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Hong Kong tests banks' ability to survive outflows
May 26, 2011--The Hong Kong Monetary Authority is forcing the city’s banks to undergo stress tests to gauge their ability to survive a potential outflow of almost HK$700bn ($90bn) in deposits as liquidity tightens in the Chinese territory.
The de facto central bank of the Chinese territory wants commercial banks to slow lending amid concerns about rapid credit growth and soaring property prices.
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Source: FT.com
Investors in Asia don't care about ESG, consultancy says
May 25, 2011--The absence of an investor push is partly responsible for the relatively low level of environmental, social and governance (ESG) investments in Asia, according to Geoffrey Williams, chief executive at Kuala Lumpur-based OWW Consulting.
"Investors in Asia, in my opinion, do not care about ESG issues," he said, speaking at the Sustainable Emerging Markets conference in London, adding that OWW's own assessments show only $60bn (€42.5bn) is currently invested in equity SRI funds in Asia, while global SRI funds, according to the UN Principles for Responsible Investment (PRI) are estimated to be holding around $9trn.
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Source: IP&E
European Union Chamber of Commerce in China Confidence Survey 2011
May 25, 2011--Executive Summary:The results of the Business Confidence Survey 2011 reveal that European companies are doing well. Companies
report that their financial results have improved upon pre-2008 economic crisis levels. Optimism over China’s
growth has resulted in China being viewed as a more strategically important market than ever before.
At the same time, European companies note that the Chinese market has become increasingly competitive
and that costs are rising. As a result, companies are more aware and sensitive to changes in the regulatory
landscape that may affect them negatively and unfairly.
Concerns over a perceived unfair playing field and regulatory environment have intensified since last year. This raises questions about China’s claim to be an equal opportunity market and the attractiveness of China in the longer term as a place to do business for some companies.
view the European Chamber Business in China Confidence Survey
Source: European Union Chamber of Commerce in China
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
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