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Transforming China: Insights from the Japanese Experience of the 1980s- IMF Working paper
December 9, 2010--Summary: China is poised on the brink of a transition to a service-based economy. The Japanese experience of the 1980s provides several insights about the way to manage such a transition and the downsides to avoid.
In particular Japan offers useful insights on (1) the limits to an export-oriented growth strategy; (2) the role of exchange rate, macroeconomic policies, and structural reforms in rebalancing the economy toward the nontradables sector; and (3) the risks associated with financial liberalization. The similarities between the Chinese economy today and the Japanese economy of the 1980s make these insights relevant for China. However, with the benefit of analyzing the Japanese experience and, given the important differences between the two economies, China should be able to successfully rebalance its growth pattern while avoiding the downsides encountered by Japan
read Transforming China: Insights from the Japanese Experience of the 1980s
Source: IMF
FTSE and Value Partners launch custom Taiwanese and Korean Value Indices
December 8, 2010--FTSE Group (“FTSE”), the leading global index provider, and Value Partners Index Services Limited (“Value Partners”), a wholly-owned subsidiary of Value Partners Group, today launched two custom indices that will offer new unique investment opportunities for the Taiwanese and Korean markets - the FTSE Value-Stocks Taiwan Index and FTSE Value-Stocks Korea Index.
The new indices are based on Value Partners’ unique value methodology and calculated and maintained using FTSE expert custom index solutions. They capture the performance of quality, liquid value stocks selected from the investable universe of companies listed on the Taiwan and Korea’s exchanges. The FTSE Value-Stocks Taiwan Index and FTSE Value-Stocks Korea Index will be calculated alongside the FTSE Value-Stocks China Index which was launched in July 2009. The FTSE Value-Stocks China Index is the basis of the Value China ETF which listed in December 2009. The year-to-date performance of the FTSE Value-Stocks China Index is 18.48% which outperforms the FTSE China 25 Index by 7.51%. The key characteristics of the indices are listed in Table 1 in appendix.
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Source: FTSE
Taiwan A-Shares ETF Variety Is Widened by BOCI-Prudential Through Its Cross-Listed ETFs
Taiwan A-Shares ETF Variety Is Widened by BOCI-Prudential Through Its Cross-Listed ETFs
December 7, 2010--BOCI-Prudential Asset Management Limited (“BOCI-Prudential”), a leading asset management firm in Hong Kong, is pleased to announce the planned cross-listing of “W.I.S.E. – SSE 50 China Tracker®” * (* This is a synthetic ETF) (the “Fund”; HK stock code: 03024.HK; Taiwan stock code: 008201.TW) on the Taiwan Stock Exchange.
The Fund being a sub-fund of BOCI-Prudential’s W.I.S.E. ETFs series, has been approved by the Taiwan Financial Supervisory Commission to cross list in Taiwan after the signing of the bilateral Memorandum of Understanding concerning ETF cross-listing last year. KGI Securities Investment Trust Co. Ltd. (“KGI SITE”) is appointed as the master agent while KGI Securities Co. Ltd and Grand Cathay Securities Corporation are the participating dealers of the Fund in Taiwan. The Fund will be listed on the Taiwan Stock Exchange and commence trading on 8th December, 2010.
The Fund is an index-tracking ETF which seeks to provide investment performance (before taxes) that tracks the performance of the SSE 50 Index. SSE 50 Index consists of the 50 largest stocks of good liquidity listed on Shanghai Stock Exchange which cover the large capitalization or blue chip segment of the PRC market. The index is compiled and managed by China Securities Index Co., Ltd.
Mr. MAK Tat Cheung, CEO of BOCI-Prudential, said “In the hope of broadening the A-Shares ETF variety available to the Taiwan investors, BOCI-Prudential brings the Fund to Taiwan, following the W.I.S.E. Polaris CSI 300 last year. Mainland China’s strong economic growth not only leads the global recovery, but also makes its A-Shares markets become the focus of global investors. Given the shifting of world economic gravity to the east, we will continue to contribute to the cross-strait ETF development in response to the market needs.”
Dr. TANG Hing Sing, Managing Director and Head of Quantitative Strategy Business Unit of BOCI-Prudential, added “We are delighted to have the Fund approved for cross-listing on the Taiwan Stock Exchange, widening the opportunities of Taiwan investors to invest in the China A-Shares markets. The Fund tracks the most well recognized China big-cap index, which allows Taiwan investors to optimize their China A-Shares exposures with regard to their diverse investment objectives along with the broad based A-Shares ETF – W.I.S.E. Polaris CSI 300”
Ms. Li Ching Ching, Chairman of KGI SITE, stated “Taiwan has been devoted to enhancing the interflow among the cross-strait regions and encouraging financial innovation in recent years. To echo this devotion, KGI SITE has introduced the first cross-strait dual-listing A-Shares ETF to Taiwan. We believe the cross-listing of the Fund has integrated the strengths of KGI SITE, BOCI-Prudential, KGI Securities and Grand Cathay Securities Corporation, forming the most competent team and providing Taiwan investors with the opportunity to invest in the Mainland China market.”
Source: China Securities Index Company Limited
China’s first gold fund eyes global ETFs
December 7, 2010--China’s Lion Fund Management Co, which is launching the country’s first gold fund worth up to US$500 million (RM1.57 billion), is examining a dozen gold-backed exchange-traded funds (ETFs) on the global market as potential targets, including SPDR Gold Trust, a senior executive said today.
Lion Fund won regulatory approval last week to launch the gold fund under the country’s Qualified Domestic Institutional Investor scheme (QDII), which enables participants to invest client’s money overseas within set quotas.
The fund plans to raise up to 3.3 billion yuan (RM1.56 billion) that would be converted into hard currencies to buy gold ETFs in the global market. The fund is scheduled to be launched on Dec. 10. Rival E Fund Management Co is planning a similar fund.
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Source: The Malaysian Insider
Asian Expansion of Deutsche Börse Algo News Feed AlphaFlash Continues
Two new data centers in Singapore / “AlphaFlash” to deliver macroeconomic indicators from China, Japan and Australia
December 7, 2010-Deutsche Börse – Market Data & Analytics is making its algorithmic news feed “AlphaFlash” available in two data centers in Singapore and adding macroeconomic data from China, Japan and Australia.
The total number of indicators will increase to 240. Deutsche Börse has been preparing the expansion of AlphaFlash to the Asia-Pacific region since launch of the feed in April 2010. Data centers in Sydney and Tokyo were connected in November.
In Singapore, AlphaFlash will be hosted in the Kim Chuan and Comcentre III data centers, both operated by SingTel Group. The data feed can easily be accessed by all financial companies and trading firms.
Starting 3 January 2011, AlphaFlash will deliver economic events from China, Japan and Australia. The new data content covers indicators such as CPI, industrial output, FX reserves, money supply, employment figures and GDP. Data sources are the respective country’s central banks, the national statistics offices and government institutions.
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Source: Deutsche Börse
State Street Global Advisors names new regional head of ETFs
December 7, 2010--State Street Global Advisors (SSgA), the investment management business of State Street Corporation has named Frank Henze to a newly-created role, head of exchange traded funds, Asia Pacific.
Based in Hong Kong, Henze has oversight of SSgA regional ETF expansion strategy and reports to Bernard Reilly, head of SSgA's business in Asia Pacific, and James Ross, senior managing director and global head of exchange traded funds at State Street Global Advisors.
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Source: The Asset
Access Economics Report on ASX-SGX Combination
December 6, 2010--ASX Group (ASX) has today released a report prepared by Access Economics entitled ‘ASX-SGX: why the combination is in Australia’s national interest’
ASX engaged Access Economics to examine the Australian national interest implications to help inform the
debate about the proposal to merge ASX Limited and Singapore Exchange Limited (SGX) to create the fifth largest securities exchange group in the world.
The Access Economics report concludes that the formation of ASX-SGX would promote Australia’s national
interest since it is highly likely to raise the economic welfare of Australians by:
improving Australia’s chances of becoming a financial services hub in Asia;
improving the ability of Australians to diversify their savings; and
lowering the cost of capital for Australian companies.
Furthermore, the report finds that the merger is not contrary to Australia’s national interest since:
ASX will continue to operate in Australia and be regulated by Australian authorities. The report also finds that SGX is the most logical merger partner for ASX given that the bulk of future capital flows into Australian investment projects will come from Asia, and because ASX and SGX have many complementary business features.
view the ASX-SGX: why the combination is in Australia’s national interest
Source: ASX Group
DB Global Equity Index & ETF Research: Asia Pacific ETP Market Weekly Review
December 6, 2010--Market Overview
There are 245 equity based ETFs in the Asia Pacific region with 340 listings across 12 countries and 15 exchanges. Japan has the largest market share by AUM accounting for 39.19% of the whole market, whilst China has the largest market share by turnover with 39.19%.
There was one new listing on the previous week. Simplex Asset Management launched a new ETF listed on the Osaka Securities Exchange. The objective of this fund is to track the performance of the Jasdaq-top 20.
Turnover
Monthly average daily turnover declined 5.4% in the last week. Turnover for the previous week was USD 1,482m. The largest ETF by turnover was the iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker issued by BlackRock with USD 265m accounting for 17.9% of total turnover.
Assets Under Management
AUM rose 1.1% in the previous week. AUM as of Dec 3rd was USD 75.1bn. The largest ETF by AUM is the TOPIX ETF managed by Nomura Asset Management with AUM of USD 8.1bn.
To request a copy of the report
Source: DB Global Equity Index & ETF Research
China Index Data Now Available on RIMES
December 6, 2010--RIMES Technologies, today announced that it has become the first data integrator to offer index data from the Shanghai Stock Exchange (SSE) and China Securities Index Company Limited (CSI).
Compiled by the China Securities Index Company Limited (CSI), a joint venture between the Shanghai Stock Exchange and the Shenzhen Stock Exchange, CSI specializes in the creation and management of indices and index-related services.
Comprehensive benchmark coverage on RIMES now includes the market leading CSI 300 Index and also the SSE 180, SSE 50, SSE Dividend, SSE New Composite and SSE Composite Indices, as well as the SSE Fund, SSE Government Bond and SSE Corporate Bond Sector Indices.
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Source: RIMES
Australia rules against private equity on tax
December 3, 2010-On December 1, 2010, Australia ruled on Wednesday that gains from asset sales by private equity firms would be taxed as income, dealing a blow to an industry already struggling with nervous stock markets and a shortage of willing buyers.
The Australian Tax Office's (ATO) ruling also ensures that private-equity lobbyists will head to Canberra in the new year to call on the government to legislate to overturn the ruling, which they say will hurt Australia's investment reputation.
Source: Reuters
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