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HSBC makes further changes to Asia business
October 13, 2009--HSBC has made a series of changes to its senior level management team in light of its decision to transfer Michael Geoghegan, chief executive, to Hong Kong.
In a move designed to strengthen further the bank’s position in Asia, Mark McCombe, currently chief executive of HSBC’s global asset management arm, will join Mr Geoghegan in February next year as chief executive of the bank’s Hong Kong arm.
John Flint, group treasurer and deputy head of global markets, will replace him at the helm of HSBC’s asset management unit.
Bosera Asset Management to design blue chip index ETF
October 13, 2009--Bosera Asset Management has been authorised to develop an exchange-traded fund based on the Shanghai Stock Exchange Mega-cap Index.
The index represents the share prices of 20 blue chips with the largest market capitalization and highest fluidity on the SSE, including Industrial and Commercial Bank of China, China Petroleum & Chemical, Ping An Insurance and Citic Securities.
China Wealth Fund to Buy Shares in Nation’s Three Largest Banks
October 12, 2009-- China’s $300 billion sovereign wealth fund said it will continue increasing its stakes in the nation’s three biggest lenders, seeking to bolster investor confidence after Chinese shares fell last quarter.
Central Huijin Investment Co., a unit of China Investment Corp., “recently” bought Shanghai-traded shares in Industrial & Commercial Bank of China Ltd., China Construction Bank Corp. and Bank of China Ltd., according to statements issued late yesterday.
Japan seeks to ease business debt burden
October 9, 2009--The Japanese government is expected on Friday to outline a scheme to help small and medium-sized companies seek a reprieve on debt repayments of up to three years, as part of a broad programme to help businesses weather the impact of the global downturn.
The scheme being considered aims to make it easier for borrowers to ask their bank for an extension of principal and interest payments for a maximum of three years and would be limited to small businesses and individuals with mortgages who have lost their jobs.
BSE allows trade in Nifty ETFs
October 9, 2009--The Bombay Stock Exchange’s (BSE’s) benchmark index, the Sensex, may be more talked about and valuable as a brand compared with the National Stock Exchange’s (NSE’s) Nifty, but the latter brings more business for NSE. Now, the Nifty may bring business for BSE, too, as the country’s oldest exchange has decided to allow trading in all exchange-traded funds (ETFs) listed on its rival exchange. These include Nifty-based ETF.
BSE has allowed ETFs listed on NSE to be traded on its platform as permitted securities. For this, the promoter of the ETF will not have to pay any listing fee. BSE, around two weeks ago, allowed trading in NSE’s gold ETFs. On October 7, it gave permission for trading of all NSE’s ETFs, including Nifty Bees, which reflects the Nifty’s movements.
Asia steps in to slow dollar’s fall
October 8, 2009-Asian central banks intervened heavily in the currency markets on Thursday to stem the appreciation of their currencies against the US dollar amid fears that their exports could be losing ground against China.
The mainly south-east Asian countries have been spurred to defend the competitiveness of their currencies by China’s decision to in effect re-peg the renminbi to the dollar since July last year.
Gold ETFs: Volumes high; firm Re caps return
October 8, 2009--Record gold prices may be deterring jewellery buyers, but they are triggering trading interest in Gold Exchange Traded Funds (ETFs). All gold-ETFs have seen volumes double in the last two days. GoldBEeS, which saw an average of 22,000 units traded last week, has seen a surge to 42,000 trades in the last two days.
However, Indian investors who bet on gold-ETFs a month ago have not participated actively in the recent rally. Their returns have been depressed, capped by the rising rupee. Despite the 5 per cent run up in international gold prices in the last one month, prices for domestic gold-ETFs are where they were last month. GoldBEeS, Benchmark Mutual Fund’s gold-ETF, which closed flat in Wednesday’s trade, has been hovering around Rs 1,570-levels for the last one month.
DB Index Research -- Weekly ETF Reports -- Asia-Pacific
October 7, 2009--Highlights
Market Overview
There are 184 equity based ETFs in the Asia Pacific region with 240 listings across 12 countries and 15 exchanges. Japan has the largest market share by AUM accounting for 42.11% of the whole market, whilst China has the largest market share by turnover with 47.84%.
There was one new listing in the last week. Nikko Asset Management listed one new fixed income ETF on the Tokyo Stock Exchange.
Turnover
Monthly average daily turnover declined 16.4% in the last week. Turnover for the previous week was USD 1024m. The largest ETF by turnover was the China 50 ETF issued by China Asset Management with USD 271m accounting for 26.5% of total turnover.
Assets Under Management
AUM declined 1.9% in the previous week. AUM as of Oct 5th were USD 57.7bn. The largest ETF by AUM is the TOPIX ETF, managed by Nomura Asset Management, with AUM of USD 6.4bn.
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Ex-Deutsche team sets up Asian debt venture
October 7, 2009--A team of distressed debt traders who resigned from Deutsche Bank earlier this year have set up their own boutique investment bank in Hong Kong.
SC Lowy, which opened on Thursday, will deal exclusively in distressed and illiquid investments across Asia, an asset class that has become increasingly fashionable among banks and hedge funds since the financial crisis struck.
FMC divided over allowing gold ETF trading on SEs
October 6, 2009-It is the most hassle-free route for retail investors to take an exposure to the yellow metal. But just as the gold exchange-traded funds (ETFs) Gold ETFs: Safer bet in crisis
Gold brings stability to portfolio
Investing in gold a safe bet
Gold: A safe option
were gaining in popularity, a tricky question has risen as to who should be regulating them, and whether gold ETFs should be allowed to be traded on the stock exchanges, as they are being now.
According to people familiar with the development, the consumer affairs ministry has posed this question to the law ministry, since the underlying for gold ETFs is a commodity, and should logically fall under the purview of the forward markets commission (FMC).
