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FSA extends temporary measures regarding restrictions on short selling and purchase of own stocks by listed companies
January 22, 2010--1.The following regulatory measures on short selling are currently in place, with regard to all listed stocks in Japan:
1) An "uptick rule requirement" which prohibits, in principle, short selling at prices no higher than the latest market price;
2) Requirements for traders to verify and flag whether or not the transactions in question are short selling; and
3) Request the exchanges to make daily announcements on their aggregate price of short selling regarding all securities and aggregate price of short selling by sector (The announcements have been made sequentially since October 14, 2008). (See the FSA press release on October 14, 2008.)
In addition, the Financial Services Agency (FSA) has put in force the following measures, as temporary measures effective until January 31, 2010 (See the FSA press release on October 27, 2008. press release on March 27, 2009. press release on July 28, 2009. press release on October 23, 2009.):
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Source: Financial Services Agency, The Japanese Government
DB Index Research -- Weekly ETF Reports -- Asia-Pacific
January 21, 2010--Market Overview
There are 201 equity based ETFs in the Asia Pacific region with 266 listings across 12 countries and 15 exchanges. Japan has the largest market share by AUM accounting for 40.23% of the whole market, whilst China has the largest market share by turnover with 50.51%.
There were seven new listings in the last week. db x-trackers listed six new ETFs in Singapore Stock Exchange followed by Credit Suisse AM which listed one new bond ETF in Korea Stock Exchange.
Turnover
Monthly average daily turnover rose 4.1% in the last week. Turnover for the previous week was USD 926m. The largest ETF by turnover was the China 50 ETF issued by China Asset Management with USD 289m accounting for 31.2% of total turnover.
Assets Under Management
AUM rose 1.8% in the previous week. AUM as of Jan 18th were USD 63.9bn. The largest ETF by AUM is the TOPIX ETF managed by Nomura Asset Management with AUM of USD 6.3bn.
To request a copy of the report
Source: Aram Flores and Shan Lan -DB Index Research
Joint Statement On Closer Cooperation Between The Shanghai Stock Exchange And Hong Kong Exchanges And Clearing
January 21, 2010--According to an agreement on closer cooperation between the Shanghai Stock Exchange (SSE) and Hong Kong Exchanges and Clearing (HKEx) signed in January 2009, the management of the two organisations will meet on a regular basis to promote continued close cooperation to further mutual development and prosperity and contribute to the country’s economy.
The management of the SSE and HKEx met in Hong Kong on 21 January 2010. The following joint statement was issued after the meeting.
1. The management of the SSE and HKEx exchanged views and discussed their experiences regarding information sharing and cooperation in regulating companies and securities listed in both markets, market infrastructure development, product development, information service development, personnel exchanges, and so forth.
2. Both sides agreed to strengthen information sharing and cooperation in regulating companies and securities listed in both markets. With an increase in A+H share listings, as well as the development of Exchange Traded Funds (ETFs) on A shares and ETFs on Hong Kong stocks, closer ties between the Shanghai and Hong Kong markets have been fostered. The SSE’s Company Management Department and HKEx’s Listing Division will set up a mechanism for regular exchanges, in order to more effectively regulate enterprises and securities listed in both markets and better protect shareholder interests. An exchange of views will be held every two months, focusing on the operational issues in the regulation of securities listed in both markets and related information disclosure issues. The two organisations will take turns organising the meeting. The same mechanism may be extended to other departments, if proved effective.
3. Both sides agreed to strengthen exchanges and cooperation regarding technology that supports business development. Information technology development, particularly the development of trading and information dissemination systems, is crucial to the stock exchange business. Exchanges and cooperation on technology issues between the two organisations can deepen mutual understanding of the merits of each market’s infrastructure and help further the markets’ business development. The Shanghai and Hong Kong exchanges have their own technological advantages. The SSE’s new generation trading system has cutting edge technology and advanced capacity, while HKEx’s systems support trading, clearing and information dissemination for a variety of products. There is ample room for the technology personnel of both organisations to share expertise, and explore possible ways to develop the respective technology support infrastructure to accommodate further and broader cooperation between the two markets.
4. Both sides agreed to strengthen cooperation in respect of the development of products. ETFs have become the starting point of the two organisations’ cooperation on product development. At present, several Mainland fund management companies are actively making preparations for the issue of ETFs related to Hong Kong stocks. It is hoped future cooperation on ETFs will be extended on a gradual basis to the development of ETFs on bonds and gold, as well as cross listings. Besides ETFs, the two organisations may seek further cooperation in products such as securitised assets, warrants, Callable Bull/Bear Contracts and options. The two organisations jointly participated in a forum on ETF market development last year and agreed to hold a forum in similar format on listed structured products later this year.
5. Both organisations agreed to deepen cooperation in the development of information products. For example, cooperation in compiling an index comprising securities listed in Shanghai and Hong Kong may be explored to increase the Shanghai and Hong Kong stock exchanges’ influence in the global market.
6. Both organisations support continued exchanges and training involving their personnel. The management of the two organisations agreed to meet twice a year to review the progress of exchanges and training, and work out plans for the next year’s exchanges and training. The two organisations will take turns organising the meeting. Training may take the form of meetings during which each side will be briefed on the other side’s market development, or short educational visits to each other’s offices. Last year, the two organisations arranged for their executives to train in each other’s related departments, and agreed to continue the activities.
* The original is in Chinese. This is an English translation.
Source: Asia ETrader
HK, Shanghai bolster financial ties
January 21, 2010 --Hong Kong Exchanges & Clearing and the Shanghai Stock Exchange have agreed to strengthen ties on operational issues and information technology.
At a meeting today, HKEx's Listing Division and SSE's Company Management Department agreed to establish a mechanism for regular exchanges.
The move will allow the two bodies to better regulate companies and securities listed in both cities and protect shareholders' interests.
Views will be exchanged every two months, with the focus on operational issues, including information disclosure by listed issuers. The two organisations will alternate as meeting host.
They will also strengthen exchange and co-operation on information technology that supports business development. They agreed to seek further co-operation in product development and to hold a forum on listed structure products later this year.
Source: Online News
H-Share ETF Announced for Shanghai Stock Market
January 21, 2010--The Shanghai Stock Exchange announced plans dated for later this year to open China's first exchange-traded fund. The fund, the latest prong in China’s plan to expand domestic investors participation in global markets, will monitor international stock indexes
The bourse is working toward creating an ETF that tracks H-share companies, which are Chinese-incorporated firms listed on the Hong Kong exchange.
Shanghai Stock Exchange President Zhang Yujun is collaborating with the Hong Kong Exchange on the ETF. They are currently in the process of determining its precise size and launch date.
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Source: Equities Magazine
China tells banks to halt lending
January 20, 2010--Chinese regulators have told some banks temporarily to halt lending amid growing fears of asset bubbles and inflation.
The renewed efforts to rein in credit growth after a burst of frantic lending activity by Chinese banks that have raised concerns about overheating in the Chinese economy.
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Source: FT.com
Chartwell launches emerging markets ex China fund
January 20, 2010--ETF and emerging markets specialist Chartwell Partners has launched an emerging markets investment product that excludes China and Vietnam.
The Chartwell Emerging Markets Free Ex China portfolio includes 15 countries from the MSCI Emerging Market index.
As proxies for each market, country-specific exchange-traded funds are used with all countries equally weighted.
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Source: ETF Express
HKEx to Introduce Flexible Index Options on 8 February
January 19, 2010--Hong Kong Exchanges and Clearing Limited (HKEx) plans to introduce Flexible Index Options (FIOs) on 8 February this year to expand the coverage of over-the-counter (OTC) contracts by its derivatives market's block trade facility (BTF).
FIOs comprise Hang Seng Index (HSI) and H-shares Index (HHI) options contracts with customised strike prices and expiry months which must be executed through the BTF. Each series will be created by HKEx upon the request of an Exchange Participant. The flexibility is offered under the following framework:
Strike prices* can be any whole index points within +/-30 per cent from the opening price of the spot month futures contract on the day of request or the range of the prevailing highest and lowest strike prices available in the contract month requested and all other existing contract months with longer expiry terms, whichever range is the largest; and
Expiry day is the second to last trading day of any calendar month and the expiry month* can be any calendar month, provided it is not further out than the most distant existing expiry month available for trading.
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Source: Hong Kong Exchanges and Clearing Limited (HKEx
Seven New Indices to be Launched
January 19, 2010--The Shanghai Stock Exchange (SSE) and China Securities Index Co., Ltd. (CSI) have recently announced that a series of new indices would be officially launched on February 9, 2010, namely SSE Industry Top Index (SSE Industry Top), CSI Industry Top Index (CSI Industry Top), CSI Local State-owned Enterprises Composite Index (CSI L SOEs), CSI Local State-owned Enterprises 100 Index (CSI L SOEs 100), CSI State-owned Enterprises Composite Index (CSI SOEs), CSI State-owned Enterprises 200 Index (CSI SOEs 200) and CSI Galaxy 99 Index (Galaxy 99).
It is learnt that both SSE Industry Top and CSI Industry Top constituents are selected from stocks of companies with large market capitalization and outstanding business income and profit performances in the industries. These firms, typical of blue chips, win themselves a name of "top enterprise" for their large scale, big market share and great influence on the development trend and ebb and flow of the industry as a whole. According to the latest statistics, the market capitalizations of SSE Industry Top and CSI Industry Top are RMB8.95 trillion and RMB10.22 trillion, or 49.02% of that of A shares on the SSE and 42.45% of that of A shares on both the SSE and the Shenzhen Stock Exchange (SZSE), respectively. Some fund companies have been reported to commit themselves to the development of ETF products of SSE Industry Top.
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Source: Shanghai Stock Exchange (SSE)
Asset Plus launches fund for investment in HK
January 18, 2010--Asset Plus Fund Management has launched the initial public offering of Asset Plus HSI Fund, to draw investment to Hang Seng Index exchange-traded funds.
The investible funds are listed in the Hong Kong Stock Exchange, and guarantees transparency. The investment is in the form of Hong Kong dollar, which moves in relation to US dollar.
Source: The Nation
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