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DB - Equity Research - Asia Pacific ETF Weekly Review: ETP AUM loses $4bn on market free fall
September 26, 2011--Market Review
Asian stocks tumbled last week amid downside global economic outlook. In all, Japan (Nikkei 225) dropped by 3.43%, Korea (KOSPI2) sank by 7.95%, China (CSI 300) decreased by 2.36%, Hong Kong (HSI) retreated by 9.18%, Singapore (FSSTI) declined by 3.24% and Australia (S&P/ASX 200) lost 5.93% over the previous week.
New Launch Review
Last week, only one new product was launched in the Asia-Pacific region. Yurie Asset Management listed Yurie TREX Fundamental 200 ETF on the Korea Stock Exchange tracking the FnGuide-RAFI Korea 200 Index. (See Figure 4 for further details).
Turnover Review: Volatile markets increase activity
Asia-Pacific ETP turnover totaled $9.2bn for the week ending last Friday, 43.5% above the previous week’s total and 92.6% up from last year’s weekly average. South Korea continues to be on top of the turnover ranking with record $4.9bn (up 76.8%), followed by Hong Kong ($1.7bn, up 46.5%), China ($1.2bn, up 16.4%), Japan ($719m, down 2.3%), and Taiwan ($265m, up 6.1%). Among Equity ETFs, Emerging Country, Leveraged Strategy, Short Strategy and Asia Pac Developed Country had total turnover of $3.6bn, $2bn, $1.9bn and $1bn respectively. Under the Commodity asset class, turnover on Gold ETPs totaled $250m, 24.8% down from last week.
Assets Under Management Review
Amid declining markets, Asia-Pacific ETP AUM was reduced sharply by 4.3% and ended at $87.1bn at the end of last week. On a year to date basis, Asia-Pacific ETF assets are $2.9bn or 3.5% above last year’s closing.
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Source: Deutsche Bank - Equity Research - Asia Pacific
Rupee decline catches firms off guard
Initial strengthening of the dollar was ignored and companies, expecting the situation to ease, adopted for a wait-and-watch approach
September 25, 2011--The rupee’s rapid slide against the US dollar has caught many importers unawares as they did not limit their currency risk by booking forward dollars.
Many are still waiting for the market to correct and the rupee to strengthen, but they may not get a chance in the short term, say currency dealers.
Neither companies, which need dollars, nor banks, which advise them, anticipated the sudden slide in the rupee.
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Source: livemint.com
Investors Reminded to Pay Attention to Credit Risks Associated with Structured Product Issuers
September 23, 2011--In light of the economic environment in Europe and the recent market volatility, the Securities and Futures Commission and Hong Kong Exchanges and Clearing Limited (HKEx) would like to remind investors holding uncollaterised structured products, such as derivative warrants and Callable Bull/Bear Contracts, that they should pay close attention to the financial strength and credit worthiness of structured product issuers.
Uncollateralised structured products are not asset backed. In the event that a structured product issuer becomes insolvent and defaults on its listed securities, investors will be considered as unsecured creditors and will have no preferential claims to any assets held by the issuer.
Investors should ensure that they understand the nature of structured products and study the risk factors set out in the listing documents and, where necessary, seek professional advice before making investments in structured products.
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Source: Hong Kong Exchanges and Clearing Limited (HKEx)
Bursa Malaysia Amends Listing Requirements and Issues Guide to Raise Disclosure Standards
September 22, 2011-As part of its ongoing efforts to promote high standards of corporate disclosure, Bursa Malaysia has made various amendments to its Listing Requirements (LR) and introduced a Corporate Disclosure Guide (CD Guide) aimed at assisting listed issuers elevate their standards of disclosure. High standards of disclosure is a value proposition that can enhance a listed issuer’s investability.
Bursa Malaysia’s Chief Executive Officer, Dato’ Tajuddin Atan said, “Bursa Malaysia’s regulatory framework aims primarily to maintain market integrity and investor protection. In this regard, reliable, informative and timely disclosures are key towards building a corporate community that is disclosure based and transparent.
“The amendments made are part of the Exchange’s continuous review given the ever-changing capital market environment. In this dynamic environment, investors demand for timely, adequate and relevant information to make informed decisions.”
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Source: Bursa Malaysia
TSE to Begin Calculation and Publication of the “Tokyo Stock Exchange Mothers Core Index”
September 22, 2011--In order to energize the TSE Mothers market as well as respond to the various indexing needs of our market participants, the TSE will begin calculating and publishing the “Tokyo Stock Exchange Mothers Core Index” on Tuesday, October 11, 2011.
This index is comprised of 15 issues from the TSE Mothers market, and is created to serve as a benchmark stock price index for ETFs, mutual funds and other investments.
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Source: Tokyo Stock Exchange
SGX moves to improve market transparency, trading safeguards
September 22, 2011--The Singapore Exchange (SGX) will roll out two new initiatives to improve market transparency and trading safeguards.
This follows a three-month public consultation period.
SGX will now publish real-time indicative equilibrium prices (IEP) during the opening and closing routines.
This acts as an indication of the eventual opening or closing prices and allows punters to better assess market conditions, and adjust their orders accordingly.
The indicative equilibrium price (IEP) is the price at which orders would be executed if auction matching were to occur at that point.
SGX will also have a random ending to the pre-open and pre-close phases of the stock market.
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Source: ChannelNews Asia
TSE to Begin Calculation and Publication of “TOPIX Active in Asia Index”
September 22, 2011-In response to the various indexing needs of our market participants, the TSE will begin calculating and publishing the “TOPIX Active in Asia index” on Tuesday, October 11, 2011.
This index is comprised of 25 issues from the TOPIX 500 index selected based on the proportion of sales made in Asia, and will serve as a benchmark stock price index for ETFs, mutual funds and other investments.
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Source: Tokyo Stock Exchange
Asia Hedge Funds' Assets at 32-month High
September 21, 2011--Asia-focused hedge funds attracted a net inflow of about $500 million in August, increasing their total inflows for 2011 to $7 billion, as investors shrugged off volatile markets and raised bets on the region's fast growth, new data showed.
Asian hedge fund assets rise to $136 bln - Eurekahedge
Net inflows so far in 2011 at $7 bln vs $4 bln in 2010
Funds see net inflows for the 16th consecutive month
Flows this year has exceeded last year's when these funds got net inflows of $4 billion, data released on Wednesday by Singapore-based hedge fund tracker Eurekahedge showed.
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Source: Financial Express
Barclays lists 10th Exchange Traded Note on the Tokyo Stock Exchange - Barclays iPath® ETN series
September 21, 2011-- Barclays Bank PLC announced today the listing of a 10th iPath® Exchange Traded Note (ETN) on the Tokyo Stock Exchange (TSE).
As in the case of the nine ETNs (volatility and commodity-related) listed on 23 August and 6 September, this new ETN will be in the format of a Japanese Depositary Receipt (JDR).
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| Ticker | Issue Name | Underlying Index | Trading Unit |
| 2030 | iPath®S&P 500 VIX Short-Term Futures™ JDR | S&P 500 VIX Mid-Term Futures™ Index Total Return | 1 |
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Source: Tokyo Stock Exchange
Japan unveils yen-mitigation package
September 20, 2011--The Japanese government on Tuesday unveiled an interim report on a series of measures aimed at preventing the persistently high yen from squeezing the nation's economy and industry.
"The package is aimed at not only cushioning the (yen's) impact but also at reinforcing the economy so it is not swayed by currency fluctuations," said Motohisa Furukawa, state minister in charge of economic and fiscal policy.
"It is also intended to make the most of the merits of the strong yen," Furukawa told a news conference.
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Source: FIN24
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