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ISDA Launches Initiative to Promote Portfolio Reconciliation and Reduce Risk in Asia Pacific Region
January 3, 2011-The International Swaps and Derivatives Association, Inc. (ISDA) today published the Asia Pacific Portfolio Reconciliation Memorandum of Understanding (MoU) to promote portfolio reconciliation and reduce risk in the Asia Pacific region. The objective of the MoU is to outline the process and frequency with which participating firms reconcile portfolios of collateralized derivatives transactions.
“Today, portfolio reconciliation is playing a key role in operational risk management and has already become market best practice in the west following the Financial Crisis,” said Keith Noyes, Regional Director, Asia Pacific, ISDA. “ISDA is pleased with the efforts of the Working Group and the participating firms in driving global portfolio reconciliation initiatives in Asia Pacific through the MoU. ISDA will continue to work collaboratively with regulators to further advance the understanding and promotion of better collateral management practices.”
The important characteristics of the MoU are:
It is customized for Asia Pacific members to implement best practices;
Facilitates a proactive approach that enables firms to identify and resolve discrepancies and risk exposures quickly and accurately;
Contains flexible reconciliation choices and minimal data field requirements for ease of implementation. Firms can select a minimum of only three counterparties with whom to reconcile or choose to reconcile with all MoU participants.
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Source: ISDA
Singapore economy grows 14.7% in 2010
December 31, 2010--Singapore’s economy grew 12.5 per cent in the fourth quarter of 2010 from a year earlier and for the whole year gross domestic product (GDP) growth was 14.7 percent, Prime Minister Lee Hsien Loong said on Friday.
In his speech to the nation on the New Year eve, Lee said the economic growth was expected to slow to 4-6 per cent in 2011, a range he said is “commendable”.
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Source: FT.com
Singapore Exchange consults public on Nifty option contract
December 30, 2010--Singapore Exchange (SGX) on Thursday said it is consulting the public on proposed introduction of Options on India's S&P CNX Nifty Index on its derivatives platform in Singapore.
The proposed Options contract complements the popular S&P CNX Nifty Futures, which had an average daily trading volume of 55,966 contracts and an open interest of close to 198,000 contracts last month, said the SGX.
"The introduction of the new Options contract offers opportunities for a wider variety of trading strategies on SGX derivatives platform and meets growing market demand for exposure to the fast-growing Indian economy," said the Singapore bourse.
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Source: Economic Times
TSE to Begin Calculating and Publishing "Indicative Net Asset Value" for Exchange Traded Funds
December 29, 2010--Tokyo Stock Exchange (TSE) has worked on various measures to increase ETF liquidity. As part of these efforts, TSE will begin calculating and publishing real-time Indicative Net Asset Value per share for ETFs from March 2011 (Tentative) in order to improve investor convenience
??Overview of Indicative NAV?
Indicative NAV is an indicator of the fair value of ETF assets in the same way as the constant value of investment trust funds.
Indicative NAV will be calculated and published in real-time.
Investors will be able to compare ETF market prices with Indicative NAV during TSE auction trading hours.
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Source: Tokyo Stock Exchange
Bombay Stock Exchange And TASIS Launch Shariah-Compliant Index To Promote Financial Inclusion In India
Will Help Islamic And Other Socially Responsible Investors To Track The Performance Of India’s Largest And Most Liquid Shariah-Compliant Stocks - First Shariah Index In India To Use A Local, Domestic Shariah Advisory Board With Access To And Local Knowledge Of Indian Companies - First Shariah Index In India To Be Disseminated Publically On A Real-Time Basis
December 29, 2010--Bombay Stock Exchange Ltd. (BSE) and Taqwaa Advisory and Shariah Investment Solutions (TASIS) launched the BSE TASIS SHARIAH 50 Index on Monday, Dec 27, 2010. The Index is the first Shariah Index created in India utilizing the strict guidelines and local expertise of a domestic, India-based Shariah advisory board.
The BSE TASIS Shariah 50 index consists of the 50 largest and most liquid Shariah compliant stocks within the BSE 500.
TASIS employs a strict, proprietary screening process utilizing their knowledge of and local access to listed Indian companies to ensure that all stocks included within the BSE TASIS Shariah 50 are strictly compliant with Islamic Shariah law. TASIS has adopted financial screening norms that are more conservative than its peers, making the product ideal for Islamic investors seeking investments that adhere to the strict, conservative Shariah compliance norms.
Madhu Kannan, MD & CEO, BSE, said, ”The introduction of the BSE TASIS SHARIAH 50 Index will give Islamic and other socially responsible investors another means to access the Indian market and will help attract pools of capital to India from the Gulf, Europe, and Southeast Asia. This index will create increased awareness on financial investments amongst the masses and help enhance financial inclusion. The index will also build a base for licensing for the construction of Shariah compliant financial products including mutual funds, ETFs, and structured products.”
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Source: Mondovisione
Osaka Securities Exchange Revisions of Futures and Options Trading Rules, etc. at the Launch of J-GATE
December 28, 2010-- OSE will revise futures and options trading rules at the same time as the launch of the new derivatives trading system (J-GATE) on February 14, 2011. In addition, OSE will revise the fee schedule for futures and options trading, in order to avoid the fee level fluctuation risks, etc.
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Source: Osaka Securities Exchange
Revision of the tick size for Dividend Index futures and other notices
December 28, 2010--TSE decided to revise tick size for Dividend Index futures scheduled on January 24th, 2011. We hope that it will bring investors more flexibile trading.
| Contracts | New | Current |
| Nikkei 225 Dividend Index futures | 0.1 JPY | 0.5 JPY |
| TOPIX Dividend Index futures | 0.01 point | 0.05 point |
| TOPIX Core30 Dividend Index futures | 0.01 point | 0.05 point |
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Source: Tokyo Stock Exchange
China Suspends Shanghai ETF Approvals, Oriental Says
December 28, 2010--China’s securities regulator has suspended approval of exchange-traded funds seeking to list on the Shanghai Stock Exchange since technical glitches in November, the Oriental Morning Post reported, citing unidentified people.
The unidentified technical issues delayed ETF transactions on the exchange on Nov. 5, the Oriental Morning Post said. The China Securities Regulatory Commission hadn’t approved any ETFs in Shanghai from Nov. 5 to Dec. 23, the newspaper said, citing a statement from the CSRC dated Dec. 27. The nation’s yuan- denominated A-share market has 21 ETFs as of December, the newspaper said.
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Source: Bloomberg Businessweek
China pares back rare earths exports
December 28, 2010-- China is scaling back its exports next year of rare earth minerals used in high-tech products, which could be an unpopular move with countries such as the United States and Japan.
Numbers released on Tuesday by the commerce ministry show export quotas of the rare minerals will be down 11% next year, as compared to the same period this year.
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Source: FIN24
BMO's Fullgoal to launch first Shanghai index ETF
December 27, 2010--Bank of Montreal's (BMO.TO) China fund venture will launch the country's first exchange-traded fund (ETF) that tracks the benchmark Shanghai stock index, heralding more innovations in ETF products to come in the world's second-biggest economy.
Fullgoal Fund Management Co said on Monday it would launch early next year an ETF that tracks the Shanghai Composite Index .SSEC, China's first equity index that was compiled two decades ago when the country's stock market was established.
Despite a boom in index publishing over the past 20 years, the Shanghai Composite Index -- representing 923 companies listed in the city -- remains the most influential index both home and abroad, said Xie Wei, vice general manager of the Shanghai Stock Exchange.
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Source: Reuters
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