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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)
Changes of Designated Securities for Short Selling
May 17, 2011--The Stock Exchange of Hong Kong Limited, a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), announces that with effect from 24 May 2011 (Tuesday), 65 additional securities will be eligible for short selling and 18 existing designated securities will be removed from the list. The total number of designated securities for short selling will be 749 after the revision.
The securities to be added to the list of designated securities and the securities to be removed from such list are shown in the attachment. The revised list of all designated securities is also available on the HKEx website.
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Source: HKEx
Vanguard expands ETF range, cuts fees
May 16, 2011--Vanguard has added three exchange-traded funds (ETFs) to its existing offering of four ETF products, and has also significantly decreased the management fees on its two existing Australian ETFs.
The new products include a high-yield ETF based on the FTSE ASFA Australian high dividend yield index, which contains a basket of around 60 stocks, with an annual fee of 25 basis points.
The firm also announced a large cap ETF based on the MSCI Australian large cap index which covers the top 70 per cent market capitalisation of the Australian share market
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Source: Money Management
Nikkei 225 hits lowest level in a month
May 16, 2011--Tokyo's Nikkei 225 fell to its lowest level in a month on Monday, after Goldman Sachs cut its recommendation on Japanese stocks from "market weight" to "underweight".
The move chimed with a sustained bout of risk aversion as investors continued to assess the potential impact on utility stocks and banks of the government’s plans to tap the sectors to support compensation costs faced by Tokyo Electric Power after the Fukushima nuclear crisis.
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Source: FT.com
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