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S&P quits Australian retail market

November 18, 2009--Ratings agency Standard & Poor's (S&P) has announced it will quit the Australian retail market, limiting its advice to wholesale investors after Australia's corporate watchdog said it would make ratings agencies more accountable for the advice they give.

While announcing it had withdrawn its application for a retail Australian Financial Service Licence (AFSL), S&P said it would apply for a wholesale license, under the terms of the new regulatory framework being introduced by the Australian Securities and Investments Commission (ASIC).

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DB Index Research -- Weekly ETF Reports -- Asia-Pacific

November 17, 2009--Highlights
Market Overview
There are 190 equity based ETFs in the Asia Pacific region with 249 listings across 12 countries and 15 exchanges. Japan has the largest market share by AUM accounting for 39.83% of the whole market, whilst China has the largest market share by turnover with 47.06%.

There were no new listings in the last week.

Turnover
Monthly average daily turnover remained at about the same level in the last week. Turnover for the previous week was USD 1022m. The largest ETF by turnover was the China 50 ETF issued by China Asset Management with USD 272m accounting for 26.6% of total turnover.

Assets Under Management
AUM remained at about the same level in the previous week. AUM as of Nov 16th were USD 61.1bn. The largest ETF by AUM is the iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker, managed by BGI, with AUM of USD 6.7bn.

To request a copy of the report click here

First A-share Industry Sector ETFs to Debut on HKEx

November 17, 2009--Hong Kong's Exchange Traded Fund (ETF) market further expands with a series of five Mainland A-share industry sector ETFs setting to debut on Wednesday, 18 November on the Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx).

The new Mainland A-share index ETFs are:

With the listing of these five new ETFs, there will be a total of eight ETFs on Mainland A-share indices listed on the Exchange, and HKEx will be the first exchange with Mainland A-share industry sector ETFs.

All ETFs listed on the Exchange, including these five new iShares listings, are designated for market making and for short selling with tick rule exemption. The market makers for these five ETFs are Citigroup Global Markets Asia Limited, Credit Suisse Securities (Hong Kong) Limited and UBS Securities Hong Kong Limited.

On 18 November, the Exchange will have listed 42 ETFs. There are eight ETFs on Mainland A-share indices, seven on Hong Kong equity indices, 22 on other regional and international equity indices, two on commodities and three on bonds and money markets.

The three other Mainland A-share index ETFs are:

Investors should note that all A-share ETFs use derivative instruments to synthetically replicate the performance of the underlying benchmarks. These ETFs are subject to counterparty risk of the derivative instruments' issuers and may suffer losses if such issuers default or fail to honour their contractual commitments. For a better understanding of the risks involved, investors are advised to read the ETFs' prospectuses in full prior to making any investment decisions. Information on the various risks of ETFs and their structures is available on the HKEx website.

More Real-time Derivatives Market Data Now Available to Investors

November 17, 2009--Hong Kong Exchanges and Clearing Limited (HKEx) has enriched the content of the Price Reporting System (PRS), the system HKEx uses to transmit real-time derivatives market data to end-users through authorised information vendors.
The enriched content was released for use on 31 October this year and operations ran smoothly throughout the two-week stabilisation period which ended last Saturday (14 November).

The main objective of the change was to enhance the transparency of HKEx's derivatives market by enriching the content of the PRS. The newly added content includes the following:

Information on standard combination series available for trading on the derivatives market - the PRS now provides the best five quotations on both the buy and sell sides of standard combination series, which are usually actively traded for position rollover before the expiry day;

Accumulated contract volume of block trades for each series;

Market status - indicates status of a market during a trading day (such as market open and market closed);

Product status - indicates where status of trading in a particular product has changed (for example, from "suspended" to "resumed");

High priority market messages - HKEx can now use the PRS to disseminate important market messages to investors through information vendors; and

Other new content, including the opening price (the price of the first trade of the current trading day) and net open interest for each series on the current trading day.

Information services provided by different information vendors may vary and not all information vendors at present have included the new content in their services. Exchange Participants and investors interested in the added content may contact their information vendors directly for further details.

HKEx will continue to review its information systems from time to time and upgrade its information services to meet changing market needs.

CME Group, KRX Announce After-Hours Access To KOSPI 200 Futures On CME Globex - Companies Also Pursuing Potential Order-Routing Initiative

November 16, 2009--CME Group, the world's largest and most diverse derivatives marketplace, and the Korea Exchange Inc. (KRX), a premier capital marketplace for Northeast Asia, today announced the launch of the first phase of their program to provide customers with after-hours access to KOSPI 200 Futures hosted on the CME Globex electronic trading platform by routing orders through KRX Unified System for Global (USG) trading.

In addition, Chicago Mercantile Exchange (CME) and KRX also indicated their commitment to pursue a potential bi-directional order routing initiative, based on the model CME Group has implemented successfully with BM&FBOVESPA in Brazil. This initiative is subject to regulatory approvals. Building on CME Group's track record of successful relationships, volume routed through CME Globex now accounts for more than 25 percent of trading activity in BM&FBOVESPA's stock index futures contracts.

"The launch of after-hours trading for KOSPI 200 Futures on CME Globex is a significant achievement, and we are proud to partner with KRX to deliver this advancement in Korean capital markets," said Phupinder Gill, CME Group President. "Through this initiative, we will work with KRX to create opportunities to expand access and increase distribution of both exchange's products globally. Our partnership with KRX is another example of CME Group's commitment to Asia and to expanding our services to customers around the world."

"This after-hours trading for KOSPI 200 Futures on CME Globex is a big breakthrough for the global expansion of the KRX derivatives market," said Chang-ho Lee, Acting Chairman and CEO of KRX. "In this regard, I'm very glad that we can provide the enhanced tool of 24-hour risk management to customers and the opportunity of a new revenue source to members."

As phase one of this multi-phase program is completed, KRX clearing members will have access to the KOSPI 200 Futures market via the USG. Direct access through global CME Globex connections is subject to regulatory approvals.

The KOSPI 200 comprises the 200 largest publicly-traded companies on the Korean Exchange. This index is seen as a barometer of the overall movements of the Korean stock market, and is used to benchmark the performance of investors and funds in the Korean market. According to the first half of 2009 statistics compiled by Futures Industry Association, KOSPI 200 Futures is the 6th most traded index futures in the world in terms of trading volume, with 43.9 million contracts.

For additional information about KOSPI 200 Futures on CME Globex, visit: http://eng.krx.co.kr/index.html

Support of the MIFC Initiative, Aims to Boost Growth Islamic Finance Market And Opportunities In Korea

November 16, 2009--The Korea Exchange (KRX) and Bursa Malaysia will be playing host to the Korean investment bankers, advisers, issuers and institutional investors at its inaugural KRX-Bursa Malaysia Islamic Capital Market Conference, which will be held on 19 November 2009 in Seoul, Korea. This conference which is co-organised in support of the Malaysia International Islamic Financial Centre (MIFC) initiative, aims to share Malaysia's Islamic finance experience and to promote the opportunities in the Malaysian Islamic capital market landscape. This collaborative effort hopes to strengthen the growth opportunities of Islamic finance amongst the discerning Korean investors and issuers.

This conference is timely as there is a strong interest for Korea to grow the Islamic finance industry, following from the proposed liberalisation measures by the Korean government which are aimed to allow the issuance of Islamic bonds or sukuk as well as allow incomes from sukuk to be tax-exempted. These proposed laws are expected to be passed by the Korean government's National Assembly later this year.

In conjunction with the KRX-Bursa Malaysia Islamic Capital Market Conference, delegates of the MIFC initiative, which comprises senior management of Bank Negara Malaysia (Central Bank of Malaysia), Securities Commission Malaysia and Bursa Malaysia, will be participating in the conference. Malaysia acknowledges Korea as a potential Islamic financial market and welcomes Korea's participation in shaping the Islamic finance landscape together, via leveraging on Malaysia's more than 30 years of experience in developing the world's most comprehensive Islamic financial system.

Chief Executive Officer of Bursa Malaysia Berhad, Dato' Yusli Mohamed Yusoff said, "We hope this conference will stimulate interest in the Shari'ah compliant products which are currently in demand from investors who are seeking returns from alternative and ethical investments. In addition, this visit by the delegates from the MIFC will pave the way for more opportunities to exchange ideas in Islamic finance and forge greater working relations between Korea and Malaysia for the interest of growing this important industry. We are confident that the Malaysian and Korean authorities as well as KRX and Bursa Malaysia would be able to leverage on our respective strengths in the establishment of an Islamic capital market in Korea."

This KRX-Bursa Malaysia Islamic Capital Market Conference is expected to attract 200 participants and will provide a platform for all attendees to gain an insight into the outlook and trends of Islamic capital markets. Key discussion topics will centre around the liberalisation of Islamic financial markets, investment and business opportunities in Islamic capital market, the Islamic finance landscape and framework as well as the growth of Islamic finance products in Asia and globally.

Broker Newedge opens first India office

November 16, 2009 - Newedge, a global leader in multi-asset brokerage, today announced the launch of Newedge Broker India Private Limited, a securities company based in Mumbai.

The company is focused on providing financial derivatives and cash equities to institutional foreign investors. Newedge Broker India Private Limited employs 20 staff and holds membership and licenses to trade on the NSE (National Stock Exchange of India) and BSE (Bombay Stock Exchange).

"The new entity brings to India a separate and distinct brand which is recognized globally as a leader in the broking industry. The change in structure is significant and provides a platform for further expansion in India," said Jerome Burban, Managing Director of Newedge India Broker Ltd.

Burban said the company is eager to expand its foreign client base while increasing exposure to domestic institutional clients. Another area of potential growth is through the introduction of commodity products, which is aimed at capitalizing on rising interest in India, he added.

Newedge has identified India, alongside China, as a priority for expansion as the company continues to grow its business. Expectations for additional growth are backed by the rise in volumes on India's financial markets. The NSE ranked number 8 in the Top Derivatives Exchanges in 2008, with two of its contracts in the top 10 among Equity Index Futures and Options.

"The establishment of an India entity is a proud achievement and a logical step for a global company such as Newedge looking to reinforce its position as one of the world's biggest futures brokers," said Patrice Blanc, Chief Executive Officer of Newedge. "Our operations in India will prove important for all our clients as they can benefit from our mix of local knowledge, market expertise and proximity to the exchanges and regulators."

India: Mutual funds to trade on stock exchanges

November 13, 2009--Soon you will be able to buy mutual fund products from registered brokers, just as you do stocks and shares.

The Securities and Exchange Board of India (SEBI) on Friday said mutual funds could also be traded on stock exchange terminals, and the units held in dematerialised form.

“Units of mutual fund schemes may be transacted through registered stock brokers of recognised stock exchanges. Such brokers will be eligible to be considered as official points of acceptance,” the regulator said.

SEBI said this was aimed at extending the reach of mutual funds to rural areas, small towns.

Fixed income funds take the lead in October

November 12, 2009--Fixed income funds saw the largest net inflows among all fund categories in October.

Fixed income funds saw inflows of Rs 1,51,271 crore, pushing the total net inflows of domestic mutual funds to Rs 1,41,291 crore. In October last year, the fixed income category had witnessed net outflows of Rs 52,820 crore.

“This is mainly due to the institutional money which slipped out of the system in September and came back in October,” said a manager of a fixed income fund.

The inflows were mainly in ultra short-term funds, said another manager.

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DB Index Research -- Weekly ETF Reports -- Asia-Pacific

November 11, 2009--Highlights
Market Overview
There are 190 equity based ETFs in the Asia Pacific region with 249 listings across 12 countries and 15 exchanges. Japan has the largest market share by AUM accounting for 40.45% of the whole market, whilst China has the largest market share by turnover with 46.89%.

There were three new listings in the last week. CCB Principal Asset Management Co Ltd listed 1 new ETF on the Shanghai Stock Exchange. Hyundai Investments listed 1 new commodity based ETF and Samsung Investment Trust Mg listed 1 new ETF on the Korean Stock Exchange.

Turnover
Monthly average daily turnover rose 15% in the last week. Turnover for the previous week was USD 1027m. The largest ETF by turnover was the China 50 ETF issued by China Asset Management with USD 270m accounting for 26.3% of total turnover.

Assets Under Management
AUM rose 2.6% in the previous week. AUM as of Nov 9th were USD 60.5bn. The largest ETF by AUM is the iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker, managed by BGI, with AUM of USD 6.6bn.

To request a copy of the report click here

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