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Lack of commission-free debate in Asia 'a surprise'
December 18, 2013--Private bankers are not expecting commission-or retrocession-free rules in Asia soon.
Fee-for-advice is possible within a decade, but firms may need to package it with additional services.
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Source: Asian Investor
Motilal Oswal looks to export ETFs to Japan
December 17, 2013--The Indian firm is working on cross-listing exchange-traded funds on Asian exchanges outside its home market and expanding distribution
via distribution platforms.
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Source: Asian Investor
Less control on cross-border yuan investment
December 17, 2013--The Ministry of Commerce (MOC) announced on Monday that it will further loosen control on cross-border yuan direct investment in an effort to facilitate investment.
Under the new MOC regulation, approval procedures for yuan-denominated direct investment from overseas investors will be further simplified. The new regulation takes effect on Jan 1, 2014.
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Source: China Daily
IMF Working paper-Local Government Financing Platforms in China: A Fortune or Misfortune?
December 16, 2013--Summary: China's rapid credit expansion in 2009-10 brought local government financing platforms (LGFPs) into the spotlight. This paper discusses their function, reasons behind their recent expansion, and risks they are posing to the financial sector, local governments, and sovereign balance sheet. This paper argues that LGFPs were a fortune for China in the past, but would turn out to be a misfortune if the causes of the rapid expansion of LGFPs are not addressed promptly.
In this context, the paper proposes ways to avoid misfortune by: acknowledging and addressing the revenue and expenditure mismatches at the local government level; establishing a comprehensive framework to regulate and supervise local government budgets; ensuring the sustainability of the financial resources obtained from the sale of land use rights; and developing local government bond markets and promoting financial reforms.
view the IMF Working paper-Local Government Financing Platforms in China: A Fortune or Misfortune?
Source: IMF
Indonesia growth forecast shows slower growth in 2014; risks remain high
December 16, 2013--Reversing the slower growth forecast for 2014 will require additional and more focused policy responses, says the World Bank's latest Indonesia Economic Quarterly report, released today.
While policymakers in Indonesia have taken steps to encourage near-term macroeconomic stability, especially through monetary policy and exchange rate adjustments, further structural reforms are needed to support export performance and encourage long-term faster growth.
view the World Bank report Indonesia Economic Quarterly: Slower growth; high risks
Source: World Bank
Singapore Exchange Looks to China, Derivatives for Growth
December 16, 2013--Faced with lackluster trading in Southeast Asian stocks, Singapore''s main trading platform is looking to resurrect its fortunes by turning to derivatives and China for growth.
Singapore Exchange Ltd., Southeast Asia's biggest bourse better known as SGX-is positioning itself as an entry point for foreign investors seeking to tap emerging economies in Asia. It is also looking to fend off competition from Hong Kong, particularly for new listings and as a currency-trading center.
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Source: Wall Street Journal
China's third gold ETF in muted start as consumers prefer physical metal
December 16, 2013--E Fund Management Co Ltd has launched China's third gold-backed exchange-traded fund (ETF) but, like its predecessors, the product has failed to make a splash as investors in the world's biggest bullion user show a preference for physical metal.
E Fund Gold ETF began trading on Monday and saw its market value drop by 0.6 percent on the Shenzhen Stock Exchange.
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Source: Reuters
Mainland fund industry AUM surpasses 4 trillion RMB
December 16, 2013--The total AUM of China's fund industry broke the 4 trillion RMB (US$634.9 billion) mark in November this year, according to figures released by the Asset Management Association of China (AMAC).
As of the end of November, the size of mutual funds overseen by Mainland asset managers amounted to 2.91 trillion RMB, which represented a growth of 1.8% year-on-year. Meanwhile, the size of the non-public raised funds, which includes enterprise annuities, segregated accounts, and fundamental pension funds, was 1.15 trillion RMB, an increase of 52.5% from 754.1 billion RMB a year earlier.
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Source:Asia Asset Management
SPDJI launches S&P Total China BMI Indices
December 13, 2013--S&P Dow Jones Indices (SPDJI) has launched its S&P Total China BMI Indices. An extension to the S&P Global BMI family, the five indices are designed to allow global investors to analyse the Chinese equity market in a robust and efficient manner by including both A-shares and offshore listings in one set of indices.
The indices launched on December 12 include:
S&P China A BMI: A broad market index representing large-, mid-, and small-cap China A-shares;
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Source: ETFIASIA
ETF/ETN Monthly Report for Nov 2013
December 12, 2013--Monthly trading value hit a record high in November!
With monthly trading value reaching approx. JPY 2.4 trillion, the ETF/ETN market in November reached a new record high, surpassing the previous record of approx. JPY 2.1 trillion set in May.
Trading of leveraged and inverse ETFs remained active, with NEXT FUNDS Nikkei 225 Leveraged Index Exchange Traded Fund (1570) occupying more than 50% of the trading value of the entire ETF/ETN market.
ETFs tracking TOPIX and Nikkei 225 also saw steady gains in trading value.
view the TSE ETF/ETN Monthly Report for Nov 2013
Source: TSE
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