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Asia calls for harmony on Dodd-Frank rules
September 5, 2012--Ever since regulators in the US started fleshing out the details of how to implement the landmark Dodd-Frank Act-the most sweeping financial market reform in decades -Europe has frequently complained about how the law might apply across the pond.
Now it’s Asia’s turn to cause a stir.
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Source: FT.com
Indian banks face Basel III challenge
September 5, 2012--Indian banks will have to bring in an additional capital of Rs 5 lakh crore to meet the Basel III norms, RBI Governor D Subbarao said.
Basel III norms will be implemented in a phased manner by March 2018.
Of the total Rs 5 lakh crore additional capital required under Basel III, the share of equity capital has to be 1.75 lakh crore and non-equity Rs 3.25 lakh crore, he said.
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Source: Business Today
Shenzhen Securities Information Company and FTSE Group sign MOU to explore possibility of developing new suite of indices
September 4, 2012--Shenzhen Securities Information Co. Ltd ("SZSE Securities Information") and global index provider FTSE Group ("FTSE") have signed a memorandum of understanding (MOU) to facilitate the development and promotion of new indices for the China capital markets.
Under the MOU, Shenzhen Securities Information and FTSE will undertake index-related research and development projects and leverage one another’s strengths promoting indices to Chinese domestic and international investors.
FTSE was the first global index provider to enter the China market. Since 2001, FTSE has created a comprehensive suite of benchmark and tradable A Share indices which are widely used by domestic and international investors. Increasingly, investors are looking to supplement existing benchmark approaches with innovative indices offering unique access to the China A Share market.
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Source: FTSE
SSE Environmental Protection Industry Index，CSI Environmental Protection Industry Index To Be Launched
September 3, 2012--Designed to serve as new investable benchmarks for investors, SSE and CSI today announced the upcoming launch of SSE Environmental Protection Industry Index，CSI Environmental Protection Industry Index on September 25th 2012.
Regarding the methodologies and more details of the above indices, please refer to the official website of SSE (www.sse.com.cn) and CSI (www.csindex.com.cn).
Source: Shanghai Stock Exchange
ETF rules seen issued by month's end
September 2, 2012--THE SECURITIES and Exchange Commission (SEC) hopes to release by the end of the month the long-anticipated rules on exchange-traded funds (ETFs), a top official of the regulator said over the weekend.
“Our self-imposed deadline is end of September. Comments still have to be considered,” SEC Chairman Teresita J. Herbosa said in a text message last Saturday, adding that remarks private sector representatives made in past consultations are now being consolidated.
An ETF is similar to a mutual fund which will allow a market player to invest in a basket of stocks through a single security, which then tracks and matches yields of a market index. The Philippine Stock Exchange (PSE) has been pushing ETFs’ revival to grow and diversify the country’s equities market after their operation for a few months in 2003.
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Source: Business World Online
China: Rising unemployment pressures
September 2, 2012--China's PMI in August is 49.2-below market consensus of 50 and July's reading of 50.1. In particular, we would like to highlight the rising unemployment pressures, especially for youth.
We also note that August PMI suggests major risk has shifted to the domestic side, with the slowdown in the economy starting to drag on large enterprises. Monetary policy has already missed the best window for easing as headline inflation will rebound from this point. The clock is ticking, yet sign-off on any stimulus package will have to wait until after the political transition is fully settled.
Unemployment pressures have been rising, especially for youth
The PMI employment index tracks the unemployment pressures better than the official unemployment data, in our view. The survey includes 820 enterprises, and a number above 50 means expansion. The PMI employment index usually rebounds after Chinese New Year (Figure 1), when rural workers return to their work in urban centres, and during summer as graduates enter the job market.
view the China: rising unemployment pressures report
Source: Mirae Asset Securities (HK) - Global Research Center
India posts 5.5% quarterly growth
August 31, 2012-- India logged slightly faster quarterly growth of 5.5% on Friday, and analysts said the nation's economy may have "bottomed out" though any recovery would be modest.
While growth is still stuck around three-year lows, the official figure for the three months to June marked a small improvement on the previous quarter's 5.3% expansion and marginally outpaced market forecasts.
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Source: FIN24
Opportunities with the Opening of China's Futures Market
August 30, 2012--On August 20th 2012, SMK, a financial research institute in China, released the latest China's Financial Market Investment Report.
The report stated that: "China will introduce a slew of financial opening policies. Foreign capital will be able to enter China directly, and it will provide a huge opportunity for the U.S. and European financial institutions."
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Source: SMK
India's revised growth data, raises fears
August 30, 2012--India has quietly revised a slew of key economic data ahead of new GDP figures due out on Friday, a move economists say raises questions about the reliability of the country's financial records.
India's Central Statistics Office (CSO) has a history of making frequent revisions, but seasoned experts have been startled by the scale of the latest changes, which were released unannounced on the Internet.
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Source: FIN24
Asia hits out at US swaps reform plans
August 29, 2012--US proposals to revamp global derivatives markets threaten to create systemic risks and damp trading, Asian financial regulators have warned their US peers.
The comments, which echo concerns in Europe, mark the first time Asian regulators have openly expressed concerns about planned reforms, reflecting worries that banks outside the US could get swept up by the Dodd-Frank rules.
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Source: FT.com
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