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DB Index Research -- Weekly ETF Reports -- Asia-Pacific
February 3, 2010--Highlights
Market Overview
There are 202 equity based ETFs in the Asia Pacific region with 267 listings across 12 countries and 15 exchanges. Japan has the largest market share by AUM accounting for 41.05% of the whole market, whilst China has the largest market share by turnover with 45.65%.
There was one new listing in the last week. China International Capital Corp. listed one new ETF in Hong Kong Stock Exchange.
Turnover
Monthly average daily turnover rose 6.7% in the last week. Turnover for the previous week was USD 1070m. The largest ETF by turnover was the China 50 ETF issued by China Asset Management with USD 303m accounting for 28.3% of total turnover.
Assets Under Management
AUM declined 2.3% in the previous week. AUM as of Feb 1st were USD 59.4bn. The largest ETF by AUM is the TOPIX ETF managed by Nomura Asset Management with AUM of USD 6.2bn.
To request a copy of the report
Source: Aram Flores and Shan Lan -DB Index Research
The Securities and Exchange Commission supports the launch of gold exchange-traded funds-Thailand
February 1, 2010--The securities watchdog plans to encourage gold shops to join the move designed to develop the capital market further.
The SEC's board outlined two types of gold ETFs - feeder funds and mutual funds.
A feeder fund invests in overseas funds that focus on gold investment. The Bank of Thailand's permission is required for outflows.
A mutual fund invests directly in domestic gold bullion.
The mutual fund must secure certification services from qualified parties and efficient bullion custodians, to ensure gold quality and storage efficiency.
read more
Source: The Nation
First overseas ETF tracking SZSE Index to list in Hong Kong
February 1, 2010--Today, CICC-SZSE 100 Index Fund (CICC-SZSE 100ETF), the first overseas ETF tracking SZSE index will list on Hong Kong Stock Exchange, with the trading code: 3051. The fund will be managed by CICC Hong Kong Asset Management Company, tracking the SZSE 100 index which is released by the SZSE and managed by Shenzhen Securities Information Co., Ltd..
The listing of SZSE 100ETF in Hong Kong is the substantial measure to carry out the arrangement to establish the closer economic and trade relationship between Mainland and Hong Kong, strengthen the cooperation between Shenzhen-Hong Kong securities markets; and on the other hand, it also will provide the new platform for overseas investors to better understand and invest in China multi-layered capital markets.
The SZSE 100 index is one of the core indexes compiled by the SZSE, standing for the “multi-layer, high-growth and innovation” characteristics of Shenzhen market. By the end of 2009, only three funds tracking SZSE 100 index had been issued in the Mainland, with the asset size totaling 47 billion yuan. Among the funds, E-Fund SZSE 100ETF listed on the SZSE ranked No. 1 in the index fund performance, getting the fourth place in the open-ended fund performance respectively in 2007, 2009.
Source:Shenzhen Stock Exchange
Korea pension fund widens its horizons
February1, 2010--South Korea’s National Pension Service is going global.
Although the NPS is already the world’s fifth- biggest pension fund, only $24bn of its $240bn portfolio is invested abroad.
The investments are predicted to hit $1,000bn shortly after 2020.
read more
Source: FT.com
iShares Unveils Mainland China ETFs
January 29, 2010--iShares is introducing a series of ETFs for global investors to tap the mainland Chinese market, MENA FN reports. The new offerings, which are based on CSI indexes, will enable broader access to large and mid-cap China A-Shares, with companies incorporated in mainland China.
The ETFs include the iShares CSI A-Share Energy Index ETF, Financials Index ETF, iShares CSI A-Share Infrastructure Index ETF, iShares CSI A-Share Materials Index ETF and iShares CSI 300 A-Share Index ETF.
read more
Source: emii.com
First overseas ETF tracking SZSE Index to list in Hong Kong
January 29, 2010--Today, CICC-SZSE 100 Index Fund (CICC-SZSE 100ETF), the first overseas ETF tracking SZSE index will list on Hong Kong Stock Exchange, with the trading code: 3051. The fund will be managed by CICC Hong Kong Asset Management Company, tracking the SZSE 100 index which is released by the SZSE and managed by Shenzhen Securities Information Co., Ltd..
The listing of SZSE 100ETF in Hong Kong is the substantial measure to carry out the arrangement to establish the closer economic and trade relationship between Mainland and Hong Kong, strengthen the cooperation between Shenzhen-Hong Kong securities markets; and on the other hand, it also will provide the new platform for overseas investors to better understand and invest in China multi-layered capital markets.
The SZSE 100 index is one of the core indexes compiled by the SZSE, standing for the “multi-layer, high-growth and innovation” characteristics of Shenzhen market. By the end of 2009, only three funds tracking SZSE 100 index had been issued in the Mainland, with the asset size totaling 47 billion yuan. Among the funds, E-Fund SZSE 100ETF listed on the SZSE ranked No. 1 in the index fund performance, getting the fourth place in the open-ended fund performance respectively in 2007, 2009.
Source: Shenzhen Stock Exchange
ASX information paper: Capital Raising in Australia
January 29, 2010--ASX released an information paper today on capital raising in Australia and some other major markets during the global financial crisis.
It provides a description of the framework for capital raising in Australia, the methods used by companies, and how they employed these tools through the crisis. It examines some of the criticisms that have been levelled at particular equity capital raising mechanisms. The paper draws the following conclusions:
• The board of directors (given their legal obligations to act in the best interest of the company as a whole) is the appropriate body to decide which capital raising mechanism to adopt in particular circumstances.
• The range of considerations to ensure that the decision is in the interests of the company as a whole include: the size and urgency of the funding required, the market conditions at the time of the raising, the overall cost of capital associated with the option chosen, the costs and availability of alternate sources of funding, the availability of underwriting support, and the interests of all existing and potential shareholders.
• The flexibility of Australia’s capital raising arrangements served Australia’s real economy well during the GFC. It enabled companies, particularly in the finance sector, to replace debt financing and shore up balance sheets at a time of volatility and financing uncertainty, when many global banks required government capital injections.
• During the worst of the GFC, companies placed a heavier weighting on speed and certainty in their choice of capital raising, making greater use of placements to access capital in a short time period to minimise the market risks associated with a capital raising at a time when retail investor risk appetite was sharply reduced.
• As market conditions stabilised, the weighting they applied to ‘fairness’ to all shareholders increased and the relative attractiveness of pro-rata issues rose, particularly accelerated rights offers. These enabled companies to access the majority of capital from institutional investors in a short time horizon, while also providing retail investors with the opportunity to participate in the offering on similar terms, but with a longer time period to consider their position.
• Companies should, where possible, seek to minimise the dilution of existing retail shareholders. Some companies have sought to address such issues in recent times by offering a share purchase plan alternative to retail investors.
view the Capital Raising in Australia:
Experiences and Lessons from
the Global Financial Crisis
Source: ASX
Public Consultation on the Designation of the International Financial Reporting Standards for their Voluntary Application in Japan
January 29, 2010--The Financial Services Agency (FSA) made available today an English translation of the draft of revised Regulatory Notices, etc. which intended to update the list of designated IFRSs for the voluntary application of IFRSs in Japan, in order to facilitate the public consultation process on this issue started on January 20, 2010
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.
http://www.fsa.go.jp/en/news/2009/20091211-8.html
(Note) The Commissioner of the FSA will designate and publish in the Official Gazette, those IFRSs published by the International Accounting Standards Board (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”). On December 11, 2009, the Commissioner of the FSA designated the entire IFRSs and International Financial Reporting Interpretations Committee (IFRIC) interpretations approved and issued by the IASB, on or before June 30, 2009
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Source: FSA JAPAN
MAS Issues Consultation Paper on Regulatory Regime for Listed and Unlisted Investment Products
January 28, 2010--MAS is consulting the public on a revised package of proposals to enhance safeguards for retail customers for a wider range of investment products.
2. On 12 March 2009, MAS issued a consultation paper on the sale and marketing of unlisted investment products. MAS carefully reviewed and considered feedback received on the consultation paper and published our responses to the feedback in two parts. The first part of our response was published on 8 September 2009 and we published the second part of our response today.
3. In the March 2009 consultation paper, MAS had indicated our intention to consider whether enhancements would also be required for listed investment products. After careful consideration, MAS has decided to issue revised proposals aimed at enhancing the safeguards for retail customers covering a wider range of investment products. They will apply to both listed and unlisted investment products.
4. Under the revised proposals, MAS will impose a new obligation on financial advisers and brokers to formally assess a retail customer's investment knowledge or experience before selling investment products to the customer. Customers who do not have the relevant knowledge or experience in specific unlisted investment products must be given financial advice before being able to purchase the product. In the case of listed investment products, additional safeguards will be required when brokers approve trading accounts for customers who are assessed not to possess the relevant knowledge or experience in derivatives. These new obligations will apply for all investment products other than a list of products which are already established in the market and generally understandable by retail investors. MAS will prescribe the list of products that will be excluded from the new obligations.
5. Additional proposals include:
(i) Expanding the scope of the CMFAS examination module that was planned for the three classes of unlisted "complex investment products" consulted in March 2009 to cover other non-excluded investment products; and (ii) Requiring issuers of debentures which are asset-backed securities and structured notes, collective investment schemes and sub-funds of investment-linked life insurance policies to prepare Product Highlights Sheets.
6. In developing this revised package of proposals, MAS has considered the views and comments from the public, investors, market practitioners and industry associations.
7. Most of the proposals will require legislative amendments. Subject to feedback received from this consultation, MAS will encourage financial institutions intending to sell investment products before legislative implementation of the proposals to adopt the proposed safeguards as good practice in conducting business with retail customers.
8. MAS invites interested parties to give their views and comments on the proposals contained in the Consultation Paper. (Click here to view the consultation paper) The consultation period will end on 12 March 2010.
View the First Consultation Paper on the Review of the Regulatory Regime Governing the Sale and Marketing of Unlisted Investment Products
Source: Monetary Authority of Singapore (MAS)
MAS Issues Second Part of Response to Feedback on Proposals to Strengthen the Regulation of the Sale and Marketing of Unlisted Investment Products
January 28, 2010--MAS has issued the second part of its response to the feedback on the proposals in the Consultation Paper on the Review of the Regulatory Regime Governing the Sale and Marketing of Unlisted Investment Products, which was published on 12 March 2009.
2. The first part of MAS' response was published on 8 September 2009. MAS has received supportive and useful feedback from consumers and the industry, and thanks all respondents for their comments and feedback.
3. The second part of MAS' response addresses feedback on the following proposals:
(i) introducing a definition of "complex investment products", risk rating of retail investment products, mandatory advice for the sale of complex investment products, and “health warnings” for complex investment products; (ii) remuneration structures for the sale of investment products; (iii) appointing an approved trustee for unlisted debentures; and (iv) strengthening MAS' powers to investigate and take regulatory actions.
4. In place of the complex investment products regime, MAS has developed a revised package of proposals that will apply to both listed and unlisted investment products. MAS will be conducting a separate consultation on the revised proposals.
5. Please click here to view the second part of MAS' response to the feedback received
Source: Monetary Authority of Singapore (MAS)
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