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Vietnam's woes spell big bucks for frontier investors
February 24, 2011--Vietnam's underperforming stock market has thrown the spotlight on investment opportunities in the country, where sectors from banking to retail to insurance are on the radar of private equity firms and fund investors with an appetite for frontier market risk.
The risks to investing are significant, and include this month's 8.5 percent currency devaluation, as well as sovereign downgrades from Moody's and Standard & Poor's in December. The country's main stock index .VNI has dropped 10 percent in the past week after the government announced new measures to curb double-digit inflation.
Source: Reuters
Asia's Cash-Starved Small Hedge Funds Vulnerable to Dodd-Frank
February 25, 2011--Asia’s smaller hedge funds may be hardest hit by new rules in the U.S. making it costlier to raise and manage funds from the world’s biggest investment market.
Overseas hedge funds with more than 15 U.S. clients and investors managing more than $25 million for them will have to register for the first time with the Securities and Exchange Commission by July 21 as part of the Dodd-Frank regulatory overhaul. That means higher costs as managers have to keep the SEC up to date with assets and trading positions, and comply with U.S. securities laws. For smaller managers, such as Solaris Asset Management, registration and monitoring costs are prohibitive. A decision not to register may shut the door on a region that contributes about 40 percent of assets for Asia’s hedge funds, exacerbating a capital shortage since the financial crisis.
Source: Bloomberg
The Commencement Date, etc. of "Indicative Net Asset Value" for Exchange Traded Funds
February 25, 2011--Tokyo Stock Exchange (TSE) will begin calculating and publishing real-time Indicative Net Asset Value (Indicative NAV) per share for Exchange Traded Funds (ETFs) in order to improve investor convenience as announced on December 29, 2010.
Currently each ETF sponsor discloses Net Asset Value (NAV) for ETFs once a day, but through the calculation and release of Indicative NAV investors are provided with an understanding of NAV in real time, thus improving transparency and comparability with market price when buying and selling ETFs.
TSE has decided upon the commencement date, etc for calculating and publishing. Indicative NAV as follows.
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Source: Tokyo Stock Exchange
Lyxor to launch five sectoral ETFs in Singapore
January 25, 2011--Lyxor will cross-list five Asian equity sector-based ETFs in Singapore from February 28. These are believed to be the first Asian sectoral ETFs in the region.
Lyxor, an asset management unit of Société Générale, has received regulatory approval to list five sectoral exchange-traded funds (ETFs) that track the MSCI Asia ex-Japan benchmark index, and comprise financials, IT, consumer stables, resources and energy and infrastructure in the Singapore market.
"This is a good new tool for asset managers - when they see trends on sectors, they can use these to implement the strategy," says Christine Huang, vice-president responsible for sales and marketing of ETFs at Lyxor. "Before, they would have to go to Korea or Taiwan and maybe a company in Singapore to complete their exposure to technology, for example, but now it's just one trade."
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Source: Risk Net
FTSE an HKIFA announce changes to the FTSE MPF Index Series following 2010 market consultation
February 24, 2011--: FTSE Group (“FTSE”), the award winning global index provider and Hong Kong Investment Funds Association (“HKIFA”) today announce changes to the FTSE MPF Index Series, resulting from the market consultation held in late 2010. The consultation, part of a three-year regular cycle, is designed to ensure the FTSE MPF Index Series continues to meet the requirements of the market and provides the most accurate and relevant benchmarks for the Hong Kong investment community.
In response to market feedback from the consultation, FTSE will continue to align the FTSE MPF Index Series with the updated framework set out by the Mandatory Provident Fund Schemes Authority. As a result, stapled securities and those Real Estate Investment Trusts (REITs) not authorised by the Hong Kong’s Securities and Futures Commission (“SFC”) will be removed from the index series. Additionally and as a result of the consultation findings, FTSE will create a hedged version of the FTSE MPF Emerging Markets Index. The changes will continue to reflect the investable universe set out within the MPF framework, and take effect from the start of business on 21 March 2011. The next market consultation will be conducted in 2013.
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Source: FTSE
11-31AD ASIC invites feedback on proposals to improve disclosure for hedge funds
February 24, 2011--ASIC has released a consultation paper that outlines proposals to improve disclosure requirements for retail investors who invest in hedge funds. Consultation Paper 147 Hedge funds: Improving Disclosure for retail investors (CP 147) seeks feedback on enhancements aimed at ensuring retail investors and their advisers have the information they need to make an informed investment decision about the risks posed by hedge funds.
ASIC Commissioner, Greg Medcraft said, ‘Hedge funds, because of their diverse investment strategies, complex structures and use of leverage, short selling and derivatives can pose more diverse and complex risks for investors than traditional funds. Investors need the knowledge to assess factors such as how their money is to be invested, who makes key decisions for the fund, how the assets will be valued, and how investors can withdraw their money as well as details relating to leveraging, derivatives and short selling.’
CONSULTATION PAPER 147
Hedge funds: Improving disclosure for retail investors
Source: ASIC
FSA publishes English translations of laws related to “Introduction of Consolidated Regulation and Supervision of Securities Companies
February 24, 2011--Financial Services Agency (FSA) introduced the consolidated regulation and supervision of securities companies, which will come into effect on April 1st, 2011, based on the 2010 amendment of the Financial Instruments and Exchange Act, etc. Today, the FSA publishes English translations of the Financial Instruments and Exchange Act, Order for Enforcement of the Financial Instruments and Exchange Act, and Cabinet Office Ordinance on Financial Instruments Business, etc. related to “Introduction of Consolidated Regulation and Supervision of Securities Companies.”
Please note that these are unofficial translations. Only the original Japanese texts of laws and regulations have legal effect. The translations are to be used solely as reference material to aid in understanding of Japanese laws and regulations. The Government of Japan shall not be held responsible for the accuracy, reliability or currency of the legislative material posted on this website, or for any consequences resulting from use of the information on this website. For all purposes of interpreting and applying laws and regulations to any legal issue or dispute, users should consult with the original Japanese texts published in the official gazette.
view the Financial Instruments and Exchange Act related to “Introduction of Consolidated Regulation and Supervision of Securities Companies
Source: FSA.go.jp
SSE, BM&FBOVESPA Ink Cooperation Agreement
February 23, 2011--The Shanghai Stock Exchange (SSE) officially signed the Memorandum of Understanding on closer cooperation with BM&FBOVESPA SA in Sao Paulo, Brazil on February 21 (Beijing Time).
SSE President Zhang Yujun and CEO Edemir Pinto of BM&FBOVESPA signed the MoU on behalf of their respective bourses.
Zhang said at the signing ceremony that the signing of the MoU on closer cooperation with BM&FBOVESPA by the SSE, which has always cherished communication and cooperation with exchanges all over the world and international exchange organizations, marked the establishment of long-standing and stable partnership between the two sides. It is learnt that the MoU covers cooperation in developing bonds products and trading facilities, information exchange, mechanism of high-level visits, regular exchange of personnel, regular joint research and special seminars on topics of mutual interest, etc.
Source: Shanghai Securities News
HKEx Welcomes Government Plans to Strengthen Hong Kong's Financial Services Industry
February 23, 2011--Hong Kong Exchanges and Clearing Limited (HKEx) issued the following statement in response to media enquiries about today's budget speech by Hong Kong's Financial Secretary.
HKEx welcomes the measures in the Government’s budget for the 2011-2012 fiscal year aimed at further strengthening the competitiveness of Hong Kong's financial services industry.
HKEx noted the Government’s preliminary plan to issue iBonds designed for Hong Kong residents and hopes to talk with the Hong Kong Monetary Authority about the possible listing of the bonds on HKEx’s securities market.
“The measures related to financial services will help Hong Kong maintain its position as a leading international financial centre,” said HKEx Chief Executive Charles Li.
“We appreciate the Government’s latest plans, as well as its support of HKEx and our industry over the years,” Mr Li added. “Fostering further development of the offshore renminbi business in Hong Kong, continuing to improve Hong Kong’s listing facilities to attract more enterprises from key emerging and developed markets overseas, further efforts in facilitating the secondary listing of overseas companies in Hong Kong and other initiatives announced today will be supportive as we continue to implement our current three-year strategic plan.”
Source: Hong Kong Exchanges and Clearing Limited (HKEx)
DB Index & ETF Research: Asia-Pac ETF Market Weekly Review :ETP Assets Add $2.2bn as Markets Rally
February 23, 2011--Market Review
In general, last week was a positive week for the markets across the Asia-Pacific region. Early in the week, global markets processed Egypt’s move towards democracy as encouraging, while at a local level the better-than-expected export and inflation data released in China lured investors back to the equity markets fueling a rally across the region. The Hong Kong market (HSI) rose by 3.4%, the Chinese market (CSI 300) gained 2.9%, the Japanese market (Nikkei 225) increased by 2.2%, the Korean market climbed 2.1%, and the Australian market added 1.1%.
There was one new listing in the Asia-Pac ETP markets. Midas AM launched an Equity ETF following an option strategy known as “Covered Call” on the KOSPI 200 index, which can now be accessed at a TER of 0.45%. Total ETPs available in the region stand at 295, with 85% represented by equity products, and the remaining 15% distributed, mainly between Commodity and Fixed Income products.
Turnover Review: Activity surges as markets rally
In the last week, total turnover reached $ 6.2 bn, which is $1.8 bn or 40% above previous week's total of $ 4.4 bn, and 29% above from last year’s weekly average. The on exchange activity surge was mainly due to increased activity in Hong Kong and China. Last week, Chinese exchanges were open for all the days as compared to the previous week when there were two holidays. Equity ETPs activity rose by 42%, totaling $6.0 bn.
The Hong Kong market took the first place with a weekly turnover total of $2.0 bn, with the Chinese markets piggybacking just $6 million behind.
Asset Under Management Review
Good markets globally and positive local economic data underpinned a $2.2 bn or 2.6% WOW growth in the Asia-Pacific ETP AUM. This week’s assets reached $86.4 bn vs. $84.2 bn in the previous week. Year to date, assets are up by 2.7%, $2.2 bn above last year’s close.
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Source: Deutsche Bank Global Equity Index & ETF Research
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