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BNY Mellon and the Shanghai Stock Exchange Collaborate to Bring BNY Mellon's DR Indices to China
BNY Mellon's DR Indices now available as the basis for Exchange Traded Funds in China
October 18, 2010--BNY Mellon, the global leader in asset management and securities servicing, and the Shanghai Stock Exchange (SSE), the principal exchange in the People's Republic of China, have signed a memorandum of understanding (MOU) to collaborate on exchange-traded funds (ETFs) based on the BNY Mellon Depositary Receipt (DR) Indices to be traded on the Shanghai Stock Exchange. The MOU grants exclusivity to the SSE for the listing of ETFs which utilize the BNY Mellon DR Indices as a benchmark within the People's Republic of China.
"Our innovative DR Indices are the basis for many 'first to market' ETFs representing the emerging and frontier markets," said Gregory Roath, head of Asia-Pacific for BNY Mellon's Depositary Receipts business. "The inclusion of Chinese single-listed ADRs in our indices will enable potential ETF sponsors to offer an investment product that includes offshore listed Chinese companies such as Baidu, Netease, Home Inns and Ctrip. These companies, which trade exclusively in DR form outside of China, are often left out of many other major indices."
BNY Mellon's Roath added: "An ETF product based on the DR Indices would enable Mainland Chinese investors to gain real exposure to foreign traded equities and allow them to trade these in Chinese renminbi on the principal Chinese exchange. Our DR Indices are an innovative and exciting product, and we are delighted to be leading the way in bringing them to the Chinese markets."
BNY Mellon offers the most comprehensive suite of DR indices, available to investors since 1998. As the only real-time index to track all American and global DRs traded on the New York Stock Exchange, NYSE Amex and NASDAQ, the BNY Mellon ADR Index has become a widely followed international benchmark. Calculated on a continuous basis throughout the trading day, the BNY Mellon ADR Index is capitalization-weighted and adjusted for free-float using Dow Jones' Indexes methodology.
Altogether, BNY Mellon produces over 140 indices reaching all corners of the world. They are divided into four families covering regions, markets, sectors and countries: the BNY Mellon ADR Index (U.S. exchange-traded), the BNY Mellon GDR Index (London exchange-traded (LSE)), the BNY Mellon DR Index (U.S. and LSE exchange-traded) and the BNY Mellon Classic ADR Index (U.S. exchanged-traded and OTC). The BNY Mellon Composite Depositary Receipt Index, the "Super Index," encompasses all types of DRs.
BNY Mellon acts as depositary for more than 2,100 American and global depositary receipt programs, acting in partnership with leading companies from 67 countries. With an unrivaled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the company delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Learn more at www.bnymellon.com/dr.
Source: BNY Mellon
Axis Bank launches Infrastructure Index
October 14, 2010--Axis Bank today launched the Axis Infra Index (AII), designed to convey a 'summary composite assessment' of investor confidence in infrastructure segments in the country. The Axis Infra Index is the first of its kind in India, intended to facilitate interpretation of capex, financial, policy, regulatory, tax and other associated developments which influence investor confidence. Trends in the Index signal the relative overall improvements in operating conditions and fundamentals of segments.
The index was launched here. Speaking on the occasion Mrs Shikha Sharma, MD and CEO, Axis Bank, said, ''Axis Bank is one of the largest institutions in the infra financing space, with deep experience in debt syndication, project advisory services and structured finance. Axis Bank has developed strong capabilities in understanding and acting upon the evolving complexities of the infra segments. The Axis Infra Index intends to encapsulate this experience to develop and launch a unified metric to track the activity level in the sector.'' Mr Varadarajan Srinivasan, Executive Director, Corporate Banking, Axis Bank, said, ''Axis Bank is eminently suited to interpret the quantitative and qualitative nature of the implications of regulations and policy governing the complex environment. As a Bank, we have the bandwidth and competence to understand the intricacies of the industry and our funding solutions are built taking into account the various sensitivities of each project.'' Infrastructure financing involves projects with large outlays having long gestation periods till revenue visibility, operating in a complex regulatory and policy environment.
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Source: New India123.com
Singapore widens currency trading band
October 13, 2010--Singapore’s central bank surprised markets on Thursday by widening the band in which it lets the Singapore dollar trade in order to cope with global market volatility, propelling the currency to a record high.
It also increased the slope of the trading band but kept the centre unchanged, sparking a rally in the Singapore dollar to as high as S$1.2886 per US dollar from S$1.30 before the announcement and adding to broader selling of the US currency.
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Source: FT.com
Currency warning to S Korea and China
October 13, 2010--Japan has called on South Korea and China to “act responsibly” on exchange rates in an unusually strong statement ahead of the G20 summit of leading nations in Seoul, expected to be overshadowed by rising tensions over currencies
The statement by Naoto Kan, Japan’s prime minister, adds to pressure on Seoul as the host of the meeting in November to broker a discussion on currencies despite some countries, including China, pushing to keep the issue low on the agenda
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Source: FT.com
Thailand to cool inflows with bond tax
October 12, 2010--Thailand is introducing a tax on foreign holdings of bonds, the latest in a string of attempts by emerging economies to curb destabilising capital inflows amid fears of a global currency war.
The Thai cabinet on Tuesday imposed a 15 per cent withholding tax on capital gains and interest payments for government and state-owned company bonds, a clear signal that it would take tough measures to curb inflows of “hot money”.
A surge of money into Thailand has driven the baht to its highest against the dollar since just before the Asian crisis of 1997-1998.
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Source: FT.com
South Africa's Standard Bank (SBKJ.J) said on Monday it will act as the first metal provider, participating dealer and market maker for a Hong Kong-based firm that plans to launch a new gold exchange-traded fund ( ETF).
October 11, 2010--The Value Gold ETF, to be listed on the Hong Kong Stock Exchange, is expected to be launched in early November, subject to final approval by regulators, Standard Bank said in a statement.
An official at Sensible Asset Management, a joint venture between China's Ping An (2318.HK) and Value Partners, which manages the fund, declined to comment.
The underlying physical gold would be held at Hong Kong's Precious Metals Depository, Standard Bank said.
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Source: Reuters
OSE Partners With GlobeNewswire for the JASDAQ Market
Partnership to Boost NASDAQ OMX Corporate Solutions and JASDAQ Client Services
October 11, 2010--Osaka Securities Exchange Co., Ltd (OSE), operator of the JASDAQ market, and The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced a strategic alliance for OSE to be the first Asian exchange marketing partner of GlobeNewswire (GNW) and the NASDAQ OMX suite of products. OSE and NASDAQ OMX will further explore adding additional services to this mutually beneficial partnership.
The partnership allows OSE to implement new corporate services for JASDAQ listed companies to support their globalization efforts, while providing expanded opportunity for NASDAQ OMX to further target the burgeoning Asian market. This alliance will build upon NASDAQ OMX's established presence in the region, and will further its goal of providing the technology that enables communication worldwide.
The GNW service allows JASDAQ listed companies to broadcast their corporate information to major US news distribution channels (such as Dow Jones, AP, The Wall Street Journal, Bloomberg, New York Times, Yahoo! Finance, and Google, AOL, etc.) while delivering corporate information to more than 80 countries worldwide. GNW also enables JASDAQ listed companies to reach customized targets, focusing on specific regions and industries.
OSE will operate a "NASDAQ Service Desk" in the JASDAQ division at its Tokyo Branch, to assist JASDAQ listed companies with this new distribution product offering.
"The partnership with OSE marks another step in GlobeNewswire's plan to bolster Corporate Solutions across Asia while providing JASDAQ listed companies the ability to reach a broader international audience," said Demetrios N. Skalkotos, Senior Vice President of Global Corporate Services, NASDAQ OMX.
"One of our main focuses at JASDAQ is internationalism. Our partnership with GNW will provide our clients with better worldwide communications than ever before, further enhancing our service offerings and creating a more attractive market for our listed companies," said Manabu Matsumoto, Deputy of President, OSE.
Source: NASDAQ OMX
Vanguard Investments launches property ETF
October 11, 2010--Vanguard Investments Australia has announced the expansion of its range of exchange-traded funds (ETFs) by launching the Vanguard Australian Property Securities Index ETF (VAP).
VAP will join the Vanguard Australian Shares, All World ex-US shares and US Total Market Shares Index ETFs seeking to track the S&P/ASX 300 A-REIT Index.
Robyn Laidlaw, Vanguard’s ETF product manager, said in an environment where costs are playing an increasingly important role, investors are “gravitating toward transparent investment options at minimal cost”.
VAP is a share class of Vanguard’s Australian Property Securities Index Fund, which was established in October 1998 with over $2 billion in funds under management.
Source: Money Management
Formulation of “Action Plan for Invigoration, etc. of Financial/Capital Markets and Financial Industry
October 8, 2010--The Financial Services Agency (FSA) is set to work in earnest to formulate the “Action Plan for the Invigoration, etc. of Financial/Capital Markets and Financial Industry”, which is “one of the matters to be implemented in FY2010” in the timetable of the New Growth Strategy (Cabinet Decision dated June 18, 2010), according to the policy described below.
[Reference] Timetable of New Growth Strategy (Cabinet Decision dated June 18, 2010)
VII. Financial Strategy
2. Financial sector that supports growth and also attains self-growth
(1) Establish Japan’s status as a main market in Asia
Formulate an action plan for the invigoration, etc. of financial/capital markets and financial industry.
1. The financial sector is expected to fulfill the following roles in economic growth:
(1) Back up and support real economy and enterprises; and
(2) Lead economy as a growing industry itself.
2. By the end of the year, the FSA will formulate an action plan that summarizes the measures to be taken in the future to develop an environment for Japan’s financial sector to properly fulfill the two roles described above.
view Agendas of Action Plan
Source: FSA Japan
JSE ends lower on strong dollar vs euro
October 7, 2010--China sold a record $24.3bn in short-term Japanese bills in August, suggesting that their hefty buying earlier this year was not aimed at diversification into the yen as some had speculated.
Chinese investors had bought a net Y2,300bn in Japanese bills and bonds between January and July.
The surge in bond buying had triggered speculation China may be diversifying its foreign reserves away from the euro and the dollar, adding to concerns about a recent surge in the Japanese currency that is threatening Japan’s fragile economic recovery.
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Source: FT.com
