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DB Index & ETF Research -- Asia Pacific ETF Weekly Review : 2011 Welcomes new ETPs
February 2, 2011--This is the first issue of our new and improved Asia-Pacific report. In revamping this publication, we aimed to both maintain the relevant content from the former report and add insightful new features to better cover the ETP industry as it grows in product quantity, asset classes, strategies, trading activity, and size. Our weekly reports will now review new Product activity, ETP Turnover and AUM across all asset classes and will be supplemented, once a month, with analyses of Cash Flows trends. Furthermore, we will continue updating our ETP directory to include all relevant product metrics, though we will do so on a monthly, instead of weekly, basis.
Market Review
Nine new product launches in the first four weeks kicked 2011 off to a strong start vs. five products in January 2010. Products related to China dominated the new offerings: with 3 ETPs listed in mainland China and 3 in Hong Kong SAR, while the remaining three were listed on the Korean Stock Exchange. The new products offer access to different return streams, including: agricultural futures, Chinese dividend income, “green returns”, and broad local markets. See Figure 4 for more details. These new products increased the region's ETP count to a total of 293, with 446 listings across 12 countries.
Turnover Review: New Measure for 2011
Beginning with this issue of the new report, all of our turnover figures will now make reference to the total dollar (US$) value traded over a 1 week span. To elaborate, in this report the “Current Week” figure references the dollar value traded from Monday, Jan 24th to Friday, Jan 28th, while the “Previous Week” figure references the dollar value traded from Monday, Jan 17th to Friday, Jan 21th. Also, the "Year 2010" figure references the weekly average turnover across the entirety of 2010. We believe that this new measure will help us better compare the week over week turnover trends at the aggregate level. In the previous version of report, we had used a "22-Day Average Turnover" figure, which proved more useful at the product level instead.
Since the start of the year turnover has been bound within a 10% around last year’s weekly average value. Last week’s total ETP turnover was $4.3 bn vs. $4.8 bn in the previous week, representing a decrease of about 9% over the weekly turnover average in 2010. Among markets, Hong Kong made the top of the list with $1.4 bn traded throughout last week, accounting for 31.8% of the on-exchange Asian turnover.
Asset Under Management Review
Assets rose 1.2% to $84 bn vs. $83 bn in the previous week. Year to date, assets have slightly shrunk by $0.16 bn, remaining at about the same level than 2010's closing figure.
To request a copy of the report
Source: Deutsche Bank Global Equity Index & ETF Research
First currency-based Exchange Traded Fund launched in Australia
February 1, 2011--The ASX Group (ASX) announces the launch today of the first exchange traded fund (ETF) over currency to be traded
on the Australian Securities Exchange.
The currency ETF will track the US dollar against the Australian dollar, enabling Australian institutional, intermediary and individual investors to simply and cost-effectively obtain immediate exposure to the US dollar.
Richard Murphy, ASX General Manager Equity Markets, said the launch of the currency ETF continues the rapid
growth of ETFs and Exchange Traded Commodities (ETCs) in the Australian market.
“The quoting of the currency ETF, issued by BetaShares, expands the suite of ETFs and ETCs available on ASX to 46.
Australian ETFs cover domestic and international equities, property, commodities - and now currency - and provide Australian investors with greater opportunity to internationalise their portfolios,” he said.
“Exchange traded funds have been one of the most successful growth products for both retail and institutional investors around the world over the previous decade. In Australia, ASX is committed to developing the ETF sector to provide investors with access to a broad range of investable asset classes. Last calendar year the market capitalisation of the ETF sector quoted on ASX grew by 45% to $5.1 billion.”
The providers of the 46 ETFs and ETCs quoted on ASX are: Australian Index Investments (Aii), BetaShares, BlackRock (iShares), ETF Securities, Perth Mint, Russell Investments, State Street (SPDRs) and Vanguard Investments.
Further information on ASX ETFs, ETCs and issuers can be found here www.asx.com.au/etf
Source: ASX Group
UBS To Clear OTC Traded Financials On Singapore Exchange
February 1, 2011--Singapore Exchange (SGX) welcomes UBS AG to AsiaClear as a new SGX Bank Clearing Member for the clearing of over-the-counter (OTC) traded financial derivatives.
Mr Muthukrishnan Ramaswami, President of Singapore Exchange, said, “We look forward to UBS’ participation in our clearing service for OTC traded financial derivatives in addition to their presence in our securities and derivatives markets. We are encouraged by the extensive interest shown by the OTC market participants and thank our members for their strong support since the launch two months ago.
We expect to broaden our clearing offering with foreign exchange forwards in the second quarter of 2011.”
Mr Gerald Chan, CEO & Country Head, UBS Singapore: ““As part of our ongoing commitment to our clients to be a top 3 clearing provider, UBS is pleased to partner SGX for the AsiaClear service. It is yet another testimony to the innovation and efficiency of SGX and its members. UBS Prime Services is an established and highly regarded global Prime Brokerage and Clearing business covering over 70 exchanges globally. Offering the AsiaClear service complements our current capabilities.”
UBS AG brings the total number of Bank Clearing Members for the clearing of OTC traded financial derivatives on SGX AsiaClear to 11.
Source: Singapore Exchange (SGX)
India to issue Swiss franc-denominated bonds
January 31, 2011--Indian state-run banks are issuing Swiss franc-denominated bonds for the first time since 1987 to meet the nation’s fast growing credit demand at more attractive rates as the costs of raising the more common dollar bonds has spiked in recent months
State Bank of India, the country’s biggest lender, has hired three foreign advisers to raise about SFr250m ($265m), Naresh Malhotra, the bank’s deputy general manager for overseas expansion, told the Financial Times.
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Source: FT.com
“The Action Plan for the New Growth Strategy”
January 28, 2011--With regard to the Interim Draft for “The Action Plan for the New Growth Strategy”, which was published on December 7, 2010, the Financial Services Agency (FSA) held meetings to exchange opinions with market participants and others and received a number of opinions.
The FSA also invited opinions through its website, resulting in a total of 177 opinions being received from 65 individuals and groups.
Drawing upon these opinions, the FSA compiled the following “The Action Plan for the New Growth Strategy.”
view the “The Action Plan for the New Growth Strategy”
The Action Plan for the New Growth Strategy” Timetable
Source: FSA Japan
New measures to enhance investor protection
January 28, 2011--On 19 March 2010, the Securities Commission Malaysia (SC) and Bursa Malaysia Securities Berhad (Bursa Malaysia) issued a Joint Consultation Paper on Proposed Amendments to Bursa Malaysia's Listing Requirements on Privatisation of Listed Companies via Disposal of Assets. The SC also released Consultation Papers on Proposed Updates to Guidelines on Offer Documentation of the Malaysian Code on Take-Overs and Mergers 1998 (Guidelines) and a Review of Sophisticated Investors and Sales Practices for Unlisted Capital Market Products
Following feedback received on these three Consultation Papers, a number of initiatives to enhance investor protection and achieve regulatory parity, provide shareholders with appropriate information for well-informed investment decision-making, and enhance sales practices for unlisted products are to be implemented.
1. The SC and Bursa Malaysia jointly announce that the threshold for shareholder approval relating to a listed company disposing all, or substantially all, of its assets resulting in it being no longer suitable for continued listing on Bursa Malaysia (Asset Disposal) is raised to 75%. This will apply to all new Asset Disposals announced on or after 28 January 2011. This will ensure that shareholders of listed companies will receive the same degree of protection regardless of the route that is chosen to privatise the company. In addition, companies undertaking an Asset Disposal are now required to provide their shareholders with independent advice and detailed disclosure on the utilisation of proceeds from the Asset Disposal. This will increase transparency and ensure shareholders are equipped with adequate information for decision making.
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Source: Bursa Malaysia Securities Berhad
ETF trading in Singapore to grow
January 27, 2011--Exchange Traded Funds (ETFs) are set to comprise a bigger part of trading volume on the Singapore Exchange (SGX), following in the footsteps of the US and European markets.
Currently, ETFs make up just 1.5 per cent of total daily trading on the SGX, but that number is likely to double in the next two years, according to Deutsche Bank.
ETFs account for 40 per cent of the daily market turnover in the US and 14 per cent in Europe.
ETFs, which often track the performance of an index and can be bought and sold like shares, have been around in Singapore for 9 years.
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Source: Channel News Asia
Indian firms join scramble for Africa
January 27, 2011-- Indian consumer goods makers are scrambling to buy assets in Africa, applying their knowledge of challenging, lower-income markets to a continent where spending power is on the rise.
Tapping Africa opens up new growth avenues for cash rich Indian makers of personal care products such as soaps, shampoos and hair and skin care products, with rising costs and fierce competition squeezing profits at home.
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Source: Asia-Pacific
TSE to permit exchange-traded notes - Nikkei
January 27, 2011--The Tokyo Stock Exchange plans to allow listings of exchange-traded notes that track indexes for the prices of precious metals, Asian stocks and other assets, from April, the Nikkei business daily reported.
Unlike exchange-traded funds, financial institutions that issue ETNs do not have to own the assets they are based on but hedge risk by investing in a range of commodities, Nikkei said.
The exchange, which plans to list ETNs in the form of depository receipts so that they can be traded like stocks, is likely to modify its listing rules on Friday, Nikkei said.
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Source: Reuters
S. Korea’s economic growth slows down
January 26, 2011--South Korea’s economy grew at its fastest pace in eight years in 2010 even as the expansion slowed in the final quarter amid weakness in capital spending, manufacturing and construction.
Gross domestic product advanced 6.1 percent last year, the Bank of Korea announced Wednesday, marking the best performance since a 7.2 percent surge in 2002. South Korea grew a meager 0.2 percent in 2009 amid the global economic slowdown that followed the worldwide financial meltdown of late 2008. The robust result for 2010 was achieved “owing to the buoyancy of exports and the ensuing pick-up in manufacturing and facilities investment,” the central bank said in a release.
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Source: Todays Zaman
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