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TSE to expand its coverage of Real-Time Dissemination of "TSE Indicative NAV" (ETN)
January 24, 2013--Beginning Feb 18, 2013, Tokyo Stock Exchange, Inc. (TSE) will add ETNs below to the list of the real-time Indicative Net Asset Value (Indicative NAV) per share calculation and publication.
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Source: Tokyo Stock Exchange (TSE)
HKMEx Adopts 999.9 Purity for Physically Delivered Gold
Move to Asian standard to enhance contract use, market liquidity
January 24, 2013--The Hong Kong Mercantile Exchange (HKMEx), China's global marketplace, announces today that it will revise its USD gold futures contract to adopt a minimum fineness of 999.9 for physical delivery.
The move to a minimum delivery fineness of 999.9 – from the 995 standard – will apply to all gold delivery months from April 2013 and onward, effective immediately. Contracts with delivery months prior to April are not affected, and other contract specifications will remain unchanged. A fineness of 999.9 indicates a minimum purity of 99.99% pure gold in every kilo-bar, which is the world’s most widely traded small gold bar. Gold kilo-bars conforming to 999.9 are the most common bar in Hong Kong and much of Asia.
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Source: Hong Kong Mercantile Exchange (HKMEx)
South Korea's growth rate hits three-year low
January 23, 2013--South Korea's growth rate has hit a three-year low, hurt by a slowdown in exports and corporate investment.
The economy grew by 2% in 2012, the central bank's initial estimates showed. That is down from 3.6% in 2011.
South Korea's exports, which account for almost half of its overall output, have been hurt by a slowdown in key markets such as the US and eurozone.
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Source: BBC News
India plans to mobilise ETF gold through deposit scheme changes
India's government announces steps to unfreeze gold physically held by mutual funds under gold exchange traded funds (ETF), by allowing them to invest in gold deposit schemes of banks.
January 22, 2013--Even as the Indian government has appealed to the people to moderate their demand for gold, and raised the import duty to 6% from 4% earlier, it has linked the gold deposit and ETF scheme in a bid to unfreeze part of the gold held in exchange traded funds.
The move could prove to be a huge positive for gold ETFs that have been allowed to lend a portion of their gold deposits. Investor sentiment is also bound to increase in gold-linked financial products.
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Source: MoneyWeb
ETF Securities loses Asia-Pac sales head
January 22, 2013--The commodity ETF provider is in the process of replacing Nigel Phelan and plans to make further hires this year.
Nigel Phelan has quit his post as Asia-Pacific head of sales at commodity exchange-traded funds firm ETF Securities and will be on gardening leave until March.
He is moving back to his native Australia, from Hong Kong, for personal reasons, says Fred Jheon, Asia-Pacific head of the business. Phelan had held the role since December 2011, before which he was head of sales for Australia and New Zealand.
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Source: Asian Investor
Samsung launches its first QFII ETF
January 21, 2013--Index provider FTSE Group has licensed the FTSE China A50 Index to Samsung Asset Management Company as the basis of its first Qualified Foreign Institutional Investors (QFII) ETF, which lists on the Korea Exchange on January 21.
The Samsung KODEX FTSE China A50 ETF is the first cash-based QFII ETF and first ETF listed outside Hong Kong based on the FTSE China A50 Index, offering international investors a direct channel to participate in the China bluechip market. It underlines the credibility of the FTSE China A50 Index as a recognized standard route into the A-share market. FTSE maintains its leadership position in the China ETF marketplace, with a majority of the assets under management (AUM) in China-themed ETFs listed globally - more than 58% - benchmarked to FTSE indices.
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Source: The Asset
New 4ETNs to be Listed on Feb. 18, 2013-Nomura Group, "NEXT NOTES" Series
January 21, 2013--Today, Tokyo Stock Exchange, Inc. (TSE) approved the listings of the following trust beneficiary certificates(Japanese Depositary Receipts;hereinafter "JDRs")whose trust assets are exchange traded notes
(indicator-tracking securities; hereinafter "ETNs") issued by Nomura Europe finance N.V.(※）.These will be listed on Monday, February 18,2013.
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Source: Tokyo Stock Exchange (TSE)
India Budget 2013: Commodity transaction tax will promote 'dabba' trade,, says industry
Jamuary 20, 2013--Any transaction tax on commodity derivatives will shift the declining business to either illegal 'dabba' trading or overseas commodity exchanges, warned the industry representatives.
"Imposition of Transaction Tax on commodity derivatives transactions will boost the illegal 'dabba trading' markets without any gain to the exchequer," said the commodity exchanges in their representation to the government.
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Source: The Economic Times
China Macro-China has bottomed out
January 18, 2013--China's 4Q2012 GDP was 7.9%, slightly better than the market consensus and our projection of 7.8%. This is the first time growth has accelerated since the slowdown of the past seven consecutive quarters.
The data confirms our view that China’s economy has bottomed out, thanks to the accommodative policy stance not only of China but also many other Asian countries. We expect growth to return to above 8% in 1H2013, partly benefiting from the low base effect. However, outlook for 2H2013 is highly uncertain and hinges on the strength of the recovery in the US and EU, as well as a possible change in policy stance after the new government is sworn in.
China’s growth has bottomed out
Growth in 4Q2012 has rebounded to 7.9% from 7.4% in 3Q2012. The recovery is mostly driven by:
Ambitious policy easing in China. It has: 1) lowered the effective lending rate floor by about 30%; 2) maintained proper liquidity conditions using reverse repo; 3) adopted proactive fiscal policy with an estimated deficit figure of RMB 1.2-1.3 trillion; and 4) seen rapid credit growth in the corporate bond and trust loan sector.
The policy easing in other Asian countries. In particular, we have seen quantitative easing in Japan and rate cuts in several Asian economies including Korea and Singapore.
view the report-China Macro-China has bottomed out
Source: Mirae Asset Management
TOCOM Delisted Nikkei-TOCOM Commodity Index Futures
January 18, 2013--The Tokyo Commodity Exchange, Inc. (TOCOM) announced today it had completed the procedure for delisting the Nikkei-TOCOM Commodity Index Futures contract (TOCOM NEXT) upon receipt of required regulatory approval from the Minister of Economy, Trade and Industry on January 11, 2013.
TOCOM will continue to calculate and publicize the Nikkei-TOCOM Commodity Index to provide benchmarks for the evaluation of various financial instruments such as investment trusts and commodity funds.
Source: TOCOM
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