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OSE: Immediately Executable Price Range Rule - Price Limits - Circuit Breaker Rule
May 24, 2011--From the viewpoint of preventing sudden price fluctuations, such as caused by erroneous orders, a rule is established to temporarily halt trading, when an order placed will trade beyond a set price range from the last traded price (hereinafter referred to as "Immediately Executable Price Range Rule").
The following range from the last traded price in the auction market (excluding trades from Strategy Trading) for each category as listed below. However, if there is no last traded price during the same trading day, the reference price for daily price limits shall be the base price for the Immediately Executable Price Range Rule.
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Source: Osaka Stock Exchange (OSE)
Shanghai Stock Exchange's President Zhang Yujun: Call On All Listed Banks To Be SSE Bond Market Participants
May 24, 2011--After Bank of Communications' successful participation in the SSE bond market through a business units rented from a broker, urging more listed commercial banks to enter the SSE bond market seems to be a hot issue in the discussion at the session "Building a Prosperous Chinese Bond Market" of the Lujiazui Forum. President Zhang Yujun of the Shanghai Stock Exchange (SSE) said at the forum that all 16 listed banks are expected to enter the SSE market before the end of this year.
Although the International Board and the SSE bond market were both listed as priority work of the SSE this year, compared with the International Board, Zhang was apparently more willing to discuss the SSE bond market at the forum. He predicted that nearly a half listed banks would enter the SSE bond market till the first half of 2011 and all 16 listed commercial banks are expected to be bond market participants before the end of the year. Moreover, it is quite hopeful that substantive progress in integration of different bond markets will be seen this year.
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Source:Shanghai Securities News
Change in Trading Unit of ETF
May 23, 2011--The trading units of the ETFs below will be changed from Jun. 10, 2011 (Fri.) as follows.
| Issue Name | Code |
Trading Unit(Before) (units) |
Trading Unit(After) (units) |
| Daiwa ETF-TOPIX | 1305 | 100 | 10 |
| Daiwa ETF-TOPIX Core30 | 1310 | 100 | 10 |
| Daiwa ETF-TOPIX Electric Appliances | 1610 | 100 | 10 |
| Daiwa ETF-TOPIX Banks | 1612 | 1000 | 100 |
Source: Tokyo Stock Exchange (TSE)
Fund management companies' compliance guidelines revised to further safeguard investors' interests
May 23, 2011--The Securities Commission Malaysia (SC) today released a revised version of the Guidelines on Compliance Function for Fund Managers (Guidelines) to enhance client asset protection and further safeguard the interests of investors in a number of areas.
Transparency and professionalism is raised through requirements for fund management companies to highlight unique features and characteristics of investment products, such as derivatives and private equity to their clients.
In addition, fund management companies must make their clients aware of the risks inherent in the investments, including liquidity and attribution of ownership. They will have to provide quarterly updates on the performance of each client's portfolio against appropriate benchmarks and any subsequent changes in risk as well as the potential impact of these risks on the client's investment. Fund management companies are also now expressly prohibited from recommending, or investing clients' funds in, products which they themselves do not fully understand in terms of structure, pricing mechanism and nature of underlying assets (if any).
Accountability is preserved with the stipulation that where a fund management company delegates its fund management function, all responsibilities and obligations to the client must remain at all times with the original fund management company appointed by the client. A number of areas where delegation is prohibited are also defined, including performing risk profiling of clients, recommending investment policies and reporting of the client?s portfolios under management.
Source: Securities Commission Malaysia (SC)
Shanghai Planning Gold Exchange-Traded Funds as Demand Jumps
May 21, 2011--The Shanghai Gold Exchange is planning to start exchange-traded funds, tapping rising demand in China, the world's biggest investment market for the precious metal.
“There are some complexities, as the central bank is in charge of gold management, while we still need to go through the procedures for launching new exchange products,” Wang Zhe, chairman of the bourse, said at a Shanghai forum. There is no timetable and the exchange is working with regulators on the plan, Wang said. China is the world’s largest gold producer and second-largest in overall consumption.
Gold investment demand by China more than doubled in the first quarter, overtaking India to become the largest market for gold coins and bars, the World Gold Council said May 19. Bullion jumped to a record $1,577.57 an ounce this month as investors sought a store of value amid rising inflation and concerns about the strength of the global recovery.
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Source: Bloomberg Businessweek
Shenzhen Stock Exchange To Sign Cooperation MOU With Hanoi Stock Exchange
May 19, 2011--On May 18, 2011, the Memorandum of Understanding (MoU) Signing Ceremony between Hanoi Stock Exchange (HNX) and Shenzen Stock Exchange (SZSE) was held at HNX.
Mr. Tran Van Dzung, Vice Chairman cum CEO of HNX and Mr. Zhou Ming, Vice
President of SZSE, on behalf of the two sides, signed the MoU in the witness of
leaders and officials from State Securities Commission and the two exchanges, respectively. The purpose of this MoU is to facilitate channels of communication and to foster a continuing relationship between the parties for the respective
benefit of the financial services industry in the People’s Republic of China and the Socialist Republic of Vietnam, and to assist in the maintenance of orderly securities markets in each of the aforementioned
countries.
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Source: Chinese Global Investor
Hong Kong Mercantile Exchange Successfully Launched - The World's Fastest Commodity Exchange Now Fully Operational
May 19, 2011--The world's fastest commodity exchange now fully operational
The Hong Kong Mercantile Exchange (HKMEx) has been succesfully launched as an automated trading services (ATS) provider. The trading debut took place on May 18, 2011 with trading, post-trade and surveillance technology provided by Cinnober.
HKMEx offers market participants, through its member firms, an electronic platform to trade commodities. The Exchange began trading with 18 members, including some of the world's largest financial institutions and trading firms as well as several well-established Hong Kong brokerages.
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Source: Reuters
Chinese set new standard in buying gold
May 19, 2011--China overtook India to become the largest market for gold bars and coins in the first quarter of this year, as rising inflation inspired a surge in bullion investment.
Chinese investors bought 93.5 tonnes of gold between January and March in the form of coins, bars and medallions, a 55 per cent increase from the previous quarter and more than double the level of a year earlier, according to data released by the World Gold Council on Thursday
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Source: FT.com
Arirang KRX100EW ETF and K100EW ETF To Be Listed on the Korea Exchange
May 17, 2011--The Korea Exchange (KRX) is going to list two ETFs, Arirang KRX100EW ETF and Arirang K100EW ETF, on May 18, 2011.
The underlying index of Arirang KRX100EW ETF is the equal weighted version of KOSPI 100 and that of K100EW ETF is the equal weighted version of KRX 100, which are calculated by weighting all index constituents equally.
KRX listed total 28 ETFs this year alone, and two additional ETFs would increase the total number of ETFs to 94.
Source: KRX
Osaka Securities Exchange To Begin Publishing "Indicative Net Asset Value" And "Portfolio Composition File" For ETFs
May 17, 2011--OSE will begin publishing Indicative Net Asset Value(Indicative NAV1) and Portfolio Composition File(PCF) per ETF for improve ETF investor convenience by August 2011.
1 An object of ETF
ETF sponsors will provide ETF detail data to OSE of investment in domestic stocks and domestic commodities ETF
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Source: Osake Stock Exchange (OSE)