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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
MAS Issues Response to Feedback on the Review of the Regulatory Regime For Fund Management Companies and Exempt Financial Intermediaries
September 28, 2010--MAS has issued its response to the Consultation Paper on the Review of the Regulatory Regime for Fund Management Companies and Exempt Financial Intermediaries, which was published on 27 April 2010.
2. The industry feedback we received on the proposed regulatory changes for the fund management industry was largely positive. Fund managers agreed with our approach to calibrate the level of regulatory and capital requirements for different categories of fund managers, based on the size and complexity of the manager’s business, the sophistication of its clientele base, and its potential market impact.
3. MAS thanks all respondents for their contributions. The current regulatory regime for FMCs will remain in place. MAS will consult on draft legislative amendments in the coming months before putting into effect the legislative amendments in the second half of 2011. There will be a six-month transitional period before the legislative amendments take effect.
Russia wants to supply all of China’s gas needs
September 27, 2010--China and Russia signed agreements Monday to boost energy cooperation, while Moscow said it is ready to supply its energy hungry neighbor with all its natural gas needs.
No dollar value was given to the agreements signed during a state visit by Russian President Dmitry Medvedev, but they include documents on cooperation in coal, natural gas, nuclear energy and renewable energy.
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Source: Todays Zaman
HKEx Plans to Introduce Dividend Futures on 1 November
September 27, 2010--Hong Kong Exchanges and Clearing Limited (HKEx) plans to introduce trading of HSI Dividend Point Index Futures (HSI Dividend Futures) and HSCEI Dividend Point Index Futures (HSCEI Dividend Futures) on Monday, 1 November, subject to regulatory approval.
The HSI Dividend Point Index and HSCEI Dividend Point Index, which are calculated by Hang Seng Indexes Company Limited, measure the total cash dividend value for all constituent stocks of the underlying index – the Hang Seng Index (HSI) and the Hang Seng China Enterprises Index (HSCEI, or H-shares index) respectively – expressed in terms of index points.
HKEx is introducing its dividend futures to meet the market demand for exchange-traded derivatives that can be used to hedge and manage dividend exposure while providing the benefits of transparent pricing, standardised product specifications, centralised clearing and low trading fees.
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Source: Hong Kong Exchanges and Clearing Limited (HKEx)
Bursa Malaysia Recognised By U.S. As Approved Designated Offshore Securities Market
September 27, 2010--The United States Securities and Exchange Commission (U.S. SEC) has recognised Bursa Malaysia Securities Bhd and the electronic trading platform operated by Bursa Malaysia Bonds Sdn Bhd as a "Designated Offshore Securities Market" under Regulation S of the United States (U.S.) Securities Act of 1933.
Following the development, investors in the US will be able to trade directly in all securities listed on Bursa Malaysia Securities and Malaysian shelf listed bonds on Bursa Malaysia Bonds so long they satisfy the condition of Regulation S, said Bursa Malaysia in a statement.
An offer or sale of securities that satisfies the conditions of Regulation S is deemed to be within a safe harbour under US federal securities law which allows such offers and sales to be exempted from registration obligations imposed under such laws, it explained.
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Source: Bernama
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