he has for equities," said Ajay Mitra, managing director - India and the Middle East, World Gold Council (WGC).
In the last four years, volumes in gold ETFs have grown over 164 percent.
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Source: Reuters