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What Drives Credit Growth in Emerging Asia?
February 7, 2012--Summary:This paper seeks to uncover the main drivers of credit growth in emerging Asia using a multi-country structural vector autoregressive (SVAR) model.
Taking a novel approach, we developed a two-block SVAR whereby shocks within blocks are identified using sign restrictions, whereas shocks across the blocks are identified using a recursive (block-) Cholesky structure. We find that domestic factors are more dominant than external factors in driving rapid credit growth in emerging Asia. This is particularly true for domestic monetary policy, which can play a pivotal role in terms of managing rapid credit growth in emerging Asia.
view the IMF Working paper-What Drives Credit Growth in Emerging Asia?
Source: IMF
India-Commodity transaction tax to hit volumes: Traders, chambers
February 6, 2012--The finance ministry’s proposed move to again impose a Commodities Transaction Tax (CTT) is likely to drive volumes to foreign exchnages, say traders and analysts.
The Union food ministry has already represented to the finance ministry against the proposal, saying it would harm development of the commodites futures market. It is believed the finance ministry may levy a CTT of 0.017 per cent (Rs 17 for every Rs 100,000 of transactions) in the budget proposals for 2012-13, initially for non-agricultural commodity futures.
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Source: Business Standard
New ETF to be Listed on Feb. 23, 2012 (Thu.) - Mitsubishi UFJ AM "MAXIS TOPIX Risk Control (5%) ETF
February 6, 2012--Today, Tokyo Stock Exchange, Inc. (TSE) approved the listing of a new ETF created by Mitsubishi UFJ Asset Management Co., Ltd. (Mitsubishi UFJ AM). The ETF will be listed on Thursday, February 23, 2012..
Code:1567 (ISIN JP3047430008),br>
Name: MAXIS TOPIX Risk Control (5%) ETF
Fund Administrator: Mitsubishi UFJ Asset Management
Listing Date: Feb 23, 2012
Trading Unit: 10 unit
Underlying Index: TOPIX Risk Control Index (Volatility 5%)
With this listing, there will be a total of 118 ETFs and ETNs listed on the Tokyo market. TSE will continue working to diversify the ETF and ETN market, and improve the convenience of our market for all investors.
Source: Tokyo Stock Exchange, Inc. (TSE)
China Economic Outlook-IMF
Prepared by the IMF Resident Representative Office, People's Republic of China
January 6, 2012--
China’s economy is slowing, but remains a bright spot in an unpredictable global economy
Growth is expected to stay above 8 percent in 2012-13
Inflation is coming down to more comfortable levels
The real estate market is deflating
A storm emanating from Europe would hit China hard
China’s growth rate would drop abruptly if the Euro area experiences a sharp recession
But China has room for a countervailing fiscal response, and should use that space
Unlike 2009–10, any stimulus should be executed through the budget rather than the banking system The weak global outlook reinforces the importance of rebalancing China’s economy
This means more private consumption and a diminishing reliance on investment
Financial and corporate sector reforms will be critical to achieving this economic transformation
view IMF China Economic Outlook
Source: IMF
Asia in 2012: Resilient, but at Risk from Euro Downturn
February 5, 2012--Further downturn in Europe would have significant spillovers for Asia
Asia has capacity to respond to a new downturn
Tokyo venue for 2012 IMF-World Bank meetings reflects close ties with region
Events unfolding far from Asia’s shores could shape the region’s economic outlook for 2012. But if the global economic situation deteriorates—most notably in the troubled economies of the euro zone—Asia’s policymakers still have the room to respond aggressively, say IMF economists.
Despite the prevailing global uncertainty, Asia has until now, proven to be very resilient. It has boasted strong domestic demand, low unemployment, and factories working at near-full capacity. While credit growth has slowed from the torrid pace of early 2011, it remains robust in most economies.
Japan is mounting a recovery from the March 2011 earthquake and tsunami, and in Thailand reconstruction is under way following the country’s devastating floods.
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Source: IMF
Consumer Affairs Ministry not for transaction tax on commodity derivatives
February 5, 2012--The Consumer Affairs Ministry is not in favour of levy of any transaction tax on commodity derivatives. This was conveyed to the Union Finance Minister, Mr Pranab Mukherjee, by the Minister of State for Consumer Affairs, Prof K.V.Thomas, at a recent pre-budget meeting between the two Ministers, sources said.
Any levy of transaction tax on commodity derivatives could impact the development of the commodity derivatives market, it was submitted to the Finance Minister. This is even as pressure is mounting on the Finance Ministry to provide a level-playing field between equity derivatives and commodity derivatives in the upcoming Budget on the aspect of levy of transaction tax.
Currently, currency and commodity derivatives do not attract any transaction tax, while equity futures are subjected to securities transaction tax (STT). The recent fall in volumes in cash as well as equity futures has prompted the equity exchanges to lobby hard for removal of STT or reduction of this tax in the upcoming budget. Alternatively, some of the equity exchanges want the Finance Ministry to impose transaction tax on non-agri commodities, as they contend that volumes are shifting from equity derivatives to non-agri commodity derivatives.
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Source: Business Standard
Hong Kong-based asset manager EIP launches seven ETF products
February 2, 2012-- Enhanced Investment Products Limited (EIP), a Hong Kong based asset management firm, today confirms the launch of seven new ETF products, authorised* by the Securities and Futures Commission at the beginning of January 2012.
Under the brand name XIE Shares, these ETFs will be an extension of EIP’s cost-effective index product offerings, launching on Thursday, 16 February 2012 and Tuesday, 21 February 2012.
These seven country-specific products intend to provide investment results that, before fees and expenses, closely correspond to the performance of seven local Emerging Asian stock exchange indices, providing investors with easy and immediate access to markets in India, Indonesia, Korea, Malaysia, the Philippines, Taiwan and Thailand.
Set to be the first Hong Kong domiciled swap-based synthetic ETF platform managed by a local manager, EIP has been working closely with each country’s Stock Exchanges and relevant Index Providers. XIE Shares will offer simplicity and ease in trading for both institutional and retail investors and is expected to provide liquid and low cost passive investment to the Emerging Asian markets. Full product details will be announced during a press conference on Wednesday, 15 February 2012, with XIE Shares Korea, Malaysia, Taiwan and Thailand listed on the Hong Kong Stock Exchange on Thursday, 16 February 2012 and XIE Shares India, Indonesia and Philippines listed on the Hong Kong Stock Exchange on Tuesday, 21 February 2012.
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Source: Opalesque
Statement by Atsushi Saito with regard to today's system failure
February 2, 2012--We sincerely appreciate your support.
We deeply apologize to our market users, particularly investors for any inconvenience which may have been caused due to the failure of our information distribution system on February 2nd, 2012.
This failure was caused by a hardware failure. By replacing the failed hardware, we have already secured a situation where no further problems in stock trading will occur. From tomorrow stock trading will be conducted as usual.
We will identify the cause as soon as possible and prepare the necessary preventive measures. We will also make utmost efforts to not cause inconvenience to market users in the future. Therefore, we sincerely look forward to your continued support of our market operations.
Source: Tokyo Stock Exchange Group
Asia Holding Firm Despite Slowing Global Demand
February 1, 2012--Lower external demand results in slower growth for Asia
Asia remains vulnerable to financial contagion from Europe
Most economies have room for strong policy response in event of further slowdown
Lower demand for exports from Asia is acting as a drag on growth in the region, but Asian economies continue to hold relatively firm buoyed by continuing strong domestic demand, say IMF experts.
“Exports [in Asia] lost momentum in the face of weaker growth from regional and global trading partners, but robust domestic demand has, so far, helped offset the drag on growth,“ said Anoop Singh, head of the Asia and Pacific region for the IMF, during a press briefing on the economic outlook for Asia.
Asia is heavily dependent on trade for its growth and, although up till now, the region has managed to fend off the worst effects of the euro debt crisis, Singh warned that a further deterioration in global financial conditions could have significant, negative knock-on effects.
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Source: IMF
Simmons & Simmons Advises on World's First RMB-Denominated Gold ETF
February 1, 2011--Simmons & Simmons has advised Hang Seng Investment Management on the launch of the world's first renminbi-denominated physical gold ETF, benchmarking the LBMA gold price, listed on the Hong Kong Stock Exchange.
The Hang Seng RMB Gold ETF will begin trading on 14 February 2012. It will track the performance of the London gold fixing price in US dollars, but it seeks to hedge against the renminbi exchange rate to the US dollar.
The Simmons & Simmons team was led by partner and Head of the Funds Group in Hong Kong, Rolfe Hayden and Managing Associate, Eva Chan.
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Source: Simmons & Simmons
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