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Publication of Disclosure System Working Group Report "Expansion of Scope of English-Language Disclosures System" and "Development of Legal System for Rights Offering in Japan"
March 25, 2011--Towards achieving the New Growth Strategy (June 18, 2010 Cabinet Decision) and the Action Plan for the New Growth Strategy (published on December 24, 2010) , the Financial Services Agency of Japan set up the Disclosure System Working Group (chaired by Prof. Etsuro Kuronuma, Waseda University).
The aim of setting up this working group is to study from expert and technical viewpoints the expansion of scope of English-language disclosure system and the development of legal system for rights offering, which are both included in the Action Plan.
The Disclosure System Working Group has deliberated four times in total since November 2010 with regard to these matters.
Based on these deliberations, the working group published reports entitled “Expansion of Scope of English-Language Disclosures System” and “Development of Legal System for Rights Offering in Japan” on December 17th 2010 and January 19th 2011, respectively.
Expansion of Scope of English-Language Disclosures System
Development of Legal System for Rights Offering in Japan
State Street Global Advisors (Japan) Co., Ltd. and Tokyo Stock Exchange, Inc. announce SPDR(R) S&P500(R) Exchange Traded Fund in Tokyo
March 24, 2011--State Street Global Advisors (Japan) Co., Ltd. (SSgA Japan) and Tokyo Stock Exchange, Inc. (TSE) today announced that the SPDR® S&P500® Exchange Traded Fund (ETF) (code: 1557) began trading on the TSE on Thursday, March 24th. The first ETF in the world and created in 1993, the original SPDR ETF is the world's largest ETF by net asset value. The fund is currently listed on the NYSE Arca and the Singapore Exchange.
The underlying S&P500® index consists of 500 large-cap equities listed on NYSE and NASDAQ and accounts for approximately two-thirds of the market capitalization in the US. The index is also a component of the leading economic indicators released by the United States Department of Commerce.
Mr. Koji Yamamoto, President and Representative Director of SSgA Japan said "We are hopeful that the cross-listing of the original SPDR ETF on the TSE will further increase awareness of ETFs in the investment community and create new opportunities for Japanese investors."
Mr. Atsushi Saito, President and CEO of the TSE, commented "We are very proud to be listing the SPDR® S&P®500 ETF on the Tokyo Stock Exchange. As part of the TSE's continued effort to invigorate the ETF market in Japan, we are optimistic that the listing of the industry's first ETF, the SPDR®S&P®500 ETF, will further boost the Tokyo market."
Thai Bourse Introduces Additional Channel For Data Updates For ETFs
March 24, 2011--The Stock Exchange of Thailand (SET) continues to promote investment via exchange-traded funds (ETFs), this time by providing one more channel to provide updates on the indicative net asset value (iNAV) of ETFs. This data will be sent through SET's price reporting system (PRS) , and will be available for member companies, analysts and vendors from March 28.
The SET is expanding the ETF market by adding more funds and enhance the NAV of all ETFs, SET Chief Marketing Officer Pakorn Peetathawatchai revealed. To make it faster and more convenient for investors to update their information on ETFs, the SET will take the iNAV of ETFs, which all asset management companies which
issue ETFs constantly every 15 or 30 seconds calculate during trading hours, and disseminate the data through the Thai Exchange's information dissemination system to member companies and vendors.
"The iNAV gives an approximation of the NAV of each respective ETF while trading is active, giving an almost real-time NAV that tracks prices of a given basket of underlying securities, which are also being traded at any given time. iNAV helps investors more efficiently make investment decision on given ETF", reported Mr. Pakorn.
Investors can follow the iNAV of all ETFS listed on the SET, including CHINA, ENGY, TDEX and TFTSE, and related information by visiting the websites of the
respective ETF-issuers: One Asset Management Limited (www.one-asset.com), TMB Asset Management Co., Ltd. (www.tmbam.com), Krung Thai Asset Management PCL (www.ktam.co.th) and at www.settrade.com or contact S-E-T Call Center at 0 2229 2222.
South Asia and Food Price Crisis
March 24, 2011--While South Asia navigated the financial crisis better than most regions, the region suffered the worst in terms of trade deterioration during previous food and fuel crises. With global food and fuel prices rising again, South Asia will be affected disproportionally. Regional inflation is already high and countries have limited fiscal space to maneuver.
About 75% of South Asia’s poor live in rural areas and agriculture sector employs about 60% of the labor force. The region has made enormous strides during and after green revolution in improving agricultural productivity. The revolution allowed the region to lift millions of people out of poverty. Agricultural growth during this period reduced poverty by raising farm incomes, increasing the demand for rural labor, and reducing food prices. In recent years, however, agricultural growth in South Asia has been less than 3%, far below the growth rates of other economic sectors.
The continuing increase in world food prices and the fact that the region is net importer of food has brought agriculture into focus in many South Asian countries.
view the
Food Price Increases in South Asia: National Responses and Regional Dimensions report
South Korea ETF Market May More Than Double, Samsung Asset Management Says
March 21, 2011--South Korea’s exchange-traded funds market may more than double in size within two years on increased investor demand, Samsung Asset Management Co. said.
The value of ETF assets in South Korea, the fourth-biggest market for the products in Asia, may expand to 15 trillion won ($13.4 billion), said Kim Dunam, head of the ETF management team at Samsung Asset, the nation’s biggest provider of ETFs. That compares with 6.6 trillion won currently, bourse data show.
Impact of quake on Japan's growth likely to be 'temporary': 'Limited impact' on strong regional economy, says World Bank East Asia and Pacific Economic Update
March 21, 2011 –Japan’s real GDP growth will slow, but the slowdown will likely be temporary, as a result of the earthquake and tsunami and growth should start picking up after mid-2011 as reconstruction efforts get underway, says the World Bank in its latest East Asia and Pacific Economic Update released today. While it is still too early for a full assessment, Japan’s past experience suggests an accelerated reconstruction effort, and the short term impact on the economies of developing East Asia is likely to be limited.
The report, titled Securing the Present, Shaping the Future, was finalized in the weeks prior to the disaster in Japan. In new research prepared since the quake and tsunami struck Japan, the World Bank provides preliminary analysis on the implications for the region with a focus on trade and finance. However, the analysis points to uncertainties and ongoing challenges posed by the unfolding situation involving nuclear reactors in Japan.
"Clearly given Japan's importance in East Asia, the tragic events unfolding will be felt in the region. But it's far too early to give an accurate assessment of the likely damages,” said Vikram Nehru, World Bank Chief Economist for the East Asia and Pacific region. "At this stage, we expect the economic impact of this disaster on the East Asian region to be fairly short-lived. In the immediate future the biggest impact will be in terms of trade and finance. We expect growth in Japan will pick up as reconstruction efforts accelerate."
view report-East Asia and Pacific Economic Update - Securing the Present, Shaping the Future
view the The recent earthquake and tsunami in Japan: implications for East Asia
Intervention pulls yen back from record high
March 18, 2011--The yen fell sharply from a record high against the dollar this week after the Group of Seven richest nations committed to intervene together to sell the currency.
This represented the first such co-ordinated intervention since major central banks joined forces to support the euro in 2000.
Junk-rated loans and bond deals pulled amid Tokyo jitters
March 17, 2011--Around $11bn of junk-rated corporate loans and bond deals have been cancelled amid heightened market volatility and rising borrowing costs after the earthquake and tsunami in Japan last week.
Spreads on the Bank of America Merrill Lynch index of high-yield bonds – a benchmark for junk bond prices – have widened around 30 basis points since last Friday to 516bp over US Treasuries, back to levels from mid-January
Goldman Sachs Just Bought An Indian Fund Manager That Specializes In ETFs
March 16, 2011--Goldman Sachs Asset Management has purchased an India-based money manager, Benchmark Asset Management.
Benchmark is a "big provider of exchange-traded funds," according to the WSJ, and has about $700 million AUM.
BAM's main portfolio is gold exchange-traded funds.
No concrete details are known about the terms of the acquisition, including the big question -- how much are they paying -- but it's supposed to close this year.
Eleven KRX Listed Companies Included To FTSE4Good Global Universe
March 16, 2011--According to FTSE, eleven KRX listed companies will be newly included to the FTSE4Good Global Universe after the index company performed annual review of its indices: Amorepacific Corp., Samsung Electro-Mechanics, KB Financial Group, Busan Bank, Dongbu Insurance, Daegu Bank, Halla Climate Control, Hyundai Hysco, Woongjin Coway, Daum Communications, and NHN.
Those South Korean companies that are listed on KOSPI Market, the main board of the KRX, met the constituent criteria of the index, which is designed to measure the performance of companies that meet globally recognized corporate responsibility standards and to facilitate investment in those companies. The changes will be effective from close of business on March 18, 2011.
