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ASX to launch new ETF market making rebate scheme
July 12, 2010--The Australian Securities Exchange will introduce a new exchange-traded fund and exchange-traded commodity market making rebate scheme from 1 August 2010.
The new scheme will cover all ETFs and ETCs except those categorised by ASX as mature.
Currently only two products are deemed by ASX to be mature – STW and GOLD.
Interested trading participants will have a choice of becoming either an advanced market maker or regular market maker. Advanced market makers will be contracted to make markets on a tranche of ETF and ETC products whereas a regular market maker will have the option to pick which products they would like to be appointed to.
Source: ETF Express
Bursa Malaysia In Move To Support Exchange-traded Funds
July 9, 2010--Bursa Malaysia Bhd has rolled out several initiatives to support exchange-traded fund (ETF) listings and trading, which will help to improve the local market's liquidity and vibrancy.
Chief executive officer Datuk Yusli Mohamed Yusoff said it was the exchange's agenda to make the ETF environment as conducive and attractive as possible.
"We implemented a new market-making framework for ETFs to improve market efficiency and liquidity, as well as the process of price discovery. To date, we have five market makers among the participating organisations and are hoping that more will register as the need increases," he said.
He was speaking at the listing ceremony of the CIMB FTSE Asean 40 Malaysia and the CIMB FTSE Xinhua China 25 here today
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Source: Bernama.com
CIMB-Principal to list more ETFs
July 9, 2010--CIMB-Principal Asset Management Bhd plans to list more Exchange-Traded Funds (ETFs) in future, given the tremendous demand
for such funds globally, said Chief Executive Officer Campbell Tupling.
However, he said the plan would depend on the market acceptance for the initial listings of CIMB FTSE Asean 40 Malaysia and the CIMB FTSE Xinhua China 25 which debuted on Bursa Malaysia here today.
"We are looking to listing more ETFs. There are tremendous demand for this funds globally," he told reporters after the listing of both funds here today.
CIMB FTSE Asean 40 Malaysia opened at RM1.39, with 20,000 shares traded, while the CIMB FTSE Xinhua China 25 opened at RM1 with 15,000 shares changing hands.
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Source: Business Standard
Net outflows from funds continued in June
July 9, 2010--Domestic funds witnessed a net outflow for a successive month, in June, thanks to sucking out of money by banks and companies. Barring gold exchange traded funds, and liquid and money market funds, all other categories saw money flowing out of the fund houses' corpus.
According to the Association of Mutual Funds in India (Amfi), redemptions in June were Rs 1,19,449 crore. Income funds contributed the largest, with a net outflow of Rs 1,34,354 crore, followed by equity schemes at Rs 1,446 crore.
Liquid and money market funds had Rs 17,029 crore and Rs 59 crore as net inflows in June, respectively.
"The banks and corporates took out the funds in the later part of the month because of the quarter-end. Advance tax, 3G and BWA auctions were the major two factors responsible for money outflow," said Jaideep Bhattacharya, chief marketing officer at UTI Mutual Fund.
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Source: Business Standard
MSCI Japan Index-linked ETF to be Listed (managed by Nikko Asset Management Co., Ltd.)
July 7, 2010--Today, Tokyo Stock Exchange, Inc. (TSE) approved the listing of the "Listed Index Fund Japan Equity (MSCI Japan)", an ETF managed by Nikko Asset Management Co., Ltd.
| Code | 1544 (ISIN JP3047230002) |
| Name | Listed Index Fund Japan Equity (MSCI Japan) |
| Fund Administrator | Nikko Asset Management |
| Listing Date | July 27, 2010 |
| Trading Unit | 10 units |
| Underlying Index | MSCI Japan Index |
With this listing, there will be a total of 93 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.
Source: Tokyo Stock Exchange
Chi-X Japan Receives Launch Approval-Chi-X Japan's PTS license granted; trading expected to begin July 29
July 7, 2010--TOKYO, Jul 06, 2010 (BUSINESS WIRE) -- Chi-X(R) Global Inc. today announced that its Japanese subsidiary, Chi-X Japan Limited, has been granted a PTS (proprietary trading system) License by the Japan Financial Services Agency (FSA). Trading on the Japanese equities platform is expected to begin July 29.
Chi-X Global currently operates Chi-X Canada and is soon expected to launch Chi-East, the Chi-X Global / Singapore Exchange Limited joint venture that will be the region's first exchange-backed, non-displayed trading platform(1). Chi-X Global is a subsidiary of electronic trading pioneer Instinet Incorporated, which is the largest and founding shareholder of Chi-X Europe(2). Instinet is a wholly-owned subsidiary of Nomura Holdings, Inc.
Ron Gould, CEO for Chi-X Asia-Pacific, commented: "The new Chi-X market center for Japanese equities will give us the opportunity to introduce important benefits to a wide range of participants and investors in Japan. Chi-X Global's high-speed, low-cost and intelligent trading model is widely recognized as providing additional market liquidity, significantly reduced costs and improved execution performance. We're excited by the prospect of bringing these same benefits to investors in Japan."
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Source: Chi-X(R) Global
FTSE Xinhua Quarterly Index Review Results
Huatai Securities (A) to be added to FTSE/Xinhua China A 50 Index
No change to FTSE/Xinhua China 25 Index
July 7, 2010--, FTSE Xinhua Index (FXI) today announces the results of its quarterly index review. In the FTSE/Xinhua China A50 Index, which forms the basis of the world’s largest Chinese themed ETF, Huatai Securities (A Share, 601688) will replace Poly Real Estate Group (A Share, 600048).
Other changes were also approved for the FTSE Xinhua B 35, FTSE Xinhua 200, 400, Small Cap and Regional indices. Full details of the additions and deletions in the FTSE Xinhua Index Series can be found here. All the changes will take effect from Monday 19 July, 2010.
The FTSE Xinhua Index Series is reviewed quarterly in January, April, July and October by an independent index committee, comprising of local and international financial market experts in accordance with the index ground rules. The reviews ensure that the indices accurately reflect the markets they represent. This is essential as the indices are used to benchmark investment portfolios and as the basis of index-linked products.
The index series is widely regarded as the leading measure of the Chinese market by domestic and international investors. The FTSE/Xinhua China 25 and FTSE/Xinhua China A50 are used as the underlying indices for the largest Chinese themed ETFs globally with total assets at nearly USD 14 billion as at 1 July 2010.
More information about the FTSE Xinhua Index Series is available at www.ftsexinhua.com.
Source: FTSE
- FTSE RAFI Emerging Index Adopted by Daiwa Emerging Equity Fund
July 6, 2010--FTSE Group, the award-winning global index provider, has announced that its FTSE RAFI Emerging Index will be adopted by Daiwa Asset Management for an emerging market index fund being launched today. The Daiwa fund will be offered as a defined contribution (DC) pension investment option and will be the first to track the FTSE RAFI Emerging Index in Japan.
The FTSE RAFI® Emerging Index is part of FTSE Group’s range of investment strategy indices. Developed by FTSE and Research Affiliates (RAFI), the index selects and weights constituents using four fundamental factors - dividends, cash flow, sales and book value - rather than market capitalisation. The index is designed to provide investors with a tool to enable investment in emerging markets whilst using a fundamental weightings methodology.
Mr. Hiroyuki Nitta, General Manager of Daiwa Asset Management said, “By working with FTSE to jointly develop an innovative fundamental index fund for emerging equity markets, it’s with great pleasure that we are to be able to offer a broader investment choice to investors who participate in DC pension plans.”
Paul Hoff, Managing Director, FTSE Asia Pacific Business Development added, “Institutional investors globally have shown significant interest in non-market cap index strategies. FTSE is proud to be working closely with an industry leader, Daiwa Asset Management, to provide investors with a first-ever opportunity to access emerging markets via the fundamentally weighted FTSE RAFI Emerging Index.”
Source: FTSE
ETFs tough to White Label
July 6, 2010--Following the rising interest in Exchange Traded Funds (ETFs) in Australia, some financial planning groups are considering having their own branded ETFs - but that could be hard to do in practice due to structural issues, according to one ETF expert.
Tom Keenan, director at iShares in Australia, said many financial planning dealer groups are seeking to white label an ETF - just as they've white labelled other fund products including structured products and managed accounts.
Keenan said, however, white labelling ETFs is nearly impossible because each ETF requires its own separate listing on the ASX, which then requires additional market makers to generate liquidity.
"It's something that's never going to happen. It's needs its own code on the ASX and the market makers and liquidity is compromised because you would have very small activity on that one ETF," he said.
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Source: Financial Standard
Barclays in talks with China fund managers on ETFs
"The next step will be working with asset managers to develop the products, and we are in discussions with some local asset managers," Waqas Samad, Head of Index, Portfolio and Risk Solutions of Barclays Capital, told reporters in Shanghai.
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July 5, 2010-- Barclays Capital is in talks with several Chinese fund managers to develop cross-border exchange-traded funds to be listed on the Shanghai bourse as China seeks to widen channels for its growing yuan savings.
Barclays Capital, the investment banking arm of Barclays Bank Plc
ETFs are index funds that trade just like stocks on major stock exchanges.
Source: Reuters
