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TOCOM Gold Price Hit Record High Since Its Launch
August 9, 2011--Tokyo Commodity Exchange, Inc, announced that its June 2012 Gold futures contract (back contract month) temporarily reached 4,399 yen/gram during today's session. This is the highest price seen since the listing of gold futures contract at TOCOM on March 23, 1982.
On August 9, trading volume of Gold futures (standard) totaled 144,475 contracts, including 113,047 contracts traded for June 2012 contract.
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Source: Tokyo Commodity Exchange (TOCOM)
Launch of first gold bullion MINI on ASX
August 8, 201-- BetaShares today announced the launch of a leveraged trading tool on the BetaShares Gold Bullion ETF (A$ Hedged).
The Macquarie QAU Mini Long (ASX Code: QAUKMA) allows investors to access leveraged exposure to gold without margin calls. For a fraction of the outlay of buying the ETF outright, investors can now access pure gold bullion exposure that is unaffected by currency movements, leveraged at 65% at inception.
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Source: BetaShares
DB - Equity Research - Asia Pacific ETF Weekly Review: $5bn washed away from ETP AUM on market downturn
August 8, 2011--Market Review
Asia-Pacific market tumbled last week on the concerns over weakening global economic recovery. From north to south, Japan (Nikkei 225) dropped by 5.42%, Korea (KOSPI2) sank by 9.1%, China (CSI 300) decreased by 2.51%, Hong Kong (HSI) lost 6.66%, Singapore (FSSTI) declined by 6.10% and Australia (S&P/ASX 200) plunged by 7.21%.
New Launch Review
In terms of new product launch activity, the Asia-Pacific market remained quiet in the last week and no new product was listed in any of the exchanges in the region.
Turnover Review: Floor activity soars
Declining markets triggered a sell-off in the last week and turnover activity was up by 73.1% on a week-over-week basis totaling $8bn as equity market volatility continued to trend higher. South Korea topped the turnover ranking with a record $3.1bn (up 135.8%) followed by Hong Kong ($2bn, up 68.8%), Japan ($1.2bn, up 84.8%), China ($809m, down 13.4%), and Taiwan ($454.9m, up 176.4%). Among Equity ETPs, Emerging Country and Asia Pac Developed Country ETPs experienced $1.3bn (62.4%) and $994m (100%) rise in turnover over the previous week. On the Commodities section Gold ETPs activity also increased by 45.4% totaling $230m for the last week.
Assets Under Management Review
Amid sinking global markets, Asia-Pacific ETP AUM lost $5bn and ended at $90.3bn last week. However, on a year to date basis, Asia-Pacific ETF market is still $6.1bn or 7.3% above last year's closing.
to request report
Source: Deutsche Bank - Equity Research - Asia
Republic of Korea: Selected Issues
August 4, 2011--I. FORMALIZING FINANCIAL STABILITY CONSIDERATIONS IN THE CONDUCT OF MONETARY
POLICY IN KOREA
The recent global financial crisis has exposed the limitations of a conventional inflation
targeting (IT) framework in insulating an economy from all shocks it may face, and demonstrated that its rigid application may aggravate the effect of shocks on output and
inflation.
Accordingly, we investigate possible refinements to the inflation targeting framework in Korea by taking into account developments in the financial sector. The findings indicate that
incorporating financial stability considerations can help smooth business cycle fluctuations, by mitigating the buildup of factors that lead to subsequently large fluctuations in output and inflation.
A. Introduction
1. The recent global financial crisis has demonstrated that strong underlying economic fundamentals cannot insulate an economy from all possible shocks. The crisis, while originating in the subprime segment of the U.S. mortgage market, quickly spread through financial and real channels, and severely affected many economies, even those that did not have any major exposures to the assets at the heart of the crisis. Korea’s economy too was hit hard by the global financial crisis due to the sudden drying up of liquidity and the collapse of global trade despite having strong macroeconomic fundamentals before the outbreak of the crisis.
view th Republic of Korea: Selected Issues IMF paper
Source: IMF
Thai bourse lists first gold-based ETF on August 8
August 4, 2011--The Stock Exchange of Thailand (SET) will list KTAM Gold
ETF Tracker, managed by Krung Thai Asset Management PCL (KTAM), on its main
board on August 8, under the ticker "GLD."
GLD, an open-end exchange-traded fund (ETF), is Thailand's first ETF tracking the price of gold. The fund's policy is to invest in the units of SPDR? Gold Trust, the world's largest gold ETF.
"GLD is the Thai stock exchange's first ETF based on gold, aiming at creating
returns linked to spot gold prices. Currently, gold is an asset class worth
investing in because it generates high returns and attracts both institutional
investors and the public. The SET's policy is to collaborate with asset
management firms to enhance and increase the launch of new ETFs to cope with various demands of investors and boost business opportunities for broker members and asset management firms," said SET President Charamporn Jotikasthira.
KTAM CEO Somchai Boonnamsiri said: "GLD gained much attention from investors during its IPO on July 25-29. It has raised THB 577 million and has a price per unit of THB 2.2785. We expect demand for GLD to keep rising when it lists on the stock exchange, as it gives more flexibility than other general gold funds."
Hua Seng Heng Gold Futures Co.,Ltd. is GLD's market maker, while DBS Vickers Securities (Thailand) Co.,Ltd., KGI Securities (Thailand) PCL and KT ZMICO Securities Co.,Ltd. are participating dealers. Gold traders who have LBDU (Limited Broker Dealer Underwriter) sub-broker licenses, issued by Securities Exchange and Commission, can participate in gold ETF trading.
For more information on KTAM Gold ETF Tracker, please visit Krung Thai Asset
Management PCL at www.ktam.co.th and the SET at www.set.or.th, www.settrade.com or call SET-Call-Center at +66 2229 2222
Source: SET
DB - Equity Research - Asia Pacific ETF Weekly Review:Strong ETP flows of $2.1bn in July amid weak markets
August 3, 2011--Market Review
U.S. legislators’ failure to reach an agreement over raising the federal debt ceiling during last week caused a sharp decline across Asia-Pacific markets, as fear levels rose on the idea that a technical default or rating downgrade could become more probable as we came closer to the Aug 2nd deadline.
From north to south, Japan (Nikkei 225) lost 2.95%, Korea (KOSPI2) decreased by 1.94%, China (CSI 300) sank by 3.13%, Hong Kong (HSI) remained almost flat at 0.02%, Singapore (FSSTI) gained 0.20% and Australia (S&P/ASX 200) dropped by 3.87%.
New ETP launches
Last week, two new products were launched in the Asia-Pacific region. Birla Sun Life Asset Management Company listed its first Equity ETF on National Stock Exchange (India) tracking the S&P CNX Nifty Index and Samsung Investment Trust Management listed one Thematic ETF on Korea Stock Exchange tracking the FnGuide Solar Energy Index. (See Figure 5 for further details)
ETP Monthly Flows: Strong flows continue
Although the Asia-Pacific markets experienced mixed results during July (Nikkei 225: +0.17%; KOSPI2: +0.71%; HSI: +0.19%; TAMSCI: -0.92%, CSI 300: -2.37%, S&P/ASX 200: -3.98%), the ETP market witnessed strong cash flows of $2.1bn during the month. This was the third month in a row when the market experienced cash flows of over $2bn. From a market perspective, ETPs in Taiwan led the inflows with $598m, followed by Korea with $525m and Hong Kong with $517m.
Total monthly flows were primarily contributed by Equity ETPs with $2bn of inflows. Within Equity products, Emerging Country ETPs and Asia Pac Developed Country ETPs each recorded $1.1bn inflows. Unlike previous months, Fixed Income ETPs gained some traction in the last two months with $115m and $83m of inflows for June and July respectively. With July’s monthly contribution, year-to-date cash flows reached $9.7bn.
Turnover Review: Slight increase in activity
Turnover activity totaled $4.6bn last week after a week-over-week gain of 8.8%. South Korea topped the turnover ranking with $1.3bn (down 12.5%), followed by Hong Kong ($1.2bn, up 32.3%), China ($935m, up 10.3%), Japan ($665m, up 42.2%) and Taiwan ($165m, down 21.8%). Among Equity ETPs, Emerging Country and Asia Pac Developed Country ETPs experienced $263m (14.3%) and $112m (12.7%) increase in turnover over the previous week.
Asset Under Management Review
Asia-Pacific ETP AUM ended at $95.3bn with a decline of 2% over the previous week. On a year to date basis, Asia-Pacific ETP market is significantly above last year's closing with $11.2bn or 13.2% increase.
to request report
Source: Deutsche Bank - Equity Research - Asia
Indian Government launches Responsible Business Guidelines
August 3, 2011--The Indian Ministry of Corporate Affairs launched the National Voluntary Guidelines on Social, Environmental & Economic Responsibilities of Business on 8 July 2011. The Guidelines provide a basic framework that may be adopted voluntarily by companies to address interests of various stakeholders, including employees, customers and investors.
GRI’s Focal Point India has been closely involved in the creation of the Guidelines. Dr. Aditi Haldar, Director of Focal Point India, welcomed the announcement: “India’s government has been ahead of the game in encouraging sustainable, responsible business practices for a long time. The new Guidelines build on those first issued in 2009, and demonstrate the government’s continued commitment to sustainable business.”
view the National Voluntary Guidelines on Social, Environmental & Economic Responsibilities of Business
Source: Global Reporting Initiative
Japan takes action on strong yen
July 3, 2011--Tokyo has intervened in the currency markets for the first time in four months amid growing pressure to stop the yen strengthening against the dollar.
It is not clear how much yen had been sold so far but market participants are expecting further sales during Thursday amid strong indications that the Bank of Japan – whose board members are meeting – will decide on additional monetary easing measures later in the day.
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Source: FT.com
SEBI begins hedge fund regulation
August 2, 2011--The Securities and Exchange Board of India (SEBI) on Monday released a paper on regulation of alternative investments, including hedge funds.
Alternative investment funds or AIFs have been classified into 9 categories.
Any fund operating as hedge fund shall be required to be registered as a strategy fund under AIF regulation.
Hedge funds would be allowed to use leverage as well as invest in complex structural products and in derivatives.
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Source: DNA India
Financing Infrastructure in India: Macroeconomic Lessons and Emerging Market Case Studies
August 1, 2011--Summary: Driving infrastructure development, notably mobilizing financial resources for infrastructure projects, has been challenging in many countries. This study includes two parts: an empirical analysis of macroeconomic risks associated with infrastructure booms, and a case study of four emerging economies about their practice of funding infrastructure development.
The study shows that (i) there is no empirical evidence that rapid infrastructure growth would undermine contemporary macroeconomic performance, implying that room is created to accommodate infrastructure booms without compromising fiscal and external sustainability; (ii) banks may play an important role in financing infrastructure, but caution is needed to avoid directed lending and regulatory forbearance that the authorities may use to promote financing; (iii) capital market development is important to accommodate the usually high financing needs, and encouraging private investors to move into infrastructure would require regulatory and institutional improvements; and (iv) public support, including credit guarantees, may help bolster investors’ confidence, but the authorities should carefully monitor and manage fiscal risks.
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