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China ushers in credit default swaps
November 5, 2010--Beijing launches its first credit default swaps amid opposition from senior regulatory officials who have urged caution because of the role such products played in the financial crisis.
On Friday – the first day of the new pilot project – nine financial institutions, including Deutsche Bank, Industrial and Commercial Bank of China, China Construction Bank conducted 20 trades involving a total of Rmb1.84bn ($276.3m) of derivatives.read more
Source: FT.com
DB Global Equity Index & ETF Research: Asia Pacific ETP Market Weekly Review
November 3, 2010--Market Overview
There are 243 equity based ETFs in the Asia Pacific region with 336 listings across 12 countries and 15 exchanges. Japan has the largest market share by AUM accounting for 39.7% of the whole market, whilst China has the largest market share by turnover with 38.78%.
There were three new listing on the previous week. Nikko Asset Management launched three new equity ETP products in the Tokyo Stock Exchange. The new products track the S&P 500 Index, the Hang Seng China Enterprise Index and the S&P CNX Nifty Index.
Turnover
Monthly average daily turnover remained at about the same level than the last week. Turnover for the previous week was USD 1,474m. The largest ETF by turnover was the iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker issued by BlackRock with USD 303m accounting for 20.5% of total turnover.
Assets Under Management
AUM remained at about the same level in the previous week. AUM as of Oct 29th was USD 75.9bn. The largest ETF by AUM is the TOPIX ETF managed by Nomura Asset Management with AUM of USD 9.6bn.
To request a copy of the report
Source: DB Global Equity Index & ETF Research
FTSE BRIC 50 licensed for first China Southern passive QDII fund
November 3, 2010--FTSE Group (“FTSE”), the award-winning global index provider, has licensed the FTSE BRIC 50 Index to China Southern Fund Management (China Southern) for their first passive Qualified Domestic Institutional Investor (QDII) fund.
The new fund which launches in China further highlights how the collaboration between FTSE and domestic fund managers is bringing global investment opportunities to Chinese investors.
Jessie Pak, FTSE Director of Asia said, “Investors’ interest in significant emerging markets is gaining momentum. As the basis of the China Southern fund, the FTSE BRIC 50 gives Chinese investors access to the potential investment opportunities in these markets. FTSE is also pleased to be part of the QDII scheme development and, as a pioneer in the China market, looks forward to building on this success.”
Ding Chen, Assistant CEO, Managing Director, China Southern commented, “There is growing interest among our clients to explore investment opportunities in the large growth markets of Brazil, Russia, India and China. Choosing the FTSE BRIC 50 Index as the basis of our first passive QDII fund enables us to tap FTSE’s expertise to base our fund on a representative and easily replicable index that meet the needs of investors. We look forward to continuing our relationship with FTSE as our product offerings expands.
read more
Source: FTSE
With China’s Economic Prospects Sound, the Focus Shifts to Structural Issues, According to the World Bank
November 3, 2010-- China’s growth has moderated somewhat to a still healthy pace, with a shifting composition, according to the World Bank’s latest China Quarterly Update released today.
The Update, a regular assessment of China’s economy, finds that GDP growth declined from 10.6 percent in the first half to a still surprisingly strong 9.6 percent (year on year) in the third quarter. The domestic economy cooled as the stimulus impact is fading out and the monetary stance is being normalized. Growth of investment and urban consumption has decelerated, and so has that of imports. Meanwhile, with exports strong, net external trade has contributed significantly to (yoy) growth and the external surplus is rising again.
The Update notes that, despite an expected deceleration, global growth prospects are fairly favorable due to emerging market strength. However, risks remain, including a weaker outlook in high income countries. Global price pressures remain contained by spare capacity in many countries, but raw material prices have risen again and there are upward inflation risks internationally.
China’s own economic prospects remain sound, with risks both ways, according to the Update. “Growth may ease a bit further as global growth decelerates and the macro stance is normalized but it remains supported by the traditional growth drivers and a robust labor market.” says Louis Kuijs, Senior Economist and main author of the Update. “We have edged up our GDP growth projection for 2010 to 10 percent after the third quarter data. We see growth at 8.7 percent in 2011 and easing somewhat further in the medium term.”
view China Quarterly Update, November 2010
Source: World Bank
Bank of Japan Board Said ETF Purchases Could Boost Sentiment, Minutes Show
November 2, 2010--Bank of Japan board members said purchases of exchange-traded funds and real-estate investment trusts could increase transactions by supporting investor sentiment, minutes of the bank’s Oct. 4-5 board meeting show.
Some members said that while the amount of purchases might be small, the bank’s purchase would produce positive effects as a catalyst in promoting more active transactions in their markets and more risk-taking activity in the overall economy,” according to minutes published today in Tokyo.
read more
Source: Bloomberg
Oct daily trading turnover on SGX hits 17-month high
November 2, 2010-The Singapore Exchange (SGX) said the average daily trading turnover for securities listed on the bourse reached its highest level in 17 months in October.
Shares of SGX, which is facing political opposition in Australia to its proposed S$10.7 billion takeover of the Australian Stock Exchange (ASX), rose 0.56 per cent to S$8.9.
SGX shares have fallen more than 9 per cent since news of the takeover first surfaced.
SGX released its October market statistics after trading ended on Tuesday.
At $2.1 billion, the average value of securities changing hands on the exchange in a day was the highest since May 2009 and compared with $1.8 billion in September.
read more
Source: Channel News Asia
Economy: Indonesia should shift spending from subsidies to pro-growth programmes
November 2, 2010-- Indonesia should shift government spending away from inefficient subsidies toward programmes that will help the country meet its ambitious medium-term growth and poverty reduction targets, according to a new OECD report.
The OECD's Economic Survey of Indonesia 2010 says the Indonesian economy has shown strong resilience during the global economic crisis. Real GDP grew by 4.6% in 2009 - the third highest level in the G20, after China and India - and is on track for a 6% growth rate this year and next.
“Indonesia’s recent growth performance has been impressive, but there is no room for complacency,” OECD Secretary-General Angel Gurría said during a launch with Finance Minister Agus Martowardojo in Jakarta. “The current environment offers Indonesia a unique opportunity to embark on a long period of sustained increase in living standards.
But to seize this opportunity, the government has to pursue its reform agenda. For instance, better tax collection and more effective government spending would free up funding for infrastructure, education and health care initiatives.”
view Economic Survey of Indonesia 2010
Source: OECD
India raises rates to curb inflation
November 2, 2010--India has delivered its sixth interest rate rise of the year, as it fears that a new round of quantitative easing in developed economies could flood emerging markets with fresh capital inflows, putting further pressure on fast-rising consumer prices.
However, the central bank also said the likelihood of further rate actions in the immediate future would be relatively low, signalling a move to greater monetary policy stability.
read more
Source: FT.com
China Securities Depository And Clearing Corporation, Shanghai Stock Exchange, Shenzhen Stock Exchange Arrange For Banks To Trade Bonds On Stock Exchanges
October 29, 2010--In line with the “Notice of Relevant Issues Concerning Listed Commercial Banks’ Pilot Trading of Bonds on Stock Exchanges”, the China Securities Depository and Clearing Corporation Limited (SD&C), the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE) made arrangements for relevant issues concerning bonds trading of listed commercial banks on the SSE and the SZSE in the pilot period by jointly issuing on October 28 the “Notice of Relevant Issues Concerning Bonds Trading of Listed Commercial Banks on Stock Exchanges in Pilot Period”.
According to the notice, commercial banks, accessible to bonds market on the stock exchanges for bonds trading at the auction system, are required to take the self-regulatory management of stock exchanges in addition to providing applications, basic information registration forms and other documents before obtaining the trading qualifications. Meanwhile, they should make technical preparations for bonds trading by opening their communication lines in light of the technical specifications required by the stock exchanges.
During the pilot period, commercial banks can conduct spot trading of treasury bonds, enterprise bonds and corporate bonds or other products approved by regulatory authorities at the auction system of the stock exchanges.
read more
Source: Mondovisione
Investors to Benefit From Equities Investment in High Growth Economies of Next 10 Years with a View to 2050
New Launch of Open-end Investment Trust: Nikko Next 10 Years Global Equity Open
October 29, 2010--Nikko Asset Management Co., Ltd. (Nikko AM) (Timothy F. McCarthy, Chairman & CEO) announced today that it will launch a new open-end investment trust, Nikko Next 10 Years Global Equity Open and will begin its management on November 12.
Nikko Cordial Securities Inc. will start to accept applications for the
fund on November 1.
In September of this year, Nikko AM developed two closed-end funds with identical investment strategies as this Nikko Next 10 Years Global Equity Open investment trust. As a result of the extensive and well-received response to the product concept of investing in the equities of countries expected to display high economic growth in 40 years time, those two funds were launched with a combined subscription of approximately JPY65 billion. Upon receiving numerous requests for an open-end fund with the same concept during the initial subscription period for the two closed-end investment trusts, Nikko AM decided to launch this open-end investment trust.
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Source: Nikko AM
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