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Lyxor’s exit from HK highlights rise of competition
January 8, 2012--If you want to make money with exchange traded funds in Asia you must pick your market and stick with it, according to the man who pulled the plug on Lyxor’s stable of Hong Kong-listed synthetic ETFs.
In early December Lyxor International Asset Management announced it would delist 12 synthetic ETFs from Hong Kong in March, citing the levels of assets under management and trading volumes of their products.
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Source: FT.com
Hong Kong Regulator Approves Synthetic ETFs; First in 18 Months
January 4, 2012--Hong Kong’s regulator approved six Deutsche Bank AG (DBK) synthetic exchange-traded funds, the first time it has allowed such products since July 2010.
Synthetic ETFs are investments that mimic the behavior of exchange-traded funds through the use of derivatives such as swaps. The products, authorized on Dec. 30, are part of Deutsche Bank’s db X-trackers series, according to the Securities and Futures Commission website.
The SFC’s approval comes more than three years after the bankruptcy of Lehman Brothers Holdings Inc. (LEHMQ) Following that insolvency, financial institutions in the city faced criticism for selling investment products containing derivatives to individual investors.
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Source: Bloomberg
Asian shares rise on China economic data
January 3, 2011-- Asian shares rose on Tuesday, taking a lead from European markets which started 2012 in positive territory, and after China announced better-than-expected manufacturing data.
Australia's S&P/ASX 200 was up 1.16%, Hong Kong rose 1.80% in morning trade while Seoul was 2.50% higher.
Financial markets in China, Japan and Thailand were closed for a public holiday.
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Source: FIN24
Highlights of Major Amendments in KRX Market Rules and Regulations in 2012
January 2, 2012--These are major amendments introduced to Market Rules and Regulations of the Korea Exchange in 2012.
1. Amendment of order entrustment and quotation submission methods by the member* (KOSPI, KOSDAQ and Derivatives Market)
To provide equal accessibility to all investors, the members are required to make public the order entrustment method in advance and not to provide differential services to its customers without justifiable reason.
In case of orders entrusted over electronic communication method, the member must ensure that the order passed through its own security device and the suitability of order must be verified before submission of quote for order.
* To become effective on April 2, 2012.
2. Restriction on submission of liquidity providing quotation for ELW* (KOSPI Market)
To reinforce the fairness of price and primary function of LP, the LPs are allowed to submit the liquidity providing quotation only in the case where the market spread ratio exceed 15%
* To become effective on March 12, 2012.
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Source: KRX
US, Europe woes hit China output
December 30, 2011--China's manufacturing activity continued to shrink in December, HSBC said on Friday, as economic strife in the key European and US markets hobbled demand for the nation's goods.
The final HSBC purchasing managers' index (PMI) reached 48.7 in December, slightly better than the 47.7 in November but lower than preliminary PMI of 49 released earlier this month, as new orders dropped.
A reading above 50 indicates expansion while a reading below 50 suggests a contraction.
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Source: EUbusiness
Sebi allows 2 and 5 year IRFs in G-secs
December 30, 2011-- In order to help investors guard against interest rate fluctuations, capital market regulator Sebi today introduced two-year and five-year exchange-traded IRFs (Interest Rate Futures) in government bonds.
"It has now been decided to permit the introduction of cash settled futures on 2-year and 5-year notional coupon bearing Government of India security on currency derivatives segment of stock exchanges," Sebi said, issuing the guidelines for the new instruments
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Source: Economic Times
Japan Exchanges Look to Speed Up Merger
December 29, 2011--Japan's two largest exchanges are considering using a new legal framework to accelerate their merger, a move that could bring the country's top financial watchdog on board to champion the integration.
At a joint news conference, the heads of the Tokyo Stock Exchange and Osaka Securities Exchange Co. again acknowledged the need to complete their merger quickly as Japan struggles to maintain its competitive position against regional rivals such as Hong Kong and Singapore.
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Source: Wall Street Journal
'Shocked’ Indian Regulator to Review Initial Share Sale Rules
December 29, 2011-- India’s capital market regulator is reviewing the initial public offering process to stop companies from raising funds using falsified information, after seven firms were found to have violated rules.
The Securities and Exchange Board of India will take some “immediate measures” following its investigation into the seven IPOs, Chairman U.K. Sinha said today. The regulator barred the companies from raising more money from the capital markets, according to separate rulings posted on its website.
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Source: Bloomberg Business Week
China, Japan unveil deals to tighten finance ties
December 25, 2011--Chinese and Japanese leaders have unveiled initiatives to tighten financial links between East Asia's economic giants and sometime rivals - measures that could expand use of China's tightly controlled currency abroad.
During a visit to Beijing by Japanese Prime Minister Yoshihiko Noda, the two governments said in a surprise announcement Sunday they will encourage use of their own currencies in bilateral trade, which now is conducted mostly in US dollars. They also agreed to support the sale of bonds denominated in China's yuan by Japanese companies in Tokyo and foreign markets and by the state-owned Japan Bank of International Cooperation in mainland China's markets, which are closed to most foreign investors.
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Source: Todays Zaman
India set to launch infrastructure push
December 23, 2011--Manmohan Singh, India’s prime minister, is set to launch a fresh push to restart many of his nation’s most important stalled infrastructure projects.
The decision, taken at a meeting on Thursday of about a dozen big industrialists including Ratan Tata of the Tata Group and Mukesh Ambani of Reliance, follows concern over falling confidence levels in India’s slowing economy.
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Source: FT.com
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