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DB - Equity Research - Asia Pacific ETF Weekly Review:Strong Cash Flows of $2.3bn amid volatile markets
October 6, 2011--Market Review
Asia-Pacific markets were mixed last week amid global worries on economic slowdown and European debacle threats. In all, Japan (Nikkei 225), South Korea and Australia (S&P/ASX 200) rose by 1.64%, 5.39% and 2.70%, respectively; while China (CSI 300), Hong Kong (HSI) and Singapore (FSSTI) lost 3.30%, 0.43% and 0.88% respectively, during last week.
New ETP launches
In terms of new product launches, last week was relatively active in comparison to the past two months. Fubon Securities Investment Trust Company and SinoPac Securities Investment Trust Company (new entrant) each listed one ETF on the Taiwan Stock Exchange tracking the SSE180 Index and the TSE Capitalization Weighted Stock Index, respectively. Another new entrant in the ETP industry, Harvest Fund Management Company listed the Harvest Shenzhen F120 Index ETF on the Shenzhen Stock Exchange tracking the SZSE Fundamental 120 Index. (See Figure 5 for further details)
ETP Monthly Flows: Strong flows continue in spite of weak equity markets
Asia-Pacific ETP market continues attracting strong monthly cash inflows and totaled $2.3bn for the month of September. With this figure, monthly flows completed five straight months of cash inflows of over $2bn for the Asia-Pac ETP market. From a market perspective, ETPs in Japan led the inflows with $1.3bn, followed by Korea with $669m and China with $433m, while Taiwan experienced outflows of $246m. Year to date, Asia-Pac ETPs have gathered $16bn or 19% compared to last year’s closing AUM level.
Total monthly flows were primarily contributed by Equity ETFs with $2.1bn of inflows. Within Equity products, Asia Pac Developed Country, Strategy (Leveraged and Short) and Emerging Country ETFs recorded $1.5bn, $451m and $218m of inflows, partially offset by outflows of $199m from Thematic ETFs. In the commodities section, Gold ETPs collected total net inflows of $201m during the month of September.
Turnover Review: On-exchange activity soars
Asia-Pacific ETP turnover totaled $10.2bn for the last week, 10.9% up from previous week’s total and 113.6% up from last year’s weekly average. South Korea continues to be on top of the turnover ranking with $5.1bn (up 3.2%), followed by China ($1.8bn, up 47.8%), Hong Kong ($1.4bn, down 14.4%), Japan ($1.1bn, up 59.1%), and Taiwan ($247m, down 6.8%). Among Equity ETFs, Emerging Country, Short Strategy, Asia Pac Developed Country and Leveraged Strategy ETFs had total turnover of $3bn, $2.2bn, $2.1bn and $2bn respectively. Under the Commodity asset class, turnover in Gold ETPs totaled $426m, 70.3% up from last week.
Asset Under Management Review
Last week, Asia-Pacific ETP AUM ended at $87.9bn with a small increase of 1% over the previous week. On a year to date basis, Asia-Pacific ETP market is $3.7bn or 4.5% above last year’s closing.
to request report
Source: Deutsche Bank - Equity Research - Asia Pacific
Philippine Bourse Plans ETFs to Boost Market Trading Volumes
October 5, 2011--The Philippine Stock Exchange is aiming to introduce exchange-traded funds and securities lending to lure overseas investors to one of Asia’s smallest stock markets, according to President Hans Sicat.
The bourse, which lengthened its trading day by an hour to 1 p.m. starting Oct. 3, is in talks with government agencies to introduce ETFs and “a system for borrowing and lending securities to increase trading activity,” Sicat said in an interview in Manila yesterday. ETFs are exchange-listed products that mirror indexes, commodities, bonds and currencies and allow investors to buy and sell them like stocks.
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Source: Bloomberg BusinessWeek
Thai bourse holds campaign to promote ETF trading via Internet
October 3, 2011--- Settrade.com Co., Ltd. (Settrade), a subsidiary of
The Stock Exchange of Thailand (SET) , holds a campaign "Win 30-Baht gold
through ETF" to promote Internet trading of exchange-traded funds (ETFs) from October 1 to December 31.
Settrade, the operator of Internet trading platforms for trading equities and derivatives, and investment technology for securities companies, joins with 31 brokers and sub-brokers to launch the campaign to stimulate ETF trading volume via the Internet, said Pakorn Peetathawatchai, a director of Settrade.
"ETF is an alternative investment gaining popularity among investors. At the end of August, ETF trading volume was up 22.35 percent from the end of last year, with a net asset growth of 29.64 percent. This year, there are two newly-launched ETFs, which are KTAM Gold ETF Tracker (GLD) and ThaiDex SET High Dividend ETF (1DIV), and we expect more ETFs will be launched soon," Pakorn added.
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Source: The Stock Exchange of Thailand (SET)
SZSE Industry Chain Indices To Be Launched
September 29, 2011--SZSE and CSI announced today that SZSE Industry Chain Indices are to be launched on Oct 18rd 2011. SZSE Industry Chain Indices comprises 3 indice: SZSE Upstream Industry Index、SZSE Midstream Industry Index and SZSE Downstream Industry Index .
Within Stocks in A shares listed at Shenzhen Stock Exchanges, SZSE Industry Chain Indices comprises top stocks on the basis of market capitalization as well as Industry Chain characteristic. The base date of the CSI Industry Chain indices is Dec 31st 2002 and the base value is 1000.
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Source: Shenzhen Stock Exchange
Mirae Ponders HK Hedge Fund Expansion
September 29. 2011-- Korean asset manager Mirae Asset Global Investments is pondering a move into the Hong Kong hedge fund market. Woong Park, chief executive of Mirae Asset Global Investments (HK),
says the group already runs quasi hedge funds managed in Hong Kong and domiciled in Korea, but plans to set up a proper hedge fund business on the Hong Kong market.
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Source: FT.com
Renminbi tops euro for bond issuance
September 29, 2011--The Chinese renminbi was a more popular currency for company bond sales than the euro for the first time in the third quarter, underlining the debilitating effect of the eurozone’s sovereign debt crisis, while China has nurtured its own, potentially huge bond market.
Renminbi-denominated corporate bond issuance by non-financial companies remained relatively steady at Rmb200 billion ($31.1 billion) in the third quarter, while euro-denominated sales more than halved to $26.4 billion, according to Dealogic, a data provider. The shift is largely due to the severe stresses in Europe’s financial system, but also reflects Chinese efforts to develop and internationalize its own capital markets.
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Source: FT.com
Tokyo Stock Exchange-Regarding News Reports
September 28, 2011--There have been news reports by some media institutions regarding specific details of merger discussions between Tokyo Stock Exchange and Osaka Securities Exchange.
However, there is no factual basis regarding such a decision or announcement at the present time.
Source: Tokyo Stock Exchange
Understanding Chinese Bond Yields and their Role in Monetary Policy-IMF Working paper
September 28, 2011--Summary:
China’s financial prices are informative enough for the PBC to introduce a monetary policy framework centered around interest rates. While bond yields are not fully efficient—reflecting regulation, liquidity, and segmentation—we find they contain considerable information about the state of the economy as well as evidence of an emerging transmission channel: changes in PBC rates influence the structure of Treasury, financial, and corporate bond yield curves, which are then associated with changes in growth and inflation.
Coporate spreads are also a leading indicator of growth and inflation. While further liberalization will strengthen both efficiency and transmission, several necessary elements to move towards indirect monetary policy are already in place.
Understanding Chinese Bond Yields and their Role in Monetary Policy-IMF Working paper
Source: IMF
TOCOM-The Circuit Breaker Problem on September 26, 2011
September 27, 2011--Sincere apologies for any inconvenience caused to market participants and others who may have been affected by the problem related to the circuit breaker for platinum occurred at 10:18 AM on Monday, September 26, 2011. We are now investigating the cause and will issue a separate report on findings once results are obtained.
1. Incident (September 26)
The CB was triggered for the second time that day at 10:18 AM. Afterward, the trigger level, which should have been set at JPY600, was set at JPY800 (the JPY200 initial trigger level + (3 x JPY200 expansion amounts)) and trading was resumed following a 5-minute halt.
2. Problem cause
The cause of the problem is now under investigation.
3. Immediate measures
Until the defect is corrected, TOCOM will carefully check if the trigger level and the number of CB trigger are appropriate, and will adjust the trigger level if necessary. Trading has progressed normally since the night session of September 26 and no adjustment is being made.
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Source: TOCOM
MAS Invites Comments on Draft Legislative Amendments and Additional Proposals to Enhance the Regulatory Regime for Fund Management Companies
September 27, 2011--MAS has issued a consultation paper to seek comments on the draft legislative amendments to give effect to the revised regulatory regime for fund management companies (“FMCs”), as well as additional proposals to further enhance the business conduct requirements for FMCs.
2 The draft legislative amendments reflect the proposals set out in MAS’ first policy consultation on the regulatory regime for FMCs conducted in April 2010, and MAS’ response to feedback received, which was published in September 2010. The revised regime is expected to take effect in early 2012.
3 As part of our on-going review of the regulatory framework, MAS is also proposing additional requirements to enhance the business conduct requirements for FMCs. MAS proposes to require FMCs to put in place a risk management framework over their fund management operations to identify, address and monitor the risks associated with the assets that they manage. MAS also proposes to require FMCs which operate under the notification regime to undergo independent annual audits.
4 We also intend to introduce a new Capital Markets and Financial Advisory Services (“CMFAS”) examination requirements for representatives of Licensed Retail FMCs which manage or offer Specified Investment Products to persons who are not accredited or institutional investors. This is aimed at raising the competency and product knowledge of FMC representatives.
5 MAS adopts an open and consultative approach with the industry. In developing this set of proposals, MAS has considered the views and comments from the public, investors, market practitioners and industry associations.
6 MAS invites interested parties to give their views and comments on the draft legislative amendments and proposals contained in the consultation paper. The consultation period will end on 26 October 2011.
view consultation paper-Proposed Enhancements and Draft Legislative Amendments to Give Effect to the
Regulatory Regime for Fund Management Companies
Source: MAS (MONETARY AUTHORITY OF SINGAPORE)
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