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Three (3) New ETFs to be Listed (managed by Nikko Asset Management Co., Ltd.)
October 6, 2010--Today, Tokyo Stock Exchange, Inc. (TSE) approved the listing of the following three ETFs managed by Nikko Asset Management Co., Ltd. They will be listed on Friday, October 29, 2010.
| Code | 1547 (ISIN JP3047260009) | 1548 (ISIN JP3047270008) | 1549 (ISIN JP3047280007) |
| Name | Listed Index Fund US Equity (S&P500) | Listed Index Fund China H-share (Hang Seng China Enterprises) | Listed Index Fund S&P CNX Nifty Futures (India Equity) |
| Trading Unit | 10 units | 10 units | 10 units |
| Underlying Index | S&P 500 | Hang Seng China Enterprises Index | SGX S&P CNX Nifty Index Futures |
With these listings, there will be a total of 96 ETFs listed on the Tokyo market, bringing us closer to the goal of 100 listed ETFs by the end of fiscal year 2010, as laid out in the Medium-Term Management Plan. The TSE will continue working to diversify the ETF market and improve the convenience of our market for all investors.
Source: Tokyo Stock Exchange
HSBC Plans Its First Persian Gulf Shariah ETFs This Year: Islamic Finance
October 6, 2010--HSBC Holdings Plc, the second-largest underwriter of Islamic bonds, plans to start its first Shariah- compliant exchange traded funds in the Persian Gulf, a region that is struggling to lure international investors.
ETFs may help local markets attract some of the $49.4 billion that EPFR Global says poured into emerging market stock funds this year. Restrictions on foreign participation in Gulf markets range from bans to caps on ownership. Investors have sidestepped most countries in the Middle East and North Africa during a recent surge in capital inflows to emerging markets because of debt restructurings, the International Monetary Fund said in a report released yesterday.
The funds will give overseas investors greater access to the region’s markets, Razi Fakih, deputy chief executive officer of HSBC’s Islamic unit in Dubai, said in a telephone interview Oct. 5. National Bank of Abu Dhabi PJSC started the Gulf’s first non-Shariah compliant ETF in March, followed by Falcom Financial Services’ Islamic fund in Saudi Arabia that month.
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Source: Bloomberg
Wen warns against renminbi pressure
October 6, 2010--Forcing Beijing to revalue its currency would lead to a “disaster for the world”, Wen Jiabao, China’s premier, has warned amid increasing tensions over efforts by governments and central banks to hold down their exchange rates.
Speaking in Brussels, Mr Wen hit back at international criticism of China’s currency policy, saying that acceding to demands for a faster rise in the renminbi could cause social unrest in China.
“Do not work to pressurise us on the renminbi rate,” Mr Wen said, departing from prepared remarks. He said Chinese export companies had very small profit margins, which could be wiped out by actions such as the currency import tariffs the US Congress is threatening to impose.
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Source: FT.com
HK eclipses rivals as the place to list
October 6, 2010--The up-to-$20.5bn initial public offering of AIG’s prized Asian business is the talk of the town in Hong Kong, but alongside that juggernaut there are dozens of other companies flocking to list in the city.
So great is the wave of listings that Hong Kong is on track for the second year in a row to eclipse its rivals Shanghai, London, and New York as the world’s biggest centre for IPOs.
But as Hong Kong stock prices surge to within striking distance of their 2009 peak, sucking in more and more investors, there are concerns among some fund managers that the market is getting too hot.
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Source: FT.com
Japan is facing an uphill struggle to weaken yen
October 6, 2010--Even if the yen was overvalued in 1995 there is little doubt that the yen is currently undervalued. Japan’s currency is now at a similar level to its peak in 1995, when it hit Y79 against the dollar. During the past 15 years while Japan’s consumer price index (CPI) fell 1 per cent, CPI in the US increased 42 per cent. So Japanese prices came down 43 per cent more than American prices.
Japanese competitiveness has increased as a result. Yet Japanese industries are not efficient, competitive nor profitable despite the facts mentioned above. There are two reasons for this.
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Source: FT.com
Singapore Exchange achieves successful month for Gold spot
October 4, 2010-- Singapore Exchange (SGX) is pleased to announce record volumes for its Gold Deferred Settlement contract, Nikkei dividend and China A50 futures contracts for the
month of September 2010.
KEY HIGHLIGHTS
Securities Market
Securities trading remains healthy month-on-month, with total securities market turnover at $38 billion for September, 20% increase from August. Daily average value for September
was $1.8 billion, 20% higher than in August.
Funds raised through new bond listings increased month-on-month to $19billion, up 39% from August.
Total market capitalisation as at 30 September 2010 is $778 billion.
Derivatives and Commodities Markets
FTSE Xinhua ChinaA50 Index futures set a record monthly volume of 42,115 contracts (approximately US$758 million notional) with open interest of 7,637 contracts (approximately US$137.5 million notional). As the only offshore futures contract on the China A-share market, the contract is well received by global investors and trades at 1%
premium over the cash index.
Since the launch of the world’s first Asian dividend futures contract on 17 June 2010, 14,132 contracts (approximately JPY42.4 billion of notional) have been traded. A record volume of 4,530 contracts(approximately JPY13.6 billion notional) for SGX Nikkei Dividend Futures contract was achieved in September 2010, with open interest of 5,511 contracts (approximately JPY16.5 billion notional).
Trading volume for Gold Deferred Settlement contract doubled to 73,949 contracts monthon-month.
The consolidated overview of the securities, derivatives and commodities markets is now
available on SGX website. Please visit:
http://www.sgx.com/wps/portal/marketplace/mp-en/prices_indices_statistics/market_statistics
Source: Singapore Exchange (SGX)
China unbending on yuan as Europe woos Asia
October 4, 2010--- China stood firm Monday on refusing to let the yuan appreciate as Europe sought a stronger global role with Asia's emerging giants at a summit representing more than half the world's population.
European Union leaders offered trade and diplomatic perks to Asian nations at the opening of a two-day Asia-Europe Meeting of 46 nations while insisting on the need for the yuan to be revalued.
But Chinese Premier Wen Jiabao, first non-EU speaker at the summit and indisputably the star guest of the talks, resisted international pressure.
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Source: EUbusiness
TSEC Taiwan Index Series to be renamed FTSE TWSE Taiwan Index Series
September 30, 2010-FTSE Group (“FTSE”), the award winning global index provider, and the Taiwan Stock Exchange Corporation (“TWSE”) announce that the leading domestic TSEC Taiwan Index Series will be renamed FTSE TWSE Taiwan Index Series. The new name will take effect from 3, January 2011.
Created by FTSE and TWSE in 2002, the TSEC Taiwan Index Series has become the most recognised domestic tradable index series for the Taiwan market. The Index Series is also the basis of many Exchange Traded Funds (ETFs) and derivative products including the Polaris Taiwan Top 50 Tracker Fund, one of the top ten ETFs by assets in Asia ex Japan . Rebranding the Index Series will build on its current success and increase the global visibility of the Taiwanese markets.
Jessie Pak, Director of FTSE Asia, said “FTSE is widely recognised for creating unique indexing solutions that combine global standards of transparency and governance with sound local market expertise. Associating the FTSE brand with the Index Series will help to further highlight the investment opportunities available to international investors in Taiwan. We will continue to work closely with TWSE, to develop innovative solutions that maximise the potential of its market.”
Lawrence G Shan, Senior Vice President of TWSE said “The rebranding by adding “FTSE” into the Taiwan Index Series, coupled with the change of our exchange’s abbreviated name from “TSEC” to “TWSE”, demonstrates the enhanced and further cooperation between FTSE and TWSE in index business. We expect that the better international recognition of index branding will contribute to the development of more index-related products to meet diversified needs arising from domestic and overseas markets.”
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Source: FTSE
FSA publishes the exposures of Japanese deposit-taking institutions to subprime-related products and securitized products based on the leading practices summarized in the FSF report
September 30, 2010--The Financial Services Agency (FSA) publishes the exposures of Japanese deposit-taking institutions (excluding agricultural cooperatives) to the subprime-related products and the securitized products based on the leading practices summarized in the FSF report. These figures are at the end-June 2010.
Exposures of Japanese deposit-taking institutions to subprime-related products
Exposures of Japanese deposit-taking institutions to securitized products based on the leading practices summarized in the FSF report
Source: The Financial Services Agency (FSA) Japan
KRX Releases New Indices; KRX SRI Eco And KOSPI 200 Strategy Indices
September 30, 2010--KRX releases three new indices from October 1, 2010; KRX SRI Eco, KOSPI 200 Covered Call (C-KOSPI 200) and KOSPI 200 Protective Put (P-KOSPI 200). Also, KRX changes the name of KOSPI 200 Volatility Index from 'VKOSPI' to 'V-KOSPI 200.'
SRI Eco index consists of 30 KRX listed companies with high Environmental Evaluation Grade, which is one of three factors of Environmental, Social and Corporate Governance (ESG) in assessing Social Responsibility Index (SRI).
C-KOSPI 200 and P-KOSPI 200 are investment strategy indices and the strategy of C-KOSPI 200 is to long KOSPI 200 index constituents and short KOSPI 200 call option simultaneously. With this, excessive profit is expected when KOSPI 200 index goes down or moderately surges. However, the strategy of P-KOSPI 200 is to long both KOSPI 200 constituents and KOSPI 200 put option and loss is fixed when KOSPI 200 index plunges significantly.
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Source: KRX
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