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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
SGX Proposes Admission Of Remote Trading Members For Securities Markets
December 27, 2010--Singapore Exchange (“SGX”) proposes to expand membership on the securities market to foreign brokers based abroad. These brokers, regarded as remote trading members will observe their home rules and deal only for foreign investors.
The proposal will expand the pool of international participation. Foreign investors can deal into the Singapore markets with greater convenience and choice. This will in turn lead to increased liquidity in our Singapore market.
Benefits to the Singapore Market: Increased Participation and Efficiency
At present, some foreign investors transact through multiple layers of intermediaries in order to access the Singapore markets. With the introduction of the remote trading members, foreign investors will be served by a wider pool of trading professionals with access to the Singapore market. This initiative will extend the reach of SGX into the international market.
Maintaining the Standards and Quality
Remote Trading Members will be observing regulatory requirements which are on par with those in Singapore. Some of these are:-
licensing from a recognised foreign regulator/jurisdiction;
high standards of business conduct, including the provision of risk disclosure statements, issuance of contract notes and statements of accounts to investors;
minimum financial requirements such as minimum shareholders’ funds of S$1 million and complying with ongoing financial obligations under a comparable capital adequacy framework; and
proper internal controls and risk management systems.
All trades will continue to be cleared via a Singapore-based SGX clearing member.
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Source: Mondovisione
FSA publishes an English translation of Annual Supervisory Policies for Financial Instruments Business Operators, etc. for Program Year 2010
December 27, 2010--The FSA published today an English translation of Annual Supervisory Policies for Financial Instruments Business Operators, etc. for Program Year 2010.
view the Annual Supervisory Policies for Financial Instruments Business Operators, etc. for Program Year 2010
Reference: Composition of Supervisory Policies (Financial Instruments Business Operators, etc.)
Source: FSA Japan
China raises interest rates for second time in 10 weeks in effort to slow property, inflation gains
December 25, 2010--China raised interest rates for the second time in 10 weeks Saturday to counter the fastest inflation in the country in more than two years, with additional moves seen as possible.
The benchmark one-year lending rate will rise by 25 basis points to 5.81 percent and the one-year deposit rate will climb by the same amount to 2.75 percent, effective Saturday, the People's Bank of China said in a one-sentence statement on its Web site late Friday.
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Source: Washington Post
Japan to tighten short-selling rules
December 24, 2010--Japan’s Financial Services Agency said on Friday it would ban purchases of newly issued shares by those who short-sell shares in an issuer before the offering price is set.
The move is designed to curb excessive short-selling by investors looking to profit by driving a stock down in the run-up to a share offering
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Source: FT.com
Hong Kong acts to ease renminbi capital flows
December 23, 2010-- Hong Kong’s de facto central bank has announced measures designed to ease capital flows of the renminbi for companies seeking to conduct trade in the Chinese currency.
The changes, unveiled on Thursday, came as part of the island’s move to enhance its role as an offshore centre for renminbi trade settlement.
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Source: FT.com
ASIC releases access to financial advice report
ASIC today released a findings report on Access to financial advice in Australia
December 23, 2010--Improving access to advice helps consumers get the advice they need when they need it. It may consist of personal advice, general advice or access to factual information. It also enables industry to innovate so it can provide high quality advice services as efficiently as possible to consumers.
Between 2009 and 2010, ASIC conducted research into the demand and supply of financial advice in Australia. The report summarises the findings, identifies current gaps in the advice market and highlights some of the actions ASIC and the industry have undertaken to improve access to advice.
The report identifies a number of issues that adversely impact access to advice:
Cost of advice: A significant gap exists between what consumers are prepared to pay for financial advice and how much it costs industry to provide advice.
Scale of advice provided: Many Australians, particularly those who have never previously accessed financial advice, want piece-by-piece simple advice rather than holistic advice. Many advice providers still provide holistic advice as the default option.
Consumer perceptions that advice is out of their reach: Evidence suggests some people do not seek financial advice because they feel their financial circumstances do not warrant advice.
Consumer mistrust of financial planners: A lack of trust in financial planners to provide unbiased, professional advice limits the number of consumers who seek advice and the value they place on financial advice.
Access to general advice and information: The provision of general advice or factual information is less extensive than it could and should be. For many consumers general advice and factual information may be sufficient to meet their current advice needs.
Financial literacy: Gaps in financial literacy, especially among certain demographics and in relation to certain financial topics, limits some consumers’ engagement with financial matters and so stops them from seeking advice.
These issues present significant challenges to industry, ASIC, Government and consumer groups. The need for improved access to financial advice has been recognised by the Australian Government, ASIC, industry and consumer groups alike. Through its Future of Financial Advice reforms, the Government is currently actively exploring ways to improve access to financial advice.
Access to financial advice in Australia
Source: ASIC
Thai bourse allows short-selling on SET100 Index stocks from Jan 1
Decembe 22, 2010--The Stock Exchange of Thailand (SET) will allow securities in the SET100 Index to be sold short, effective from January 1, 2011, onwards. This should provide
investors with a better tool to manage their risks from stock price movement.
Previously, short-selling could be done only with the securities in the SET50
Index.
Short-selling has become a widely-used, effective tool for managing risks in
portfolio investment, SET Chief Marketing Officer Pakorn Peetathawatchai noted.
Enlarging the scope of securities in the SET100 Index to be available for
short-selling should thus provide investors more investment alternatives and risk management tools. Securities in the SET50 Index, exchange-traded fund (ETF) units, and ETF-linked funds will remain available for short-selling as ever.
Source: Stock Exchange of Thailand (SET)
DB Global Equity Index & ETF Research: Asia Pacific ETP Market Weekly Review
December 21, 2010--Market Overview
There are 252 equity-based ETFs in the Asia Pacific region with 348 listings across 12 countries and 15 exchanges. Japan has the largest market share by AUM accounting for 39.29% of the whole market, whilst China has the largest market share by turnover with 36.14%.
There were two new listings last week. BetaShares Capital Ltd launched two ETFs on the Australian Securities Exchange tracking the S&P/ASX 200 Financials x-A-REIT Index and S&P/ASX 200 Resources Index, respectively. These two new funds are the first synthetic ETFs in Australia. (See page 2 for further details).
Turnover
Monthly average daily turnover declined 18.3% in the last week. Turnover for the previous week was USD 1,129m. The largest ETF by turnover was the iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker issued by BlackRock with USD 200m accounting for 17.8% of total turnover.
Assets Under Management
AUM remained at about the same level in the previous week. AUM as of December 17th was USD 75.1 bn. The largest ETF by AUM is the TOPIX ETF managed by Nomura Asset Management with AUM of USD 7.8bn.
To request a copy of the report
Source: DB Global Equity Index & ETF Research
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