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Shanghai Stock Exchange Vice President Liu Xiaodong: SSE 380 May Be Growth Indicator Of SSE-listed Companies
May 27, 2011--The future growth of companies listed on the Shanghai Stock Exchange (SSE) may be reflected through SSE 380 index, SSE Vice President Liu Xiaodong said at the "Shanghai Multi-layer Blue-chip Market Construction Forum: Corporate Financing, Institutional Investment and SSE Indices" yesterday.
In elaborating on the multi-layer capital market in his keynote speech, Liu stressed that broadly speaking, a multi-layer capital market is supposed to be classified according to risk. The first-tier or low-level market, includes low-risk fixed income products, such as treasury bonds and corporate bonds. The second-tier market is featured by equities, and mainly means a system covering the basic over-the-counter market, SME Board, Growth Enterprises Board and the main board. The third-tier also the highest-level market is what we called derivatives market. "Thus, we should discuss the construction of a multi-layer capital market at these three levels."
Liu also introduced the basic situation of the SSE and its index compilation system. It is learnt that the SSE now boasts 906 listed companies with a total market capitalization of RMB19 trillion, ranked 5th and 6th in the world, respectively. As to the corporate composition, there are both large-scale enterprises with nearly RMB2 trillion market capitalization (i.e. PetroChina Company Limited) and small companies with market capitalization of less than RMB1 billion. Given the multi-level structure, the SSE made a comprehensive and considerate arrangement for its index compilation system. Among the current SSE indices, there are not only SSE 50, SSE 180 and SSE 380 indices, which are divided according to basic market behavior, but also industry indices, such as financial and real estate indices. Generally speaking, SSE 50, SSE 180 and SSE 380 constitute the framework of SSE indices.
Speaking of the SSE 380 index launched at the end of 2010, Liu noted that it is closely related to the construction of a multi-layer capital market. According to him, thanks to its popularity, some fund management firms expressed hope to develop products based on it less than one year after its introduction to the market. As products are usually developed on the basis of an index after one year of its debut, it is obvious that the SSE 380 index has shown strong vitality. He said that the growth of the SSE may be witnessed by the SSE 380 index.
In his closing speech, Liu expressed his belief in the increasing improvement of issuing and listing market, corporate quality and level of marketization. He expected listed companies to enhance competitiveness from the perspectives of both industry and corporate governance.
Source:Shanghai Securities News
From West to East: Estimating External Spillovers to Australia and New Zealand -IMF Working paper
May 27, 2011--Summary: This paper examines the size and source of external spillovers to Australia and New Zealand based on a structural vector autoregression (VAR) approach. It finds that during the last decade shocks from emerging Asia have become more important than those from the United States in affecting Australia’s business cycle.
A 1 percent shock to emerging Asia’s growth is found to shift Australian growth by about 1/3 percent. Furthermore, there is evidence that commodity prices dominate the transmission of shocks from emerging Asia to Australia. The influence of emerging Asia on New Zealand is found to come indirectly through Australia, with Australian shocks transmitting almost "one-on-one" to New Zealand, largely through financial factors.
view the IMF working paper-From West to East: Estimating External Spillovers to Australia and New Zealand Chinese rare earth metals prices soar read more Hong Kong tests banks' ability to survive outflows read more Investors in Asia don't care about ESG, consultancy says read more European Union Chamber of Commerce in China Confidence Survey 2011 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 OSE: Immediately Executable Price Range Rule - Price Limits - Circuit Breaker Rule read more
Shanghai Stock Exchange's President Zhang Yujun: Call On All Listed Banks To Be SSE Bond Market Participants read more Change in Trading Unit of ETF
Source: IMF
May 26, 2011--A gravity-defying leap in the price of Chinese rare earth metals has triggered fears that the cost of components used in a range of goods from mobile phones to hybrid cars could soar.
The three to fivefold jump in prices since January comes after China, the world’s biggest producer of rare earths, has clamped down on domestic output.
Source: FT.com
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.
Source: FT.com
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.
Source: IP&E
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.
Source: European Union Chamber of Commerce in China
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.
Source: Osaka Stock Exchange (OSE)
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.
Source:Shanghai Securities News
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)
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