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Mitsubishi UFJ Trust and Banking Corporation Selects FTSE WPU to Hedge Currency Exposure for a Japanese Institutional Investor
June 3, 2013--FTSE Group ("FTSE"), the global index provider, today announces that Mitsubishi UFJ Trust and Banking Corporation has commenced provision of a customized solution for institutional investors which hedges foreign currency exposure using the FTSE World Parity Unit (WPU).
The application of FTSE WPU, which acts as a stable currency unit providing a means of mitigating currency and inflation risk, is the first of its kind in Japan.
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Source: FTSE
Hong Kong-listed funds on the rise
June 2, 2013--Hong Kong is becoming an increasingly popular domicile for investment funds. This is due to friction in cross listing Ucits products and a growing number of regional benefits that come with using a local domicile.<
Regulatory requirements for Ucits products are increasing, yet many of those rules are not applicable to overseas markets that have traditionally been the recipient of cross listings.
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Source: FT.com
Index Treatment for TSE /OSE Cross-Listed Issues After Cash Equity Market Consolidation
May 31, 2013--Tokyo Stock Exchange, Inc. (TSE) announced today how TSE/OSE cross-listed issues will be treated in index calculation after consolidation of the TSE and OSE cash markets scheduled for July 2013.
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Source: Tokyo Stock Exchange, Inc. (TSE)
2013 Article IV Consultation with Japan-Concluding Statement of the IMF Mission
May 31, 2013--The economic recovery is gaining traction, driven in large part by the adoption of the new Quantitative and Qualitative Monetary Easing (QQME) framework. To succeed in raising growth and inflation, a complete package of ambitious fiscal and growth reforms is also needed.
The government intends to roll out initial plans in these areas this summer. These plans should include a confirmation of the consumption tax rate increase and concrete fiscal consolidation measures beyond 2015 to secure fiscal and financial stability. Growth enhancing structural reforms should include deregulation in agriculture and domestic services, greater reliance on market-based financing for small and medium-sized businesses (SMEs), and measures to raise employment and reduce duality in the labor market. Taken together, a complete package of reforms could generate powerful economic synergies, revitalize Japan, and benefit the global economy.
I. An Agenda for Reviving Japan
1. The authorities have embarked on an ambitious agenda to raise growth and inflation. The new policy framework (the “three arrows of Abenomics”) provides a unique opportunity to end decades-long deflation and sluggish growth, and reverse the rise of public debt. The rewards are potentially large. Higher growth and inflation would allow Japan to provide financial security for its aging population and rising incomes for the young. These benefits would also be felt abroad as concerns about Japan’s high debt would diminish and demand for imports would rise.
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Source: IMF
SEBI to ease regulations for securities borrowing, lending
May 30, 2013--The Securities and Exchange Board of India (SEBI) said on Thursday it would increase the number of stocks that are allowed to be used for borrowing and lending, thus relaxing short-selling rules.
SEBI said it would allow stocks that meet several criteria, including average monthly turnover of at least 1 billion rupees, to be used under the country's securities lending and borrowing (SLB) programme.
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Source: Reuters
Mirae names new CMO, revives Europe push
Newly appointed chief marketing officer, Ashley Dale, will be visiting Europe next week to evaluate how many sales staff to hire. The firm is also planning two more ETF launches
May 29, 2013--Mirae Asset Global Investments, the international arm of South Korea's Mirae Asset, is making a new push towards global investors after recently promoting Ashley Dale to chief marketing officer.
Most of the firm’s $57 billion in assets is Korean institutional and retail money, but the firm is keen to expand its investor base and plans to add staff in Hong Kong and Europe in the coming months, Dale tells AsianInvestor.
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Source: Asian Investor
TSE has published the index value of TSE Home Price Index for March.
May 28, 2013--The index value of TSE Home Price Index (Used Condominium, Composite of Tokyo Metro Area)is 77.12 points. The index value of TSE Home Price Index (Used Condominium, Tokyo) is 81.02 points.
The index value of TSE Home Price Index (Used Condominium, Kanagawa) is 77.85 points. The index value of TSE Home Price Index (Used Condominium, Chiba) is 64.88.
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Source: Tokyo Stock Exchange (TSE)
RBI bars banks, NBFCs from lending against gold exchange traded funds, mutual funds
May 28, 2013--The Reserve Bank of India has said that banks and non-banking finance companies will not be permitted to provide loans against units of gold exchange traded funds and gold mutual funds, with an aim to curtail the demand for the yellow metal.
The banks must also ensure that the weight of gold coins does not exceed 50 grams per customer while giving loans against the security of the specially minted gold coins sold by them, the central bank said in a notification on Monday.
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Source: Contify.com
IMF Mission Completes the 2013 Article IV Consultation Discussions with China
May 28, 2013--At the conclusion of the visit, the mission issued the following statement:
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Despite weak and uncertain global conditions, the Chinese economy is expected to grow at around 7¾ ¾ percent this year. The pace of the economy should pick up moderately in the second half of the year, as the recent credit expansion gains traction and in line with a projected mild pick-up in the global economy.
Inflation is forecast to end the year at around 3 percent, and the external current account surplus is projected to remain broadly unchanged at around 2½ percent of GDP.
Notwithstanding this relatively favorable near-term outlook, China’s economy faces important challenges. In particular, the rapid growth in total social financing—a broad measure of credit-raises concerns about the quality of investment and its impact on repayment capacity, especially since a fast-growing share of credit is flowing through less-well supervised parts of the financial system.
view the IMF Mission Completes the 2013 Article IV Consultation Discussions with China
Source: IMF
DB-Synthetic Equity & Index Strategy-Asia-Pac Weekly ETF Market Review-ETP AUM reduced $2.2bn amid weak equity markets
May 27, 2013--Market Review
Last week, all the major markets in the Asia-Pacific region remained in negative territory except China. Compared to the week before, from north to south:
Japan (Nikkei 225) -3.47%
Korea (KOSPI2) -0.64%
China (CSI 300) +0.20%
Hong Kong (HSI) -2.01%
Singapore (FSSTI) -1.63%
Australia (S&P/ASX 200) -3.81%
New Product Launch Review
Last week, one new product was launched in the Asia-Pacific ETP market. Kyobo AXA Power KTB ETF listed one Fixed Income ETF (176710 KS) on Korea Stock Exchange tracking the KTB Index.
ETP Weekly Cash Flows
The Asia-Pacific ETP flows during last week totaled -$3mn vs. +$341mn (+0.2% of AUM) of outflows for the previous week, setting the YTD weekly flows average at +$303mn (+$6.1bn YTD in total cash flows). Equity ETFs recorded outflow of -$179mn while fixed income ETFs registered inflows of +$175mn. Leveraged equity ETFs witnessed the highest weekly outflows of -$220mn among all the segments. ETPs offering exposure to Japan registered inflows of +$134mn while China witnessed outflows of -$157mn.
Turnover Review
Asia-Pacific ETP turnover totaled $16.5bn for the last week, +35% up from the previous week’s total. Japan continues on the top of the turnover ranking with $7.5bn turnover, followed by China ($3.1bn), South Korea ($2.9bn) and Hong Kong ($2.4bn). Among equity ETFs, Emerging Country, Asia-Pacific developed country, leveraged long and short ETFs had total turnovers of $5.3bn, $4.4bn, $4.2bn and $0.7bn, respectively. Among the commodity asset class, turnover in gold ETPs totaled $99mn.
Assets under Management Review
Last week, Asia-Pacific ETP AUM reduced by $2.2bn, and ended at $151.6bn. On a year-to-date basis, Asia-Pacific ETP market is up by $15.6bn or 11.5% above last year’s closing.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Asia
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