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Monetary Authority Of Singapore Invites Comments On Proposed Enhancements To The Regulatory Regime For Fund Management Companies And Exempt Financial Intermediaries
April 27, 2010--The Monetary Authority of Singapore (MAS) is reviewing the regulatory regime for financial intermediaries conducting fund management activities and the exemption regime for financial intermediaries engaged in leveraged foreign exchange trading. A consultation paper has been issued to seek comments from the public on proposed enhancements and changes to the regulatory regime.
2. This review is aimed at ensuring that the regulatory regime keeps pace with industry and regulatory developments globally, formalising existing industry best practices, as well as enhancing regulatory oversight over the respective industries. The proposed enhancements also seek to raise the quality and standard of players to foster long term sustainable growth of the fund management industry.
3. The proposals under the consultation paper represent an evolution of the existing regulatory regime for the fund management industry. Fund Management Companies ["FMCs"] whose activities are limited in scale and impact may continue to operate under a notification regime and be subjected to certain conditions. This is similar to the existing framework for exempt fund managers. FMCs who serve retail investors and/or manage or advise on a larger portfolio of assets will have to be licensed. MAS also intends to require all FMCs to meet business conduct as well as capital requirements.
Japan's Securities And Exchange Surveillance Commission: Inspection Manual For Credit Rating Agencies
April 26, 2010--Japan's Securities And Exchange Surveillance Commission: Inspection Manual For Credit Rating Agencies is now available.
SE Dividend Focus 100 ETF And NOMURA Crude Oil Long Index ETF To Be Listed
April 26, 2010--Today, Tokyo Stock Exchange, Inc. (TSE) approved the listings of the "Listed Index Fund Japan High Dividend (TSE Dividend Focus 100)", managed by Nikko Asset Management Co., Ltd and "NEXT FUNDS NOMURA Crude Oil Long Index Linked Exchange Traded Fund", managed by Nomura Asset Management Co., Ltd.
| Code | 1698 (ISIN JP3047170000) | 1699 (ISIN JP3047180009) |
|---|---|---|
| Name | Listed Index Fund Japan High Dividend (TSE Dividend Focus 100) | NEXT FUNDS NOMURA Crude Oil Long Index Linked Exchange Traded Fund |
| Fund Administrator | Nikko Asset Management | Nomura Asset Management |
| Listing Date | May 14, 2010 | May 17, 2010 |
| Trading Unit | 10 units | 10 units |
| Underlying Index | Tokyo Stock Exchange Dividend Focus 100 Index | NOMURA Crude Oil Long Index |
With these listings, there will be a total of 88 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.
DB lists first Aussie money market ETF
April 22, 2010--Deutsche Bank launched on April 21 the first ETF tracking an index earning the interbank overnight cash rate published by the Reserve Bank of Australia (RBA).
The RBA’s interbank overnight rate is currently yielding 4.25pc.
Listed on the Singapore Exchange Securities Trading Limited (SGX), the ETF will be available in three different currencies: Australian dollar, Singapore dollar, and the US dollar.
“This new ETF allows investors ease of access to the high yielding Australian short-term money market reference rate,” said Marco Montanari, head of Deutsche Bank’s db x-trackers, Asia.
DB Index Research -- Weekly ETF Market Review - Asia-Pacific
April 21, 2010--Highlights
Market Overview
There are 213 equity based ETFs in the Asia Pacific region with 300 listings across 12 countries and 15 exchanges. Japan has the largest market share by AUM accounting for 42.93% of the whole market, whilst China has the largest market share by turnover with 33.04%.
There were three new listings in the last week.
Australian Index Investments Pty Ltd increased its ETF offering in the Australian Stock Exchange to six after listing three new Australian sector funds. All new listings were primary listings.
Turnover
Monthly average daily turnover rose 3.7% in the last week. Turnover for the previous week was USD 779m. The largest ETF by turnover was the China 50 ETF issued by China Asset Management with USD 172m accounting for 22.0% of total turnover.
Assets Under Management
AUM declined 2.9% in the previous week. AUM as of April 16th were USD 61.6bn. The largest ETF by AUM is the TOPIX ETF managed by Nomura Asset Management with AUM of USD 6.6bn.
To request a copy of the report
SGX seeks public feedback on proposal
April 20, 2010--The Singapore Exchange (SGX) has invited public feedback on a proposal that will allow banks to trade stocks directly without the need to set up a separate brokerage unit.
In its consultation paper issued yesterday, SGX said any entity with a banking licence under Singapore's Banking Act can apply to become a "Trading Member" in the securities market. But they will need to maintain a minimum capital base of $1 million, while a minimum base of $5 million is required if they are also clearing trades as a "Clearing Member".
Banks currently trade securities through their incorporated brokerage firms. DBS, for instance, has DBS Vickers, while UOB and OCBC have UOB Kay Hian and OCBC Securities, respectively.
The structure for banks as Trading Members in securities will be similar to that of derivatives, where banks have participated directly as trading members for the past one or two years.
USE Receives the Final Approval From Regulator
April 20, 2010--The United Stock Exchange of India Limited (USE) has received final approval from the Securities and Exchange Board of India (SEBI) to commence operations in currency futures in all the four pairs of currencies, i.e. US Dollar – INR; EUR – INR ; Pound Sterling - INR; Japanese Yen - INR. In light of this approval, Bombay Stock Exchange Limited (BSE), the largest shareholder in USE, has officially suspended its operations in the Currency Derivatives Segment.
Following SEBI approval, USE has vigorously launched its membership drive and over 150 members have already submitted their applications. Most of the members of BSE are expected to join USE. In addition, new members from the banking fraternity and broking field have evinced keen interest in the new exchange.
According to T. S. Narayanasami, Managing Director & CEO of USE: "USE's membership drive is in full swing, and we are very pleased to see spontaneous response from the banks which are natural partners of USE apart from the broking community. Trading Membership is initially free with nil transaction charges to begin with. It is envisaged that since almost the entire banking system are stakeholders, USE will gain significantly by the volumes traded by them on the exchange. Details on the membership process are placed on the website of USE, www.useindia.com. USE has tentatively planned to commence operations in June 2010."
Madhu Kannan, MD and CEO of the BSE, added: "The currency derivatives market in India has enormous potential for continued growth in the next few years. We expect USE to compete well in this growing market on the basis of product innovation, the training and development of new participants, and strong leadership."
Index Insider: Spring 2010 - NDX Hits International Milestone
April 16, 2010--International Milestone — NASDAQ-100 Expands to China
The Global Index Group is pleased to report the launch of the very first foreign index-linked financial product ever established in China, the Guotai NASDAQ-100 Index Fund. This also marks the first time the NASDAQ-100 (NDX) benchmark has been available to Chinese investors.
The Guotai NASDAQ-100 Index Fund was created by Guotai Asset Management to offer Chinese investors exposure to 100 of the world’s largest non-financial companies including Baidu, Apple, Microsoft and Google. Currently, Guotai is conducting its offering period. More than 1,500 NDX-linked products can be found in more than 37 countries around the world.
“We view the NASDAQ-100 Index as a cornerstone to our international business strategy of bringing innovative investment opportunities to local investors,” said Ms. Xu Jin, General Manager, Guotai AMC."
DB Index Research -- Weekly ETF Market Review - Asia-Pacific
April 15, 2010--Highlights
Market Overview
There are 225 equity based ETFs in the Asia Pacific region with 300 listings across 12 countries and 15 exchanges. Japan has the largest market share by AUM accounting for 41.75% of the whole market, whilst China has the largest market share by turnover with 32.67%.
The first quarter of 2010 marked a record in product offerings reaching 37 new listings. Increase listing activity has remained strong after the end of Q1, with the last three weeks unfolding a new and diverse range of 22 ETFs arriving to the Asia-Pacific market. Deutsche Bank AG listed a whole suite of 11 UCITS III ETFs tracking China’s CSI country and sector benchmarks on Hong Kong SE, and 2 money market funds on the Singapore SE. MAPS IM Co listed 2 pioneer funds following short and leveraged strategies on Korea’s flagship benchmark Kospi 200, respectively, on the Korea SE. New entrant, Australian Index Investment Pty Ltd, added 4 more Australian sector ETFs to its offering on ASX. Finally Samsung Inv. Trust Mg and Hanwha Inv. Trust Mg listed 1 ETF each on the Korea SE.
Turnover
Monthly average daily turnover rose 6.5% in the last week. Turnover for the previous week was USD 752m. The largest ETF by turnover was the China 50 ETF issued by China Asset Management with USD 164m accounting for 21.8% of total turnover.
Assets Under Management
AUM rose 5.3% in the previous week. AUM as of April 12th were USD 63.5bn. The largest ETF by AUM is the TOPIX ETF managed by Nomura Asset Management with AUM of USD 6.5bn.
To request a copy of the report
China ups gas prices as economy grows
April 14, 2010--China raised gasoline and diesel prices Wednesday for the first time in five months in a move reflecting Beijing’s confidence it can control inflation and keep growth strong.
The price hikes of 4 percent to 4.5 percent were in line with expectations following recent gains in global crude prices. Oil rose above $84 a barrel Wednesday in Asia, breaking a five-day slide, as rising global stock markets raised optimism over the global economic outlook.
