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Daiwa buys KBC capital markets unit
July 5, 2010--Daiwa Capital Markets, the investment banking unit of Daiwa Securities, is set to pay $1bn for KBC’s global convertible bond and Asian equity derivatives businesses, in an effort to globalise further.
Daiwa is paying about $200m for those and other assets and about $800m for the Belgian bank’s trading positions in those businesses, taking on about 150 staff in the process.
The Japanese group expects the combined businesses, which comprise an average 2 per cent of KBC’s net profits, to generate operating revenue of about Y15bn ($170m) a year.
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Source: FT,com
Listing of the Fruit of Gold series of four brands in Tokyo
July 2, 2010--Today, four Exchange Traded Funds (ETF) of the Fruit of Gold series (gold, platinum, silver and palladium) have commenced trading on the Tokyo Stock Exchange (TSE).
With Mitsubishi UFJ Trust and Banking Corporation as the trustee, each security is backed by physical allocated precious metal for the benefit of Fruit of Gold shareholders. The ETFs are based upon the futures price at Tokyo Commodity Exchange and calculated into the spot physical price for gold, platinum, silver or palladium The underlying physical metals are stored by Mitsubishi Corporation acting as custodian.
This will be the first time that physical metals allocated to an ETF will be vaulted locally in Japan.
The listing of the Fruit of Gold series on the TSE enables Japanese institutional and retail investors to access the benefits of physical precious metals securely, efficiently and cost effectively.
Commenting on the launch, Atsushi Saito, CEO, TSE said:
"The Japanese investors have easier access to precious metals with the listing of Fruit of Gold series. We are pleased to have the precious metal physical ETF structured in Japan for the first time and welcome it in the market. We hope that the TSE will contribute to the further expansion of the Japanese financial market by acting as the core exchange in Asia. In this context, we feel it is significant that these ETF's are listed on the TSE."
Aram Shishmanian, CEO of the World Gold Council, added:
"The addition of another gold ETF, with the option of physical gold delivery, is a welcome development. This Japanese-led product will give fund managers and consumers the confidence to hold gold as a way of diversifying the Japanese pension market, which is primarily held in bank deposit accounts."
"Investment demand for gold has risen steadily over the last decade and continues to be the fastest growing category of global gold demand. Investors worldwide have come to recognize that portfolios which contain even a small allocation to gold are proven to be generally more robust, particularly in the context of continued economic and market uncertainty. The World Gold Council is actively working with Mitsubishi UFJ Trust and Banking Corporation and other financial institutions to ensure that gold's risk diversification properties are more widely understood."
Source: Tokyo Stock Exchange
Chinese fall triggers regional decline
July 2, 2010--Chinese equities’ biggest weekly drop for 16 months drove stocks in the region lower as growth fears suppressed any appetite for risk among investors.
The Shanghai Composite tumbled 6.7 per cent to 2,382.90 over the week as a slew of data highlighted the success of Beijing’s policy moves to cool its economy.
Tuesday’s figures from the Conference Board, a US-based research group, and Thursday’s purchasing managers’ index data for manufacturing both showed slowing growth in China.
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Source: FT.com
ETF trading grew 33% in SGX
July 1, 2010--Trading of exchange traded funds or ETFs in the Singapore Exchange grew 33 per cent in its current financial year.
The growing popularity among investors also saw the number of ETFs doubled in the SGX.
The active trading of ETFs in SGX caused its turnover to hit about $5 billion in the year to June 30.
Meanwhile, the number of ETFs available in SGX stood at 72 and it includes the four ETFs from Deutsche Bank listed this week.
This makes SGX the second highest among Asian exchanges in terms of ETF offerings.
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Source: Channel News Asia
Greenback suffers as buyers back yen
July 1, 2010--The yen surged to its highest level against the dollar so far this year as worries about the health of the global economy boosted haven demand for the Japanese currency.
Weaker-than-expected Chinese activity data yesterday combined with more weakness in global equities to heighten risk aversion and support the yen.
Meanwhile, the dollar’s haven appeal was undercut as US manufacturing activity and home sales data came in weaker than expected, raising concerns about a double-dip recession in the world’s largest economy.
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Source: FT.com
China plans route back for offshore funds
July 1, 2010--China plans to allow investors to channel renminbi deposits held offshore back into capital markets on the mainland, opening a new route for investors through the country’s strict capital controls.
The scheme, which is part of Beijing’s drive to encourage greater use of the renminbi in international transactions, could be launched on a trial basis this year or in early 2011.
As the Chinese currency takes on a bigger role in global trade, offshore renminbi deposits are expected to accumulate quickly. There are about Rmb80bn of renminbi deposits in Hong Kong, but few opportunities to invest these deposits outside a handful of renminbi-denominated bonds.
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Source: FT.com
Gold extends gains as ETF holdings hit record
June 30, 2010--Gold gained on Wednesday, June 30 after holdings in the world's largest bullion-backed ETF hit another record as investors sought safety from tumbling stock markets.
Spot gold rose US$4.55 to US$1,242.55 (RM4,063.14) an ounce by 0101 GMT after volatile trade on Tuesday, when it dropped toward US$1,220 before bouncing to around US$1,241. Gold struck a record above US$1,264 an ounce last week.
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Source: The Edge
KRX to Adopt Global Industry Classification Standard (GICS) system
June 29, 2010--To make easy the comparison between the Korea Standard Industrial Classification (KSIC) and Global Industry Classification Standard (GICS), the Korea Exchange (KRX) plans to make available the GICS industry code of listed company along with the existing KSIC industry code from July 1, 2010. The details to be published on the KRX Webpage include the name and code of the GICS sector and industry group and the market data such as the price and trading volume of the listed company.
According to the existing KSIC, over 50 % of listed companies are classified as manufacturing industry. However, when the GICS is adopted, there would be no distinction between the manufacturing and non-manufacturing industries and the relative importance would be given to utilization aspect. Hence, the five sectors – the materials, industrials, consumer discretionary, financials, and information technology – would account for about 84% of total market capitalization and 87% of total number of the listed companies.
It is expected that the adoption of GICS would enhance the market infrastructure and help the investors to better understand the characteristics and change of industry structure. Additionally, the financial sector would be able to more efficiently manage their portfolios, including the analysis of investments and asset allocation, and then the ground necessary for the development of various financial investment products based on GICS would be established.
Source:Korea Exchange (KRX)
Exposures of Japanese deposit-taking institutions to subprime-related products and securitized products based on the leading practices summarized in the FSF report
June 25, 2010--The FSA published today the exposures of Japanese deposit-taking institutions (excluding Japan Agricultural Cooperatives) to subprime-related products and securitized products based on the leading practices summarized in the FSF report. Those figures are at the end-March 2010.
view the Exposures of Japanese deposit-taking institutions to subprime-related products
view the Exposures of Japanese deposit-taking institutions to securitized products based on the leading practices summarized in the FSF report
Source: FSA.go.jp
Renminbi-inspired gains fade
June 25, 2010--Asian equities saw the gains inspired by renminbi revaluation fade away over the week as investors took profits after weak US economic data clouded global growth optimism.
The FTSE Asia-Pacific index slipped 0.5 per cent to 221.42 in spite of recording its biggest one-day gain for seven months on Monday as Beijing’s currency policy move raised hopes for Chinese domestic demand.
But by Wednesday those hopes were trumped by a new bout of risk aversion after lacklustre US home sales data and a more downbeat tone on growth from the US Federal Reserve.
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Source: FT.com
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