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Shanghai exchange completes draft rules for global board
March 8, 2010--The Shanghai Stock Exchange (SSE) has completed draft rules governing the listing and trading of overseas-based companies, chairman Geng Liang said yesterday, as China moves closer to the international board launch.
The new so-called international board would allow foreign-domiciled companies to make initial public offerings in China.
The draft rules are subject to change and public opinion will be sought in due course, but there's no official timetable for the launch of the new board, Geng told a news briefing on the sidelines of the National People's Congress in Beijing.
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Source: Business Times
China’s Foreign ETF Plan Signals Market Reform, West China Says
March 8, 2010--China’s plan to introduce exchange- traded funds that track overseas stock indexes signals a push to create more opportunities for investors as the market matures, according to West China Securities Co.
The Shanghai Stock Exchange will try to introduce exchange- traded funds that track foreign indexes this year, Chairman Geng Liang said at a briefing in Beijing yesterday, without disclosing the indexes.
“This is the way China is gradually relaxing control over overseas investment and the first destination for overseas ETF funds will probably be the Hong Kong market, because of familiarity,” said Wei Wei, an analyst at West China Securities in Shanghai. “Investors will have more options to invest overseas.”
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Source: Bloomberg
China cautions against expecting fast yuan rise
March 8, 2010--Any rise in the yuan’s exchange rate will be gradual, China’s trade chief said on Monday in comments that underline the competing interests at the heart of Chinese policy-making.
Commerce Minister Chen Deming said a halt to the yuan’s appreciation since mid-2008 was part of a panoply of pro-growth policies to prop up the economy during the global credit crunch.
China has effectively re-pegged its exchange rate at around 6.83 yuan per dollar since mid-2008 to help its exporters during the global financial crisis and is under intense pressure from the United States and Europe to abandon the peg.
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Source: Todays Zaman
Hua An licenses the FTSE 100 for their first international ETF in China
March 8, 2010--FTSE Group (FTSE), the global index provider, today announces it has licensed the FTSE 100 for the first international Exchange Traded Fund (ETF) to be listed by Hua An Asset Management (Hua An) on the Shanghai Stock Exchange (SSE). By working with fund managers in China such as Hua An, FTSE brings its global index standards to China to provide best in class indices as the basis for ETFs and other products for QDII investors. By understanding the unique investment needs of Chinese investors FTSE is able to facilitate new investment opportunities in global markets in partnership with local managers.
FTSE is a leading provider of indices for ETFs globally with over approximately 45 billion in ETF assets linked to FTSE indices and is the market leader of China indices with over approximately USD 18 billion invested into products that track FTSE’s China themed indices. As both a global and regional index expert FTSE has been able to build a successful business that address the investment challenges of international and domestic investors.
FTSE’s Chief Executive Mark Makepeace, comments “We are delighted to be working with Hua An on their first ETF that enable investment into global markets. This is an exciting time in China as the infrastructure and regulatory framework develops to provide Chinese investors access to global markets. FTSE is pleased to be part of this process and, as a pioneer in the China market, looks forward to building on this success.”
FTSE continues to work closely with Chinese market participants for QDII needs and has also signed a data license agreement with the Shanghai and Shenzhen stock exchanges.
The FTSE 100 is recognised as the definitive blue chip index for the UK market representing approximately 85% of the UK market capitalisation. It is the index of choice for investors who wish to access the UK market and is used extensively as a basis for investment products, such as tracker funds, derivatives, ETFs, and other structured products.
Source: FTSE
Hong Kong Bourse Outlines Renminbi-Based Strategy
March 5, 2010-Hong Kong Exchanges & Clearing will offer Chinese renminbi-denominated products and plans to become a primary channel for investing by Chinese nationals overseas, Bloomberg News reported.
Asia’s third-largest exchange is studying renminbi products, particularly in fixed income, exchange-traded funds and derivatives, according to a strategy document issued with earnings yesterday.
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Source: NY Times
Presentation by HKEx Chief Executive Charles Li and Financial Controller Vincent Kwong on 2009 Final Results Announcement and Strategic Plan 2010-2012
March 4, 2010--Presentation by HKEx Chief Executive Charles Li and Financial Controller Vincent Kwong on 2009 Final Results Announcement and Strategic Plan 2010-2012
view the 2009 Results Announcement and Strategic Plan 2010-2012
Source: HKEx
SFC to adopt new short-position reporting regime
March 4, 2010--In a set of consultation conclusions released today, the Securities and Futures Commission (SFC) announced that after taking into account industry feedback and the domestic market situation, it will introduce a short-position reporting regime to enhance transparency of short-selling activities in Hong Kong.
The SFC received 21 responses from market participants to its 31 July 2009 consultation paper on increasing short-selling transparency which discussed two possible approaches: enhancing the existing transactional reporting regime and implementing a new short-position reporting model.
“A build-up of large short positions may be potentially disruptive to market stability,” said the SFC’s Chief Executive Officer Mr Martin Wheatley. “A short-position reporting regime will not only complement Hong Kong’s robust short-selling regulatory framework but will also provide a more complete picture of short-selling activities in our market.”
Under the proposed regime, the reporting obligation will be triggered if a short position is equal to or exceeds, 0.02% of the issued share capital of a listed company, or a market value of $30 million, whichever is lower. Weekly reports must be submitted to the SFC until the short position falls below both trigger levels. The SFC will publish aggregated short positions of each stock on an anonymous basis a week later.
The proposed short-position reporting regime will only be applicable to constituent stocks of the Hang Seng Index, the H-shares Index, financial stocks and other stocks specified by the SFC. Derivatives will not be included.
The new reporting model will be implemented by a new subsidiary legislation, on which the SFC will be consulting the public in due course.
view the Consultation Conclusions on Increasing Short Position Transparency
Source: Securities and Futures Commission (SFC)
DB Index Research -- Weekly ETF Reports - Asia-Pacific
March 3, 2010--Highlights
Market Overview
There are 205 equity based ETFs in the Asia Pacific region with 280 listings across 12 countries and 15 exchanges. Japan has the largest market share by AUM accounting for 41.16% of the whole market, whilst China has the largest market share by turnover with 42.33%.
There were eight new listings in the last week. Deutsche Bank AG listed six new ETF on Hong Kong Stock Exchange. Samsung Investment Trust Management and Nikko Asset Management listed one new ETF each on Korea Stock Exchange and Tokyo Stock Exchange, respectively.
All the new listings were Primary listings except those issued by Deutsche Bank AG.
Turnover
Monthly average daily turnover declined 7.1% in the last week. Turnover for the previous week was USD 807m. The largest ETF by turnover was the China 50 ETF issued by China Asset Management with USD 202m accounting for 25.1% of total turnover.
Assets Under Management
AUM declined 2.8% in the previous week. AUM as of March 1st were USD 58.9bn. The largest ETF by AUM is the TOPIX ETF managed by Nomura Asset Management with AUM of USD 6.1bn.
To request a copy of the report
Source: Aram Flores and Shan Lan -DB Index Research
Shanghai exchange aims to launch overseas ETFs soon
March 3, 2010--The Shanghai Stock Exchange will launch trading of exchange traded funds (ETFs) based on overseas stock indexes as soon as possible, the exchange's chairman Geng Liang said on Thursday.
In January, the exchange's president Zhang Yujun said the Shanghai exchange aimed to launch an ETF based on Hong Kong-based H shares this year,
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Source: Reuters
Publication of the Revision on the Designation of the International Financial Reporting Standards for their Voluntary Application in Japan
March 3, 2010--The Financial Services Agency (FSA) completed the public consultation and updated the list of Designated International Financial Reporting Standards (IFRSs), allowing all IFRSs and International Financial Reporting Interpretations Committee (IFRIC) interpretations approved and issued by the International Accounting Standards Board (IASB) on or before December 31, 2009, to be used in the voluntary application of IFRS in Japan by certain Japanese listed companies (“Specified Companies”) starting from the consolidated fiscal years ending on or after March 31, 2010. During the public consultation period, the FSA received 6 sets of comments, which did not oppose to the proposed list of Designated IFRSs, and the FSA has decided to update the list of Designated IFRSs as proposed.
1. Background
On December 11, 2009, the FSA published a set of revised Cabinet Office Ordinances for the voluntary application of IFRS in Japan. With this revision, Japanese listed companies which meet certain requirements (“Specified Companies”) will be given the option to prepare their consolidated financial statements, starting from the consolidated fiscal years ending on or after March 31, 2010, by applying IFRSs designated by the Commissioner of the FSA through public notice.
(Note) The Commissioner of the FSA will designate and publish in the Official Gazette, those IFRSs published by the IASB which are recognized as having been approved and issued through fair and reasonable due process and are expected to be considered as being fair and appropriate financial reporting standards from the viewpoint of investor protection and market integrity in Japan (“Designated IFRSs”). The official designation is preceded by a public consultation process to listen to a wide range of stakeholders and reflect their views in the decision making. On December 11, 2009, the Commissioner of the FSA designated after such public consultation the entire IFRSs and IFRIC interpretations approved and issued by the IASB, on or before June 30, 2009.
The FSA put under public consultation the draft of the revised Regulatory Notices, etc. from January 20 to February 22, 2010, with an intention to update the list of Designated IFRSs for their voluntary application in Japan.
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Source: FSA.go.jp
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