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The Development of Local Debt Markets in Asia-IMF Working paper
June 7, 2011--: The paper makes an assessment of the progress made in developing local debt markets in emerging Asia. Market development has been limited by hurdles confronting borrowers and lenders, current and potential liquidity providers, and insufficient support from government policies and regulations.
Besides fostering a credit culture to deepen local debt markets, the issue of critical size can be addressed through an integrated regional market for local currency bonds that provides greater scale, efficiency, and access. With rapid economic growth in Asia, a key challenge is to generate financial assets that can provide the underlying collateral for expanding fixed-income markets, and hence domestic and regional investment opportunities.
view IMF working paper-The Development of Local Debt Markets in Asia
Source: IMF
Tokyo Stock Exchange, Inc. And ICJ, Inc. Begin Calculation Of The “TSE ICJ Index”
June 6, 2011--The TSE and ICJ, Inc. will jointly calculate and publish the “TSE ICJ Index,” whose constituents are comprised of companies listed on the Tokyo Stock Exchange that participate in the “Electronic Voting Platform” operated by ICJ, Inc.
Reductions in cross-shareholdings and other trends in the securities market in recent years have prompted expansion in the shareholdings of both domestic and foreign institutional investors. In addition, both listed companies and investors alike have grown more conscious of corporate governance in recent years, and companies are taking a more proactive stance towards the exercise of voting rights at general shareholder meetings (GSMs) through efforts such as setting guidelines for such voting.
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Source: Tokyo Stock Exchange (TSE)
Shanghai Stock Exchang, China Securities Index Co. Updating Industry Classification Of Listed Companies
June 3, 2011--Shanghai Stock Exchange (SSE) and China Securities Index Co., Ltd. (CSI) have recently published the adjusted industry classification of A-share listed companies on the SSE and the Shenzhen Stock Exchange according to the annual reports of 2010. The adjustment involves 46 A-share listed companies.
For the results of industry classification, please refer to the SSE website (www.sse.com.cn) or the CSI website (www.csindex.com.cn). The adjustment will take effect on July 1, 2011.
Source: Shanghai Stock Exchange
Thai Bourse Confident In Capital Market Growth Under New Government
June 3, 2011--The Stock Exchange of Thailand (SET) is convinced that the visions of the various political parties relating to the capital market will be beneficial to
the market's growth and are compatible with the Capital Market Development
Master Plan. The SET's policies will thus essentially continue no matter which party leads the next government, and the new administration will be able to utilize the capital market's full potential to drive the economy forward and strengthen the market further.
Major political parties outlined their visions for the capital market should
they form the next government in a recent seminar, "The Thai capital market and promoting Thailand's competitiveness under the new government".. Policies worth
implementing include promoting the Thai agricultural market to lead the region
through merging the Thailand Futures Exchange and Agricultural Futures Exchange, developing the bond market for retail investors, listing quality state enterprises on the Thai Exchange, and promoting the capital market to be the fund-raising center for large-scale utility projects. The seminar was organized by the Federation of Thai Capital Market Organizations.
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Source: The Stock Exchange of Thailand
ETF turnover up 85% on-year in last five months
June 2, 2011-- Turnover for exchange traded funds (ETFs) grew 85 per cent on-year in the last five months, according to the Singapore Exchange (SGX).
And most recently, ETFs have accounted for 10 to 15 per cent of overall trading volume on the exchange - reaching 92 million units in the month of May.
Investment firms like BlackRock are seeing tremendous potential for such passive income investments in Asia and has launched two more ETFs on the SGX on Thursday.
The SGX saw over a billion dollars worth of ETFs changing hands in the month of May, according to its monthly statistics released on Thursday - signalling investors' gradual acceptance and understanding the benefits of ETFs.
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Source: Channel News Asia
Indian groups favour foreign bond markets
June 1, 2011--A growing number of Indian companies and their affiliates are turning to the overseas bond markets to secure cheap funding at a time when high interest rates at home have made domestic fundraising less appealing.
In the past few weeks lender ICICI, miner Vedanta and Tata Motors’ Jaguar Land Rover car unit have raised more than $4bn in the overseas bond markets.
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Source: FT.com
Singapore Exchange to clear Asia FX NDFs by September
May 31, 2011--To become world's first exchange clearing Asian FX NDFS
Hopes regulation will drive take-up
Expected to launch client clearing service early next year
Singapore Exchange said on Wednesday it will start to clear the non-deliverable forwards of emerging Asian currencies, becoming the world's first exchange to offer such services to get ahead of sweeping regulatory changes.
SGX, Asia's second-largest listed exchange by market value, is hoping new regulation in most Group of 20 economies requiring trades in many over-the-counter (OTC) derivatives to be put through a central clearer, will drive the take-up of the service that will launch in September.
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Source: Reuters
China bulls lassoed by growth concerns
May 31, 2011--Only two months ago, Chinese stocks were on a roll. The Shanghai Composite was Asia's best-performing equity index for the year to date and almost every broker in the region was forecasting further gains.
But for the bulls, things have not gone to plan
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Source: FT.com
SSGA says ETF growth means plenty for all providers
May 31, 2011--State Street Global Advisers has said it is not concerned about competing for market share against newcomers wanting to take a chunk out of the Australian exchange-traded funds market.
State Street pioneered ETF trading in Australia and at one time enjoyed 100 per cent market share
It's seven ETF products now account for 62 per cent of market share after Vanguard and Blackrock iShares jumped into the market, now estimated to be worth $5 billion.
But Frank Henze, head of SPDR ETFs in Asia Pacific for State Street Global Advisers (SSGA), said there was so much future growth in the market that SSGA don't look at market share.
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Source: Financial Standard
BetaShares appoints General Counsel & Head of Compliance
May 31, 2011--BetaShares Capital Limited (BetaShares) has appointed Anton Allen as General Counsel & Head of Compliance. The appointment comes as BetaShares continues its strong growth trajectory, recently listing its fourth exchange traded fund (ETF) in just under six months.
Allen, who was previously Head of Legal at Macquarie Funds Group, part of Macquarie Bank, brings substantial legal, compliance and risk management expertise to BetaShares. He has 18 years of experience in the legal profession, specialising in institutional and retail funds management.
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Source: BetaShares
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