NO 230 – APRIL 2012
Reform and innovation in Chinese capital markets

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WFE Focus January 2012
New products

Bombay Stock Exchange launches trading in BRICS indexes derivatives
The Bombay Stock Exchange launched the first phase of BRICS (Brazil, Russia, India, China and South Africa) Exchanges Alliance by commencing trading in Hang Seng Index futures, FTSE/JSE Top40 futures, iBOVESPA futures and MICEX index futures. With this, BSE provides Indian investors access to BRICS’ economies through cross-listing products between these markets.

Deutsche Börse launches SPDR S&P 500 ETF
The SPDR S&P 500 ETF was launched for trading on Deutsche Börse’s Xetra for the first time. The counterpart SPDR S&P 500 ETF, which was issued in the US in 1993, is one of the largest and most traded ETFs worldwide. It enables investors to participate in the performance of the S&P 500 net total return index. The index is calculated on the basis of the reinvestment of dividends after the deduction of any tax.

Eurex to offer new future on French government bonds
On 16 April 2012, Eurex will launch a new interest rate future based on the notional long term bonds issued by the French Republic (Obligations Assimilables du Trésor – OAT). The Euro OAT Future extends the existing offering of benchmark futures on German government bonds and the short-, medium- and long-term futures on Italian government bonds.

IntercontinentalExchange launches new energy, grain and oilseed contracts
IntercontinentalExchange’s ICE Futures US launched 26 new cleared OTC contracts for crude and refined petroleum products, North American power and North American natural gas. It will also introduce five new US grain and oilseed contracts. In another move, the Exchange introduced on ICE Futures Europe options on futures for heating oil and gasoline.

Johannesburg Stock Exchange introduces wheat futures
On 28 March 2012, the Johannesburg Stock Exchange introduced to trading a new foreign-referenced wheat contract to its existing portfolio of international soft commodities. The cash-settled futures contract, based on hard red winter wheat, will reference the Kansas City Board of Trade’s benchmark settlement prices. For the Johannesburg Stock Exchange, the benefit of offering this contract is that hard red winter wheat is similar in type and milling quality to South African-produced wheat; this means that local market participants can consider this alternative product for price risk management purposes specific to their wheat exposure.

Luxembourg Stock Exchange lists new European Financial Stability Fund issues
The Luxembourg Stock Exchange admitted to trading four new bond issues of the European Financial Stability Fund (EFSF), reference issuer of the euro area. These new issues are added to the other four bonds of the EFSF already listed on the Luxembourg Stock Exchange in 2011.

NYSE Liffe US to launch futures on DTCC GCF repo index products
On 16 July 2012, NYSE Liffe US will begin trading futures based on the Depository Trust and Clearing Corporation’s proprietary DTCC GCF Repo Index, subject to regulatory approval. Designed to track the GCF Repo market, futures on DTCC GCF Repo Index products are licensed to trade exclusively on NYSE Liffe US and will clear at NYPC.

Stock Exchange of Thailand lists gold-based ETF
On 11 April 2012, the Stock Exchange of Thailand listed on its main board a gold-based ETF called TGOLDETF. It is an open-end ETF, which invests in gold bars whose quality and purity follows international standards.

Tokyo Stock Exchange lists first leveraged and inverse ETFs
On 5 April 2012, the Tokyo Stock Exchange will list two new ETFs: the TOPIX Bull 2x ETF and the TOPIX Bear 1x ETF. The two products will be the first listings of leveraged and inverse ETFs in Japan. They will be listed on the TSE market under the new listing rules and frameworks implemented in March this year.

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