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India poised to halt rise of rupee
May 14, 2010--India’s finance ministry has shown its preference for currency intervention over new capital controls to check the rising value of the rupee.
Kaushik Basu, the finance ministry’s chief economic adviser, said on Friday that intervention by the Reserve Bank of India was necessary to curb the rupee’s appreciation against other main currencies.
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Source: FT.com
IMF Says Asia Leading World Recovery, Cautions Against External Risks
May 12, 2010--Asia is leading the recovery of the world economy even though the region needs to remain attentive to downside risks, the International Monetary Fund (IMF) said today in New Delhi in its presentation of the Regional Economic Outlook (REO) for Asia and the Pacific.
The IMF also said India is likely to maintain its strong growth momentum driven by the robust domestic demand. Higher corporate profitability and favorable financing conditions in the country will support its private investment while its consumption growth will also remain strong on the back of better employment prospects and lower uncertainty.
“One year after the deepest recession in recent history, Asia is leading the global recovery,” said Anoop Singh, Director of the IMF’s Asia and Pacific Department, at a seminar presentation hosted by Indian Council for Research on International Economic Relations (ICRIER). “Key economic indicators are now growing at or above long-term trends not only in China, but also in emerging Asia’s other economies with a large domestic demand base, like India and Indonesia.” Underpinning Asia’s strong performance are two factors. First, the global and domestic inventory cycle is likely to boost Asia’s industrial production and exports further for most of 2010 as final demand recovers in advanced economies. Second, although macroeconomic policies may become less accommodative in the region, private domestic demand is expected to remain robust thanks to sustained consumer confidence, high asset values, and a return of capacity utilization to more normal levels.
Risks to the baseline forecasts, however, remain tilted to the downside, the REO cautioned. They include the still fragile global recovery and Asia’s strong dependence on external demand. The regional report also noted that a more immediate risk is that market concerns about sovereign liquidity and solvency in the euro zone periphery may turn into a potentially contagious sovereign debt crisis. While Greece’s sovereign debt situation has so far not had a major impact on flows to the region, “the increase in global risk aversion and renewed pressures to deleverage could pose particular risks to Asian corporates and banks” that face relatively higher refinancing needs than in other regions, the report noted.
Chinese Version
Source: IMF
India to set up $11bn growth fund
May 14, 2010--India on Friday said it would set up an $11bn fund to invest in infrastructure in an effort to overcome one of the biggest constraints to the country’s accelerated economic growth.
The government aims to attract at least $4.4bn – about 40 per cent – from international pension funds, insurance funds, sovereign wealth funds and multilateral agencies, while the rest of the money would come from domestic sources.
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Source: FT.com
BSE trading session for gold ETF on Sunday
May 13, 2010--The Bombay Stock Exchange [ Images ] on Thursday said it will keep a special window open for trading in gold ETFs (exchange traded funds) on 'Akshaya Tritiya' day on May 16.
Historically, gold sales surge on 'Akshaya Tritiya', which is considered as an auspicious day for buying gold.
Keeping this in mind, the Bombay Stock Exchange will keep a special window open for trading in Gold ETFs May 16, the BSE said.
The exchange would keep the market open from 9 am to 3.30 pm on Sunday, for a special trading session in gold ETFs that are traded on the exchange's equity trading platform, a press release issued by BSE said.
Source: Online News
DB Index Research -- Weekly ETF Market Review - Asia-Pacific
May 12, 2010--Highlights
New Listings and Delistings
There are 216 equity based ETFs in the Asia Pacific region with 303 listings across 12 countries and 15 exchanges. Japan has the largest market share by AUM accounting for 42.72% of the whole market, whilst China has the largest market share by turnover with 36.05%.
There was one new listing in the last week. Hyundai Investments listed one new sector ETF in Korea Stock Exchange.
Turnover
Monthly average daily turnover rose 14.2% in the last week. Turnover for the previous week was USD 993m. The largest ETF by turnover was the China 50 ETF issued by China Asset Management with USD 204m accounting for 20.5% of total turnover.
Assets Under Management
AUM declined 2.9% in the previous week. AUM as of May 7th were USD 61.0bn. 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
Source: Aram Flores and Shan Lan -DB Index Research
April gold ETF volumes cross 10 tonnes
May 11, 2010--India's gold collection under exchange-traded funds more-than-doubled to cross the 10-tonne mark in April, when the yellow metal gained more than 5 percent, data from the funds showed.
Volumes crossed the 10-tonne mark for the first time since 2007, when Benchmark Mutual Fund launched its first gold ETF. Though gold collections under ETFs are growing, they remain miniscule against India's imports of about 400-700 tonnes.
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Source: Reuters
Ping An of China Asset Management (Hong Kong) Company Limited Launches PAragon CSI RAFI 50 ETF
May 10, 2010--Ping An of China Asset Management (Hong Kong) Company Limited (Ping An of China Asset Management or the Company), a subsidiary of Ping An Insurance (Group) Company of China, Ltd. (SEHK: 2318) (Ping An Group), is pleased to announce that the PAragon CSI RAFI 50 ETF (SEHK: 2818) (the Fund) has today commenced trading on the Main Board of the Stock Exchange of Hong Kong Limited (SEHK). PAragon CSI RAFI 50 ETF is the first ETF in Hong Kong to adopt the fundamental approach to stock weighting to track China A Shares market. The Fund is also Ping An of China Asset Management's first ETF in Hong Kong.
Benchmarked against the CSI RAFI 50 Index, PAragon CSI RAFI 50 ETF aims to achieve its investment objective by investing in a basket of securities that track the performance of the CSI RAFI 50 Index. Developed jointly by China Securities Index Co., Ltd (CSI) and Research Affiliates, the CSI RAFI 50 Index tracks the performance of the top 50 stocks on the Shanghai and Shenzhen bourses based on the economic scale of individual stocks as measured by their revenue, book value, cash flow and dividends.
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Source: China Securities Index Co
Financial Technologies Group's Three International Exchanges To Go Live In 2010 - The India Model For New Generation Financial Markets & Ecosystem Development Is Receiving Global Recognition For Its Transformational Impact On Economic Growth
May 4, 2010--Three greenfield International Exchanges of Financial Technologies Group, a leading global player in creating next-generation financial exchanges and ecosystem ventures, will be going live this year in 2010. SMX (Singapore Mercantile Exchange) will go live in August 2010, GBOT (Global Board of Trade, Mauritius) in September 2010 and BFX (Bahrain Financial Exchange) in October 2010.
Financial Technologies Group’s leadership in technology and domain expertise centered on financial markets and ecosystems coupled with global talent and management team and a world class competent board, and advisory board enables it to develop green field exchanges in fast growth economies. For new generation financial markets and ecosystem development, the ‘Made in India’ brand elicits the same global respect and reputation that ‘Made in Japan’ enjoys in automobiles and consumer electronics in international markets.
SMX, based out of Singapore will be regulated by MAS (Monetary Authority of Singapore), GBOT by FSC (Financial Services Commission, Mauritius) and BFX by CBB (Central Bank of Bahrain). SMX, BFX and GBOT as regulated market platforms will endeavor to be the enablers of financial inclusion through efficient transmission of fiscal and monetary policies of their respective governments and regulators and will democratize ‘access’ to financial products and services through cost-efficient distribution - ensuring that the benefits of globalization are propagated to the last mile. They aim to propagate inclusive and equitable growth and an investment cult in regions they operate in to further propel economic growth and job creation in their respective local markets
Jignesh Shah, Chairman and Group CEO, Financial Technologies Group said, "Asia, Middle East and Africa are among the fastest growing regions in the world and expected to continue to grow annually at 6% to 10% over next 25 years. Financial Technologies Group is perhaps the first company in the history of modern civilization to successfully set-up three green field regulated exchanges from ground-up which would go live in the same year. The scale of the vision is based on the „spice and silk routes? that used to connect trading and financial communities from Africa, Middle East, India and Asia centuries ago with the rest of the world. Singapore, Bahrain and Mauritius are ranked among the top International Financial Centers and are equivalent of „New York and London and Tokyo? of Asia, Middle East and Africa – the fastest growing economies in the world.. Financial Technologies Group is singularly positioned to proxy the growth of these economies."
SMX as an international Pan-Asian Exchange will offer a basket of commodities including bullion, base metals, energy, grains and soft agricultural produce, commodity indices, currencies and oil, as well as other financial instruments on its trading platform. SMX has also incorporated Singapore Mercantile Exchange Clearing Corporation (SMXCC), to be its clearing house to handle clearing, settlement and risk management functions. TOCOM’s (Tokyo Commodity Exchange) recently signed up with SMX to explore mutually-beneficial partnerships and expand its market reach is in line with SMX long-term strategy of being a ‘one-stop comprehensive product-range exchange’ which encompasses all physical and derivative commodity players during pan-Asian trading hours. 2
Thomas McMahon, CEO, SMX explained, "The Asian financial markets, though efficient in their own right, are fragmented structures and function in silos. SMX being an pan-Asian exchange from a reputed International Financial Center (Singapore) will enable efficient cross-border markets and price discovery in Asian time zone as well as globally."
BFX will be the first multi-asset exchange offering conventional, and Islamic financial products from the Middle East providing an avenue for global market participants to access alternate investment options in Shariah compliant financial instruments as well as conventional derivatives and cash products. BFX has also set up the BFX Clearing and Depository Corporation (BCDC), through which it will ensure seamless risk management to its end-users. BFX through its alliances with leading organizations like Bursa Malaysia, International Islamic Financial Market (IIFM, Accounting and Auditing Organization for Islamic Financial Institution (AAOIFI) and the General Council for Islamic Banks and Financial Institutions (CIBAFI) is poised to play a key role in deepening and broadening the Islamic Financial Markets.
Arshad Khan, CEO, BFX, said "As Islamic Financial Markets continue to grow, there is a need to respond to the challenges of standardization, transparency and risk management faced by global market participants. This calls for a robust Islamic exchange model, which BFX is looking to address in addition to bringing all the conventional financial products on a single trading and clearing platform."
Source: Financial Technologies
Shenzhen Stock Exchange Fundamental Index Series Come Into Being
May 5, 2010--Shenzhen Stock Exchange and China Securities Index Co., Ltd. announced that SZSE fundamental index series, including SZSE Fundamental 60 Index, SZSE Fundamental 120 Index and SZSE Fundamental 200 Index, would be released on May 10, 2010.
The fundamental index series were applied in A-share market by ranking 60, 120 and 200 companies listed on Shenzhen Stock Exchange according to four fundamental measures of company size: turnovers, cashflow, net assets and dividends. The fundamental index ranked stocks according to the four fundamental factors of company size to determine porfolio weight instead of depending on the fluctuations of market valuation in order to reduce the performance drag created by overweighting overvalued stocks and underweighting undervalued stocks. It broke the link between price and profolio weight. The rules for index compiling have been released on the webstie of Shenzhen Stock Exchange £¨www.szse.cn£©and China Securities Index Co., Ltd. £¨www.csindex.com.cn£©.
The fundamental index series were developed by China Securities Index Co., Ltd., and Shenzhen Securities Information Co., Ltd. also participated in the development.
The release of fundemental index series is expected to drive the further development and innovation of index products and acclerate the construction of multi-level capital market. The development of related ETF products and fund products also has been under preparation by fund companies.
Source: Shenzhen Stock Exchange
Chinese stocks hit pre-recovery low
May 5, 2010--China’s benchmark stock index fell to its lowest level in seven months on Wednesday as investors fretted about a series of government measures to cool the property market and a flood of new bank shares coming to market.
The benchmark Shanghai Composite Index fell as much as 2.3 per cent in morning trading to 2,770.674, its lowest level since last September when China’s economic recovery began to gather pace. However, the market began to recover in the afternoon and closed 0.8 per cent higher at 2,857.15
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Source: FT.com
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