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A Quantitative Assessment of Financial Conditions in Asia-IMF Working Paper
July 18, 2011--Summary: We propose a new Financial Condition Index (FCI) for Asian economies based on two different methodologies: a VAR model and a Dynamic Factor Model. The paper shows that this index has predictive power in forecasting GDP growth and may be thus used as a leading indicator.
Based on the FCI, financial conditions in Asia tightened substantially earlier in the global crisis, reflecting losses in the stock markets and tighter credit conditions. In early 2010, financial conditions in Asia recovered rapidly and reached precrisis levels, thanks to accommodative monetary policies and a rapid rebound in regional equity markets.
view IMF Working paper-A Quantitative Assessment of Financial Conditions in Asia
Source: IMF
Japanese exchanges
July 17, 2011--Even by the leisurely standards of Japan, the proposed merger between the Tokyo Stock Exchange and the Osaka Securities Exchange is moving at a glacial pace. Back in early March, TSE president Atsushi Saito said the group was pondering some kind of combination with the derivatives-focused OSE. Four months on there is not even a confirmation of talks between the two dominant Japanese groups, let alone any disclosed progress on structure, price and management.
The mere prospect of a deal seems to be forcing both sides to buck up their business, though. This week Osaka will start trading derivatives until 3am; Tokyo, too, is pushing trading hours back from 7pm to 11.30pm
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Source: FT.com
Tokyo Stock Exchange: New ETF Included In Real-Time Dissemination Of “TSE Indicative NAV”
July 15, 2011--Tokyo Stock Exchange, Inc. (TSE) will calculate and publish the real-time Indicative Net Asset Value (Indicative NAV) per share for one additional Exchange Traded Fund (ETF) beginning August 8, 2011.
1.Addition
| Code | ETF | Fund Administrator | Starting date |
| 1329 | iShares Nikkei 225 ETF | BlackRock Japan | August 8, 2011 |
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Source: Tokyo Stock Exchange, Inc. (TSE)
Korea Exchange To Celebrate Its 100th ETFs On July 18
July 15, 2011--The Korea Exchange (”KRX”) would list more than 100 ETFs by next week.
Since introduction of first ETF in 2002, ETFs made an impressive growth, both in number of ETFs and product categories. With the listing of five new ETFs (TIGER S&P 500 Futures, TIGER Inverse KTB 3Y, TIGER Health Care, KODEX Silver Futures, and KOSEF Fundamental Large) on July 18, 2011,
total number of ETFs listed on the KRX will be 100, covering 6 product categories, including Korean equities, foreign equities, fixed incomes, derivatives, commodities, and currency, thus satisfying various investors’ demands.
Aiming to become one of the world top 10 markets for ETFs, the KRX intends to make further efforts to promote the growth of ETFs by upgrading the market regulations and infrastructure, expanding the investor base and globalizing ETF lineups.
Source: Korea Exchange (KRX)
HKFE Announces Revised Margins for China Construction Bank and PetroChina Futures
July 15, 2011--Hong Kong Futures Exchange Limited (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), has announced that with effect from the commencement of trading on Monday, 18 July 2011, the minimum margins to be collected by an Exchange Participant from its clients in respect of their dealings in the following futures contract will be as outlined in the table below.
The adjustments are based on the clearing company’s normal procedures and standard margining methodology.
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Source: Hong Kong Futures Exchange Limited (HKFE)
HKFE Announces Revised Margins For H-shares Index, Mini H-Shares Index, Bank Of China, And Industrial And Commercial Bank Of China Futures
July 14, 2011--Hong Kong Futures Exchange Limited (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), has announced that with effect from the commencement of trading on Friday, 15 July 2011, the minimum margins to be collected by an Exchange Participant from its clients in respect of their dealings in the following futures contract will be as outlined in the table below.
The adjustments are based on the clearing company's normal procedures and standard margining methodology.
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Source:Hong Kong Futures Exchange Limited (HKFE)
ASIC releases second market supervision report
July 13, 2011--ASIC today published its second report on the supervision of markets and participants.
ASIC assumed responsibility for market supervision and real-time surveillance of trading from ASX on 1 August 2010. ASIC also supervises compliance with market integrity rules, compliance with the Corporations Act 2001 and ensures that Australian financial services licence conditions are met by market participants.
ASIC Commissioner Shane Tregillis said, ‘ASIC is building investor confidence by ensuring Australian financial markets are efficient and fair. We are doing this through thorough surveillance of the market and by taking pre-emptive action to prevent possible market misconduct. We are increasing our engagement with industry and providing education and guidance to participants.
However pre-emptive engagement will not replace deterrence and when we find serious market misconduct we are taking timely deterrence action. Market participants and operators are important gatekeepers and we expect them to have controls in place to ensure conduct in accordance with required standards and to demonstrate a culture of compliance,’ said Mr Tregillis.
view the Report 243 ASIC supervision of markets and participants: January to June 2011
Source: ASIC
China’s economy grows 9.5% in second quarter
July 13, 2011--China’s economy grew 9.5 per cent in the second quarter from the same period a year earlier, its slowest pace in nearly two years as government attempts to cool growth took effect.
But the performance was stronger than many economists had expected and there were few signs that the world’s second-largest economy faces the “hard landing” that some have predicted.
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Source: FT.com
Securities Commission Malaysia Revises Guidelines For Corporate Bonds And Sukuk
July 12, 2011--The Securities Commission Malaysia (SC) today issued the revised Private Debt Securities (PDS) Guidelines, Sukuk Guidelines and Trust Deed Guidelines to enhance the regulatory framework for fundraising and product regulation in the Private Debt Securities and Sukuk markets.
The revisions are in line with the broader objectives of the Capital Market Masterplan 2 (CMP2) which seeks to achieve higher levels of operational efficiency, enhanced standards for fair and ethical business practices and strengthen internal controls for business conduct and risk management.
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Source: WFE
Cambodia opens stock market, no stocks in sight
July 12, 2011--Cambodia opened its new stock exchange on Monday but there was no trading because there are no listed companies and officials seemed uncertain that any would be listed by the end of the year, the latest date for the much-delayed start of operations.
In a speech at the country's tallest building, part of which houses the Cambodia Securities Exchange (CSX), Finance Minister Keat Chhon told the three state-owned companies that plan a listing to hurry up.
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Source: Reuters
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