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Marco Polo New World appoints Christian Robertson as CEO

NEW YORK – 03 FEBRUARY 2014 – Marco Polo New World, the leading provider of trading solutions for developed and emerging markets, today announced that Christian Robertson has assumed the role of Chief Executive Officer of the company. The Marco Polo New World Board of Advisers has carefully selected Mr Robertson for his unique financial services delivery experience garnered during nearly a decade of building trading platforms around the world.

Marco Polo New World appointed Mr Robertson to lead the firm based on the success as co-founder of Paladyne Systems, a leading provider of buy-side technology and services,  acquired by Broadridge Financial Solutions (NYSE: BR)  in September 2011.  Before Paladyne, Mr Robertson was the founder and President of GAA, a consulting firm providing high-end systems to the alternative investment industry, having spent his early career as a technology investment banker for Credit Suisse and later Merrill Lynch.

“I believe there is a tremendous opportunity for revenue growth and expansion of the Marco Polo New World product offering given our long-standing relationships with foreign brokers and our unique global trading reach,” commented Christian Robertson. “Marco Polo New World is able to leverage Perseus infrastructure services in new and existing markets.  Investing in the latest technologies, Marco Polo New World will be able to grow into new global markets and lines of business, while expanding our existing platform,” he concluded.

Marco Polo New World, established in 2000, was one of the original firms who set out to overcome the barriers to investing and trading between developed and emerging markets. Today Marco Polo New World, with its new focus and technology, has in place a global electronic trading platform that currently provides connections to 80+ plus countries representing more than 100 markets.

Dr. Jock Percy, Chairman of Marco Polo New World commented, “We are delighted to have Christian take the helm given his proven track record, innovative thought leadership and his ability to execute on deployment of a global trading technology business.”

Source: Marco Polo New World,03.02.2014

Filed under: Brazil, Latin America, Mexico, Trading Technology, , , , , ,

Pioneers and Leaders of Emerging Markets Trading Launches: Marco Polo New World

Marco Polo New World redefines global trading solutions through innovation and reliability

Perseus Telecom providing ultra-low latency connectivity and infrastructure to Marco Polo New World

NEW YORK – 30 September 2013 – Recently acquired Marco Polo Securities today announced that it has integrated with ‘Marco Polo New World.’ The Marco Polo New World vision encompasses new management along with next generation technology, befitting the firm’s testament to reliability and performance that have kept loyal financial services customers in place for fourteen years.

Cliff Goldman, CFO and President of Marco Polo, stated, “Launching Marco Polo New World coincides precisely with the strategic repositioning the firm has made, in the context of being a vendor of strength and reliability for the customers we serve in developed and emerging markets.”

Established in 2000, the original firm set out to overcome the barriers to investing and trading between developed and emerging markets. Today Marco Polo New World, with its new focus and technology, has in place a global electronic trading platform which currently provides connections to 70 plus countries representing more than 100 markets. This trading platform has an extensive global network of broker dealers and asset managers that enjoy neutrality and flexibility, all whom are backed by an experienced and knowledgeable service team that works around-the-clock.

Defining global trading solutions

  • Premier global electronic trading provider with experienced and professional customer support
  • Committed to continually providing new gateways to Emerging Markets
  • Strong new leadership and vision, committed to innovation and reliability

Anthony Orantes, Managing Director of Marco Polo New World, says, “Customer feedback has been phenomenal throughout the Marco Polo New World launch. We have strong support and backing by Perseus Telecom, which helps our customers take advantage of the Perseus global ultra-low latency connectivity to exchanges and trading venues. We also selected a world-class management team comprised of executives with significant experience operating in global markets, who understand market structure, advanced technology, and electronic exchange trading,” he concludes.

‘Defining global trading solutions’ is central to the Marco Polo New World value proposition. “Our New World brand name, and even our logo, is based on innovation, technology, and connectivity.  This core value reinforces what we are committed to deliver to our global customer base,” said Kamran Rafieyan, Director of Marco Polo New World. “With the new leadership in place our firm can deliver a higher level of service for our current and future customers.”

With the new management team of Dr. Jock Percy, Marco Polo New World Chairman, Cliff Goldman, CFO and President of Marco Polo Securities, Anthony Orantes, Managing Director Sales, and newly appointed Kamran Rafieyan, Director of Marco Polo New World, the company’s vision is being executed by a team of trusted, experienced, and performance-driven partners.   Under the guidance of this leadership, Marco Polo New World will work closely with its customers to help them navigate through the array of complexities in today’s global trading markets.

Perseus provides network and infrastructure to Marco Polo New World resulting in significant advantages for the firm and its customers. In addition to more efficient operations for the company, by utilizing the Perseus award winning ultra low latency network, Marco Polo New World customers will be availed to increased trading speeds.

Marco Polo New World, through its local exchange and brokerage relationships, offers intra-market connectivity and routing to brokers and exchanges in more than 100 markets. “Perseus Telecom is a global market-to-market exchange connectivity provider with the lowest latency available, and it is now supercharging the Marco Polo New World platform,” said Dr. Jock Percy, CEO of Perseus Telecom. “Perseus serves a significant number of trading firms, exchanges and technology providers with unsurpassed speed and precision,” Percy added.

Source: MarcoPolo & Perseus,30.09.2013

Filed under: Asia, Latin America, Trading Technology, , , , , , , , , , , ,

Finamex: It’s a Fine Time to Cross the Border – Mexico the Emerged Market of Growth

In January of this year the theme of emerging markets became more of a primary investment rather than that of an alternative one. Many people ventured toward countries that have had rocket high growth over the last few years such as the BRIC countries of Brazil, Russia, India and China which received the preponderance of excitement in the emerging market approach.

Read full article Mexico the Growth Market

Today, the BRIC countries have been challenged to maintain upward momentum. The simmering down of the American market crisis and the expanding concerns for the Eurozone present a dilemma and are showing the effects. The Institute of International Finance (IIF), a global association of financial institutions, says that “net private capital flows to emerging market economies remain quite volatile and subject to disturbance from the euro area”. According to the research, data capital flows fell in 2011 to $1.03 trillion from $1.09 trillion in 2010 and are expected to fall again this year to $912 billion before rising to $994 billion in 2013.

The woes of the Eurozone monetary crisis have influenced investors to move money out of country and to seek safe haven in securities markets elsewhere. Brazil, Indonesia, China as well as others are no longer experiencing upward momentum and are now even in decline or negative.

However year after year, analysts continue to see strong signs of growth and long term prosperity in Mexico as many of the emerging markets troubles are not being seen in Mexico, in fact quite the opposite.

Brazil with its lucrative energy industry capitalized by the largest South American exchange, has attracted many investors to seek opportunities in Latin America. Brazil has enjoyed the influx of foreign investments and has gone further to encourage more interest from the North by recently lowering some of its staggeringly high tax penalties on returns and additionally allowing the shares of foreign instruments to take more of a part in portfolios of its domestic shareholders. “Investors are more cautious with Brazil,” Gustavo Mendonca, an economist with Oren Investimentos in Sao Paulo said this week. “The country has slowed very sharply and the prospects for long-term growth have gone downhill.”

Policy adjustments invite and attract investments, but many of these actions are late and under pressure by issues developing in other countries such as Spain. On the other hand, the opportunities for a rudimental Northern investor looking South of the Border to Mexico remain solid.

A key factor with Mexico is that it has  some of the most definitive metrics that provide the level of transparency needed in a volatile global market.  Unlike Brazil, Russia, India or China, Mexico is directly tied to American monetary policy with a correlation that does not exist in other Emerging Market countries and not surprisingly is also growing alongside the American economy.

Is Mexico beyond ridicule and examination? Of course not, but to begin to understand the benefits of investing in Mexico for the short and the long term we should begin with how Mexico plays a key role as a member of NAFTA (North American Free Trade Agreement). The implementation of NAFTA along with close inter-country relationships, ties Mexico’s trade and currency valuation to that of the US and Canada.

 For example, in 2010 many believed the US would remain flat for the next two years, but we now see this was not the case. As a result of American performance, Mexico’s markets have also increased working in parallel a framework portfolio managers find affirmative Mexico has also maintained a weak peso over the last ten years. The Mexican peso has been priced at a competitive advantage with China.

 Currency rates have helped Mexico realize an economic boom that continues to rise since the 90’s. The move to NAFTA in 1994 could be the key contributing factor for Mexico’s 600 percent increase in sales to the US. With inflation no longer under control in countries like China and  Brazil, analysts are discovering that Mexico’s policies have proven successful in weathering many global financial catastrophes.

…..

As opportunities within the developed markets diminish, the Mexican marketplace is standing strong. As a top emerging market for the global investing community, particularly in Latin America, Mexico represents a substantial alternative to Brazil, home of the leading Latin American stock market. Mexico, although not a BRIC country, certainly has more promising economic stability and growth potential than some of the most mature economies. With a clear goal in sight, the local markets in Mexico continue to take measures that enhance liquidity in equities and derivatives trading which provide surety to its financial institutions and reach more investors abroad.

Source: FINAMEX /Dan Watkins, 01.08.2012  dwatkins@cc-speed.com

Filed under: Asia, BMV - Mexico, Brazil, China, Exchanges, Latin America, Mexico, News, Trading Technology, , , , , , , , , , , , , , , , , , , ,

Alternative Latin Investor: Latam Family Office January 2012 Issue Nr 13

The Alternative Latin Investor Issue #13 is focusing on family offices.  With some great content this issue, from maverick economist Doug Casey, estimates on the effect of climate change in the region, and of course with premium focus looking at the needs, attitudes and opinions of family offices in LatAm. Below some of the other content of issue #13.

 Renewable Energy 

  • Electric Energy Storage in Latin America: Smart Grid Technologies.

Funds 

  • Top Ten LatAm Hedge Funds
  • Mutual Funds in Argentina
  • Latin America fund assets to exceed $3 trillion by 2020

Emerging Markets

  • 2012 Should Be Better: A wasted year for LatAm Stock Markets
  • Investors Beware of Brazilian FIDCs (ABS) Backed by Consumer Credit

Agribusiness

  • Gauging the Effects of Climate Change on Brazilian Agri Output
  • 2011 Agribusiness Round Up

Forex

  • SPOT-trade’s Facundo Molina on Forex and CDFs
  • Mitigating Currency Risk when investing in LatAm

Private Equity 

  • A Primer on Colombian Taxes for the PE Investor

Art

  • Meso-American Remix
  • LatAm auction recap: Sotheby’s and Christie’s

Issue Focus: LatAm Family Business

 Please view and access Issue 13 in the following formats

Virtual Viewer
http://www.alternativelatininvestor.com/issue13.html
PDF
http://www.alternativelatininvestor.com/issue13.pdf 

For more details and information please view http://www.alternativelatininvestor.com

Source: AlternativeLatinInvestor 23.12.2012

Filed under: Argentina, Brazil, Central America, Chile, Colombia, Energy & Environment, Events, Latin America, Mexico, News, Peru, Services, Wealth Management, , , , , , , , , , , , , , , , , , , , , , , , , ,

ETF Landscape: Industry Highlights de February/Febrero 2011 – En/Sp – BlackRock

ETF – 02.2011 Report/Reporte

English

At the end of February 2011, the global ETF industry had 2,557 ETFs with 5,802 listings and assets of US$1,367.4 Bn, from 140 providers on 48 exchanges around the world. This compares to 2,091 ETFs with 3,998 listings and assets of US$1,001.9 Bn from 115 providers on 40  exchanges, at the end of February 2010.

We expect global AUM in ETFs and ETPs1to increase by 20–30% annually over the next three years, taking the global ETF/ETP industry to approximately US$2 trillion in AUM by early 2012. Considering ETFs separately, AUM should reach US$2 trillion globally by the end of 2012, US$1 trillion in the United States in 2011 and US$500 billion inEurope in 2013.

Taking ETFs and ETPs together, United States AUM should reach US$2 trillion in 2013, with European AUM reaching US$500 billion in 2012.

In Latin America, the ETF sector remains with 26 ETFs, 365 listings and assets of USD $10.2 billion of four providers on three Exchanges. Compares 20 ETS, 223 listings and assests of USD$ 9.3 billions and three providers  at three exchanges in february 2010.

Español:

El reporte ETF Landscape: Industry Highlights da a conocer la situación de los Exchange Traded Funds (ETFs) y Exchange Traded Products (ETPs) en el mes de febrero.

Se espera que los activos globales bajo administración de los ETFs y ETPs se incrementen de 20 a 30% anualmente durante los próximos tres años, llegando a aproximadamente USD $2 billones (trillion dollars) a principios de 2012.  A escala global, el sector de ETFs tuvo 2,557 ETFs con 5,802 listados y activos por USD $1,367.4 millones, de 140 proveedores en 48 mercados bursátiles en el mundo a finales de febrero de 2011, comparado con 2,091 ETFs con 3,998 listados y activos por USD $1,001.9 millones de 115 proveedores en 40 mercados a fines del mismo periodo del año pasado.

En Latinoamérica el sector de ETFs permanece con 26 ETFs, 365 listados y activos por USD $10.2 mil millones, de cuatro proveedores en tres bolsas, comparado con 20 ETFs, 223 listados y activos por USD$9.3 mil millones de tres proveedores en tres mercados a fines de febrero de 2010.

Source:BlackRock, March 10, 2011

Filed under: Asia, Australia, Brazil, Chile, China, Exchanges, Hong Kong, India, Indonesia, Japan, Korea, Latin America, Malaysia, Mexico, News, Services, Singapore, , , , , , , , , , ,

Alternative Latin Investor Issue 7 November/December

Alternative Latin Investor Issue 7 November/December 2010 click here for a free issue Issue 7  

Content Index

Infrastructure
  • Investing in listed shares of Latin American Infrastructure Companies
Emerging Markets
  • Latin America vs. Asia
Agribusiness
  • Ahuacatl: A Fruite for the Ages
Art
  •  Latin American Art Gains Momentum in Europa
Commodities
  • Brazil’s Energy Industry in the Wake of New South
Philanthropy
  • One Economy: Leveraging the Power of Technology to Improve Lives
Profiles
  • ALI Speaks with Bertrand Delgado: Senior Analyst for Emerging Markets and Latin America at Roubini Global Economics
Real Estate
  • Finding and Entrance into Mexico’s Affordable Housing Construction Finance Market.
FOREX
  • Increasing Threat of Currency “WAR’s” to Ignite 4th Quarter FX Activity?
Renewable Energy
  • Argentina’s Energy Framework: Preparing for an Onslaught of Renewable Energy Investment
  • Winds of Change: Harnessing Wind Energy in Brazil
Regulations
  •  New Bills Proposed to Amend the Law on Finance Entities in Argentina
Opinion
  • How will Nestor’s Passing Affect Argentina
Ventures
  • ALI speaks with Element 360 Founder, Chad Martin

Source: Alternative Latin Investor 02.12.2010

Filed under: Argentina, Banking, Brazil, Central America, Chile, Colombia, Energy & Environment, Exchanges, Latin America, Mexico, Risk Management, Wealth Management, , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

LatAm Real Estate Report 2010 – Alternative Latin Investor

Alternative Latin Investor is proud to present our latest special report, LatAm Real Estate: 2010.

We cover the commercial, residential and tourism sectors within Brazil, Mexico, Colombia and Peru with special sections on Agricultural Land Investment in Argentina and the massive Panama Pacifico Project.

Please register for the free the report at http://www.alternativelatininvestor.com/registration.html

We appreciate any comments or suggestions for future reports you may have, please email us at info@alternativelatininvestor.com

Filed under: Argentina, Brazil, Central America, Chile, Colombia, Latin America, Mexico, Peru, Services, , , , , , , , , , , , , ,

LatAm Hedgefunds: Comprehensive Report and Webinar November 10th

Alternative Latin Investor is proud to present our combined LatAm Hedge Fund Report and Webinar to be hosted by Hedgehogs.net CEO, Ken Yeadon, on November 10th at 1pm EST.  Early-bird price till Nov. 2nd is 175.00USD after which price is 199.00USD.  This price includes digital edition of report with directory as well as attendance to webinar.

REGISTER HERE

We have interviewed several industry professionals; mostly fund managers, to create a comprehensive overview of the LatAm fund market. We also look at the existing LatAm fund indexes and the legal aspects of funds. Included is a profile of 30+ funds with a directory of contacts, email or phone, for over 300+ funds

  • Industry Overview
  • Growth of Industry
  • Legal Aspects
  • LatAm Fund Indexes
  • Changes in Legal Aspects
  • 30+ Fund Profiles
  • 300+ Directory
  • The Economist on Hedge Funds

Webinar

Topics to be discussed
  • LatAm funds versus Global Macrofunds or Emerging Market funds with LatAm exposure
  • New investor demographics, or the same?  And who are they?
  • Institutional Participation?
  • Has there been a change in global opinion of LatAm funds due to crash of US/Euro markets?
  • Has this created a vacuum for LatAm to fill?
  • With the developed world seemingly on the path of competitive devaluation vs. emerging markets, how do the panel see Latin American investments being impacted?
  • Asian countries, in particular China, are increasingly looking to secure commercial rights over global supply chains for resources. (e.g. recent headlines over global supply of Rare Earths, a critical commodity input to green energy technologies and mobile devices). How is this impacting Latin America, and are any Latin American countries following similar strategies (via Sovereign Wealth Funds for example) to exploit their natural resource advantages? Does this represent an investable theme for Latin American funds?

Host

Ken Yeadon - CEO of Hedgehogs.net, a social application platform for the hedge fund and investment industry and those who serve it.

Ken is the former head of trading, sales and e-commerce for HSBC Asia-Pacific. He has a successful track record in angel and venture investing in financial technology, and in high frequency trading, stat-arb and quantitative/arbitrage trading. He has also managed several liquidity management infrastructure and financial CRM projects for banks, brokerages and technology vendors. Ken has an MBA from John Cass Business School and a BA in Economics from Nottingham University.

Expert Panel

Sonia Villalobos Co-portfolio manager of the LV Pacific Opportunities Fund
She was formerly Head of Latin American Equities at Larrain Vial AGF. A Brazilian citizen, she has more than 25 years of experience in the LatAm capital markets. She was Head of Research at Garantia in Sao Paulo from 1989 to 1996 and Vice President at Bassini, Playfair & Associates from 1996 to 2002. She holds a Bachelor and Master’s degree in finance from the Fundación Getulio Vargas in Sao Paulo. In 1994 she obtained her CFA, the first person in Latin America to achieve it.

Andres Azicri President and Founder of Convex Management
Prior to founding Convex, Andres Azicri was a Managing Partner of Cima Investments and the senior portfolio manager of the Cima Aconcagua Fund. Before joining Cima, Mr. Azicri was the head of Asset Management at MBA, prior to which he headed the Proprietary Desk for Latin America at Bankers Trust in New York (1997-1999) and the Emerging Markets Fixed Income Research Department at Oppenheimer & Co., in New York (1995-1997). Mr. Azicri is an economist from the University of Buenos Aires (1988), and is currently a professor of finance at CEMA University and the University of Buenos Aires.

Carlos Rojas Portfolio Manager Compass Perú
Portfolio Manager of the Peru Special Investment Fund. He joined Compass in 2006 after working for 12 years in the financial industry. In his previous role he managed over US$ 300 million for the Rimac Group and was also an investment advisor for the Brescia Group. Previously he performed roles in M&A operations, financial structures, derivatives, and trading. Mr. Rojas has a BA in Business Administration from Universidad del Pacífico in Peru.

Andrew Cummins Founder and Chief Investment Officer of Explorador Capital Management, LLC.
Previously, Andrew worked for Emerging Markets Investors Corporation, focused on investments in Argentina, Chile, Peru and Ecuador. Andrew holds an M.B.A. from Harvard University and a B.S. from the University of California at Berkeley. He has lived and traveled in Latin America over the last 20 years. Andrew serves on the Board of INPAR, a publicly traded Real Estate company in Brazil.

Webinar:

Date: November  10th
Time: 1pm EST
Price: USD 175.00 early bird till Nov. 2nd
USD 199.00

REGISTER HERE

Filed under: Argentina, Banking, Brazil, Central America, Chile, Colombia, FiNETIK Events, Latin America, Mexico, News, Peru, Risk Management, Services, Trading Technology, Wealth Management, , , , , , , , , , , , , ,

Alternative Latin Investor Issue 6 September/October

Alternative Latin Investor Issue 6 September/October 2010 click here for a free issue

Issue 6 Content Index

  • Infrastructure Municipal Bonds in Latin America
  • Emerging Markets Let the World See Your Wares in the Right Light
  • Investment Flows and Stock Market Returns p
  • Agribusiness Beekeeping in Latin America
  • Art Pinta: The Contemporary and Modern Latin American Art Show
  • Commodities The BP Oil Spill
  • Sowing Pools: Alternative Financing
  • Funds Latin America’s Favorite Sport: For Sale
  • Philanthropy Ashoka: Inspiring and Supporting Tomorrow’s Leaders
  • Regulation Due Diligence: You Bought the Company, Now What?
  • Renewable Energy Opportunities in Argentine Biodiesel
  • Ventures Real Estate Colombia: Founder Chad Smalley
  • Economist Emerging Market Forecaster
  • Wine Stocking up for World Cup 2014
  • Hedge Funds The Spectrum of Investors for Latin American Hedge Funds by Merlin Securities

Source: Alternative Latin Investor 22.09.2010

Filed under: Argentina, Banking, Brazil, Chile, Colombia, Latin America, Mexico, News, Services, Wealth Management, , , , , , , , , , , , , , , , , , , , , , , ,

BlackRock Bob Dolls: 10 prediction for the next 10 years

“10 Predictions for the Next 10 Years” by BlackRock’s Bob Doll and what it means to investors:

  1. U.S. equities experience high single-digit percentage total returns after the worst decade since the 1930s.
  2. Recessions occur more frequently during this decade than only once a decade as occurred in the last 20 years.
  3. Healthcare, information technology and energy alternatives are leading growth areas for the U.S.
  4. The U.S. dollar continues to be less dominant as the decade progresses.
  5. Interest rates move irregularly higher in the developing world.
  6. Country self-interest leads to more trade and political conflicts.
  7. An aging and declining population gives Europe some of Japan’s problems.
  8. World growth is led by emerging market consumers.
  9. Emerging markets weighting in global indices rises significantly.
  10. China’s economic and political ascent continues.

Read Bob Doll’s full report  10 Predictions for the next Decade

Source:BlackRock / Carral Sierra, 02.08.2010

Filed under: Banking, Brazil, China, Energy & Environment, Japan, Korea, Mexico, News, Risk Management, Wealth Management, , , , , , , , , , , , , , , , , , , , , , ,

Alternative Assets in Latin America: Expert Panel Discusses June 15, 2010

Please join Alternative Latin Investor and Focus Point Press June 15th for a round table webinar of industry experts discussing alternative assets in Latin America.  http://www.alternativelatininvestor.com/Webinar/AlternativesAssetsInLatAm.pdf
Our Panel:

Brigitte Posch
PIMCO Executive Vice President and Portfolio Manager in its emerging markets group. Prior to joining PIMCO in 2008, she was a managing director and head of Latin American securitization and trading at Deutsche Bank.

Will Landers
CFA, Managing Director, Senior Portfolio Manager, is the portfolio manager for the BlackRock Latin America Fund, the BGF Latin America Fund, the BSF Latin American Opportunities Fund and the BlackRock Latin American Investment Trust PLC.

Andrew Cummings
Founder and Chief Investment Officer of Explorador Capital Management, LLC.

Eric Saucedo
Partner at Tricap Partners & Co., an investment banking firm focused on early-stage and middle market growth companies.

Topics:

-How alternative investment vehicles are faring in this recovery phase of the crisis
-What strategies performed the better than others
-What regions, sectors and vehicles are looking good for the coming year
-New players to the region who we should keep an eye on
-Growth of regulation in the alternative space
-Where new capital to Latin America is coming from
-Participation of both, foreign and domestic institutional investors
-How LatAm stacks up against other emerging markets
-The effect of Chavez on investor confidence in LatAm investments
-How sustainable is Brazil
-Countries to watch

Date: Tuesday, June 15
Time: 1pm EST
Price: 89.00USD
Register at http://www.regonline.com/Checkin.asp?EventId=866305

For more information please see,
http://www.alternativelatininvestor.com/Webinar/AlternativesAssetsInLatAm.pdf

Filed under: Argentina, Banking, Brazil, Central America, Chile, Colombia, FiNETIK Events, Latin America, Mexico, News, Peru, Services, Venezuela, Wealth Management, , , , , , , , , , , , , , , , , ,

VAM: Vietnam Monthly Market Analysis- March 2010

Market Update – VAM Monthly Newsletter – March 10


Vietnams GDP growth in 1Q10 is estimated at 5.8%, much higher than the 3.1% figure from a year ago. Comparing the two quarters, industrial production is up 13.6%, retail sales up 24.1%, and exports now only down 1.6%. While the GDP growth is less than the previous quarter, it must be noted that Tet (Lunar New Year) will generally have a negative impact on GDP growth in the first quarter of each year in Vietnam as compared to the rest of the year.

Average yearly inflation is now up to 9.5%, and the foodstuffs and building materials categories continue to be the primary contributors to the rise. The trade deficit in 1Q10 is estimated at US$3.5bn, compared to a trade surplus of US$1.5bn in 1Q09. However, the number is not as bad as it sounds for two reasons. First, the 1Q09 was anomalous as the surplus was made entirely possible by primarily the re-export of gold due to the price gap of roughly US$35/ounce in Vietnam compared to the world market at the time. Second, on a monthly level the trade deficit is declining over 4Q09, and inflows into the capital account are picking up quite strongly. An estimated US$4bn in FDI and remittances flowed into Vietnam in 1Q10. The evidence is in the currency market, where free market and official rates seem to be in equilibrium for the moment.
Nonetheless, on 12 March 2010, Fitch Ratings placed Vietnam’s long-term foreign and local currency ratings on negative watch with potential for a downgrade, citing weakening confidence in the Dong and a lack of transparency regarding foreign reserves and the balance of payments. It does seem that Vietnams foreign reserves were drained substantially in 2009 due to the continued high trade deficit and the slowdown in FDI and remittances. But for the time being, imbalances in the currency, current account, and inflation seem well addressed.
Again we must report that the VN-Index had another sideway month, finishing at 499.24, up just 0.5%. The market was rallying quite handsomely until Fitch lowered its outlook.
Official audited results are being announced by corporates as listed companies are in their AGM season. Generally the earnings have been good and better than management guidance. Some companies have encouraging targets of 30  100% bottom line growth in 2010, with those on the higher end of the spectrum mostly riding on new products and/or newly added capacity. On the other hand, lacking support from provisions reversal, tax break, low cost materials and interest subsidies, some plastics, pharmaceutical and auto component companies have planned quite low targets compared to their earnings posted in FY09. As for the stock market, we think FY09 results have already been priced in and going forward stock prices will be mostly driven by targets for the current fiscal year and how management execute their plans.
Our View – News on macro economy, credit and monetary policies, whether official or not, prevails corporate news to drive the bourses. The states commitment to curbing inflation, stabilising the banking system as well as lowering borrowing costs in the last few days of March have eased investors panic. We still uphold our interest in Consumer staples, pharmaceuticals, construction materials, and real estate, especially the construction materials and real estate players in Hanoi, which may benefit from the citys rapid expansion and surge in infrastructure development to celebrate the 1,000th year anniversary of the capital city.
Sector Valuation Table

Industry group

Weight %

1M %

3M %

YTD %

2009PE

2010PE

2011PE

2014PE

P/B

Dvd Yield

ROE

Gross Margin

Op Margin

Net Margin

Net D/E

Vietnam Market

100.0%

-2.4%

-1.9%

-1.9%

15.8

13.2

11.8

8.5

2.8

2.6

19.0

33.0

23.4

23.1

1.3

Automobiles & Components

1.4%

-2.2%

-7.4%

-7.4%

11.6

9.5

7.6

5.4

3.6

0.4

27.2

17.3

10.1

6.9

0.7

Banks

21.0%

-3.6%

-5.5%

-5.5%

13.8

12.1

10.7

8.3

1.7

2.0

11.0

35.4

23.1

17.0

5.9

Capital Goods

3.6%

-2.0%

-6.1%

-6.1%

12.8

11.6

10.3

8.3

2.8

3.2

21.6

26.0

17.3

13.3

0.1

Commercial Services & Supplies

0.1%

4.0%

-3.6%

-3.6%

-

-

-

-

-

-

-

-

-

-

-

Consumer Durables & Apparel

1.0%

8.4%

-0.5%

-0.5%

13.5

11.7

10.4

8.9

2.0

1.7

14.0

8.5

4.5

2.9

-

Consumer Services

1.6%

-5.5%

-14.2%

-14.2%

-

-

-

-

-

-

-

-

-

-

-

Diversified Financials

5.1%

-36.2%

-36.5%

-36.5%

10.3

9.7

9.0

7.3

1.5

0.1

13.7

46.7

41.0

128.2

-0.4

Energy

5.7%

-0.3%

-13.9%

-13.9%

8.3

8.5

7.5

5.7

2.7

3.8

29.7

27.2

23.1

15.3

2.0

Food, Beverage & Tobacco

12.0%

0.2%

9.6%

9.6%

12.0

10.0

8.2

6.2

3.8

3.7

30.0

31.8

18.5

17.4

-0.3

Household & Personal Products

0.3%

28.7%

41.0%

41.0%

43.9

36.5

29.0

14.2

1.3

0.9

4.8

24.4

8.1

4.0

0.7

Insurance

7.9%

-4.2%

27.0%

27.0%

27.4

24.2

21.3

16.4

2.8

2.3

10.0

23.7

2.3

8.7

-1.7

Materials

8.8%

2.3%

1.9%

1.9%

10.2

9.1

8.1

6.9

2.5

3.3

23.3

26.7

21.5

19.5

-0.1

Pharmaceuticals & Biotechnology

3.8%

-5.6%

-18.1%

-18.1%

9.7

9.1

7.3

4.6

1.7

3.4

15.7

32.5

10.4

8.2

-0.1

Real Estate

18.9%

1.9%

-1.3%

-1.3%

27.1

19.1

17.2

11.4

4.3

1.9

21.2

46.6

41.2

27.4

0.9

Retailing

4.0%

8.3%

5.7%

5.7%

12.2

11.1

10.2

6.1

3.4

3.4

26.7

10.8

6.2

4.3

-0.2

Transportation

2.1%

2.0%

-3.1%

-3.1%

16.9

19.4

24.6

7.8

1.5

1.7

11.7

20.5

15.5

10.2

0.6

Utilities

2.8%

-5.6%

-9.5%

-9.5%

7.4

5.5

4.9

6.0

1.2

5.6

15.6

39.0

37.1

36.5

0.4

* The Sector valuation table is calculated by VAM in-house Company Analysis System  VCAS.
** Vietnam Market comprises of both the Ho Chi Minh Stock Exchange (HoSE) and the Hanoi Stock Exchange (HNX).

Filed under: Asia, Exchanges, News, Risk Management, Vietnam, , , , , , , , , , ,

ETF: BlackRock ETF Industry Review Latin America Industry Review – Year End 2009

BlackRock has just published its Latin America Industry Review Year End 2009 report. This report is a review of the Exchange Traded Funds (ETFs) and Exchange Traded Products (ETPs) listed globally.

At the end of 2009 the Latin American ETF industry had 17 locally domiciled ETFs, 211 exchange listings, and assets of US$9.84 Bn from three providers on two exchanges.

There are 169 ETFs cross listed in Mexico at the end of December 2009 from eight providers, while there are 340 ETFs registered for sale in Chile from 10 providers, and 277 ETFs registered for sale in Peru from 12 providers.

Read full report of BlackRock_ETF_Latin_America_Review_2009

Source:MondoVisione, 05.03.2010

Filed under: Argentina, BM&FBOVESPA, BMV - Mexico, Brazil, Central America, Chile, Colombia, Exchanges, Latin America, Mexico, News, Peru, Services, , , , , , , , , , , , , , , , , ,

BMV Bolsa Mexicana de Valore: Information on relationships and discussions with CME

Bolsa Mexicana de Valores, S.A.B. de C.V. (BMV: Bolsa), informs that in connection with certain information that has been circulating in the public regarding a possible transaction between the BOLSA MEXICANA DE VALORES, S.A.B. DE C.V. (“BMV”) and CME Group Inc (“CME”), BMV informs the public that it is conducting discussions of a preliminary nature with CME that encompasses a number of commercial arrangements and a possible minority equity component. No preliminary or definitive agreements have been executed and there is no assurance yet that an agreement will be reached between the parties.

Source: BMV, 08.09.2009

FiNETIK comments:
As FiNETIK understands form confidential sources in CME and BM&F BOVESPA, The two exchanges agreed to splitted and access the world according to a certain formula. The two exceptions, where both exchanges could compete agains each others will be Mexico and China.

Other news:

MexDer Weighs CME Partnership With An Eye Toward International Growth 16.09.2009

Market Comments:
Bolsa Mexicana de Valores, the owner of Mercado Mexicano de Derivados (MexDer), has entered talks with CME Group, which could involve selling a minority stake in the BMV Group to the Chicago exchange. BMV said in a statement today (September 8) that it was conducting discussions of “a preliminary nature”.

The talks centre around a number of “commercial arrangements” and “a possible minority equity component”.
“No preliminary or definitive agreements have been executed and there is no assurance yet that an agreement will be reached between the parties,” BMV said in a statement.

The talks centre on the derivatives arm of BMV – MexDer, a common ground for BMV and CME.

Bernardo Mariano, an analyst at the Equity Research Desk, an investment advisory firm in Greenwich, Connecticut, said the announcement was “an excellent move” for Bolsa Mexicana.
A relationship between the two exchanges could mean an order routing agreement or cross-listing of their products.

“For Bolsa Mexicana it’s an excellent deal, because CME has about 150,000 terminals around the world and that will provide MexDer with an audience. For them to achieve 150,000 terminals can take many years if not even decades,” Mariano said.

For CME Group the deal could mean being able to provide more products to its existing clients or charging fees to distribute the Mexican products, Mariano said. It could also reach new customers in Mexico.

In October 2007, CME Group agreed a deal with São Paulo-based BM&F Bovespa, whereby the US exchange acquired a 5% stake in the Brazilian exchange, which received a 1.7% stake in the CME Group.

The deal has involved a mutual order routing agreement, so that BM&F Bovespa’s contracts are available for electronic trading through CME’s Globex platform, while CME’s contracts can be traded on the Brazilian exchange’s system. The two groups have also jointly developed new products.

Under the exclusive agreement with BM&F, CME is not allowed to invest in other central and south American exchanges. However, according to ERDesk, it is indeed allowed to reach an agreement with BMV as an exception.


Filed under: BM&FBOVESPA, BMV - Mexico, Exchanges, Latin America, Mexico, News, , , , , , , , , , , , ,

Argentina Stocke Exchange Calls for Lifting Capital Controls

– Argentina’s stock exchange called on the government to lift capital controls that caused it to become the only major Latin America market classified as “frontier,” adding the move may help lure $10 billion in foreign investment.

Requirements for international investors to deposit 30 percent of what they put in Argentina with the central bank for a year “have stopped making sense,” Adelmo Gabbi, the Buenos Aires stock exchange’s chairman, said yesterday in a speech.

Capital controls prompted MSCI Inc. to remove Argentina from its benchmark emerging-market index in June, assigning it the so-called frontier status along with the world’s least developed markets. The controls have helped Argentina avoid volatility, said President Cristina Fernandez de Kirchner.

“We have to seek a rule so that the inflow of funds won’t be speculative,” she said, without elaborating.

New York-based MSCI, which estimates its indexes are tracked by funds with $3 trillion, classifies its markets based on size, liquidity and economic development. Argentina’s demotion also followed Fernandez’s seizure of about $24 billion in assets held by private pension funds, the country’s biggest stockholders.

“We want to stop being the only country in the region that participates in the frontier index because we feel that we have more in common with Latin America than with Nigeria, Ghana and Kenya,” Gabbi said.

Merval’s Rally

Argentina’s Merval stock index has rallied 66 percent this year after last year’s 50 percent slump. It’s up 1.1 percent over the last 12 months. A return to emerging market status would bring back about $10 billion in foreign funds to the market, Gabbi said.

Argentina’s stock exchange had average daily trading volume of $13.5 million in the first five months of the year, according to Bloomberg data. The nation’s stocks have a combined market value of $493 billion.

While relaxing capital controls would be “a step in the right direction,” it wouldn’t be enough to bring back international investors who sold stocks on the government’s policies, said Greg Lesko, who helps manage $625 million as head of equity at Deltec Asset Management in New York.

“There’s still enough political risk in Argentina to keep most investors from getting terribly excited,” Lesko said today in a telephone interview. “It wouldn’t make a big difference to me because that’s not the biggest reason why I’m not invested there. The way the country’s being run is more of an issue.”

Colombia Restrictions

MSCI said in December it would keep Colombia classified as an emerging market after the country removed restrictions on foreign investment in its stock market. Colombia in September lifted requirements that foreigners deposit 50 percent of stock and convertible bond investments with the central bank for six months.

“The deposit requirement was imposed in 2005 and was one of the forces that allowed us to confront the brutal volatility of the markets during the crisis,” Fernandez responded yesterday in a speech at the Buenos Aires stock exchange.

Fernandez’s husband and predecessor Nestor Kirchner imposed deposit requirements in order to discourage speculators from investing in local markets after the country restructured about $104 billion in bonds.

The measure aimed to cap a rise in the peso that would make Argentine goods less competitive abroad. Argentina’s currency has weakened 10 percent against the U.S. dollar this year as other currencies in the region have strengthened.

Fernandez said yesterday that the arrival of funds aimed at increasing production and creating jobs in South America’s second-biggest economy may be excluded from restrictions.

Argentina’s benchmark Merval index rose 1.1 percent to 1,797.02, the biggest gainer among major Latin American benchmarks. Banco Macro SA, Argentina’s largest lender by market value, led the increase, rising 8.1 percent to 8.65 pesos.

Source: Bloomberg, 28.08.2009 by  Eliana Raszewski in Buenos Aires at eraszewski@bloomberg.net; James Attwood in Santiago at jattwood3@bloomberg.net

Filed under: Argentina, Colombia, Exchanges, Latin America, News, Risk Management, , , , , , , , , ,

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