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Global Market StructureAsia Pacific Newsletter

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Deutsche BankEquities

Issue 25, 2013Welcome to the APAC Market Structure Newsletter containing the news relating to market microstructure,exchange updates and regulatory developments.

Email: [email protected] Tel: +852 2203 5710 +44 207 547 5552 +1 212 250 4170

Hong Kong ................................................Page 2After Hours Futures Trading to commence on HKEx on 8th April

Strategic plan 2013 - 2015 for HKEx released

China ..........................................................Page 4First B-to-A share conversion application madeOnshore margin lending/SBL stock list expanded

Taiwan ........................................................Page 6Taiwan investors to receive RQFII TWSE apply new criteria for full delivery stock

India ...........................................................Page 8Updates from SEBI on OFS, IDRs and Takeover codeMCX-SX starts operations

Japan..........................................................0PTS venues break recordsRules for integrated TSE/OSE venue released for launch on 16th July

South Korea ...............................................Page 12FSS consults on short position reporting template Hedge Fund growth slow despite regulation easing

Australia .....................................................Page 13ASIC seeks public comments on consolidation of takeovers guidance ASIC to take tougher stance against misleading takeover offers

ASEAN .......................................................Page 15Philippine SFC approves ETF regulationVietnam to merge stock exchanges

Quant Fact Sheet .......................................Page 17


Global Market Structure Hong Kong Newsletter Issue 25

SFC has a new home

The SFC has moved to Cheung Kong Center, the new address and phone number are:

35/F, Cheung Kong Center 2 Queen’s Road Central, Hong Kong (852) 2231 1222

Personnel Updates

Senior Staff Movements at the HKMA

On 16th January, the Hong Kong Monetary Authority (“HKMA”) announced that the Financial Secretary, on the advice of the Governance Sub-Committee of the Exchange Fund Advisory Committee, approved the following appointments:

(a) Henry Cheng as Executive Director to take up the post of Executive Director (Banking Supervision) when Nelson Man retires with effect from 1st April 2013;

(b) Darryl Chan as Executive Director and to take over from Howard Lee the post of Executive Director (Corporate Services) with effect from 15th April 2013; and

(c) Howard Lee, currently Executive Director (Corporate Services), to take up the post of Executive Director (Monetary Management) with effect from 1st May 2013 when Edmond Lau leaves the HKMA.

The CVs of the newly appointed Executive Directors, Darryl Chan and Henry Cheng, are available on the HKMA website.

Venue Updates

After Hours Futures Trading to commence 8th April

Following an update given by the HKEx to the LegCo’ After Hours Futures Trading (“AHFT”) has now been approved and will start in April. In addition to the day time opening hours, investors will now also be able to trade Hang Seng Index and H-share index futures from 5 - 11 pm each weekday. The HKEx products will have greater cross over with EU hours and it is hoped this will extend support for RMB products.

Here are some features to be aware of:

— Limit up/down mechanism. A sell order greater than 95% below or a buy order greater than 105% above last traded price for the spot month contract in the regular trading sessions (9.15 am-12 pm, 1- 4.15 pm) will be rejected.

— Risk management. There will be no intra-day variation adjustments or margin calls during the AHFT session. A mandatory variation adjustment and margin call will be made the following morning based on the Calculated Opening Price of the regular trading session. Any mark-to-market losses or margin call payments must be made by 12 noon.

For full details see here:

http://www.hkex.com.hk/eng/newsconsul/hkexnews/2013/130214news.htm

2012 Market Statistics report issued

On 15th January, the Hong Kong Exchanges Group Ltd. released a summary of their 2012 performance. See below some of the highlights:

— HKEx saw drop in IPOs of 36.6%, with IPO funds raised down 65.4%.

— The Main Board average daily turnover dropped by 22.7% to HK$53.8 million.

— Value of the main indices were up (HSI up 22.9%, HSCEI or H shares up 15%, HSCCI or Red Chips up 23%).

For the full report see here:

http://www.hkex.com.hk/eng/newsconsul/hkexnews/2013/Documents/130115news.pdf

Hong Kong Market Structure Update

Total (USD$) %loss/gain

Monthly ADT (Jan 2013) USD$8.04bn 21.78% Source: Thomson Reuters, 2013

Source: Thomson Reuters, 2013

Source: Bloomberg, 2013



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Fig 2: Futures HKFE HSI monthly ADT

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Hong Kong Market Structure Monthly Newsletter 3

HKEx release strategic plan 2013 - 2015

As released on 15th January, the plan for Group development in the coming years details the aim of becoming the global exchange of choice for China clients and allow international clients to gain China exposure. In order to ahieve this mutual market access, the HKEx will look to enter into further partnerships with Mainland counterparties.

From a product perspective, the focus will be on ETFs, new listed derivatives and the integration of the LME. The plan outlines the expectation that product will become horizontally integrated. With other asset classes, the exchange is looking to enable a fully vertical model from trading through to clearing and settlement through further consolidation and modernisation of the diverse platforms currently used.

The full report can be accessed here:

http://www.hkex.com.hk/eng/newsconsul/hkexnews/2013/Documents/1301154news.pdf

Source: HKEx Group Strategic Plan 2013 - 2015

Changes to designated securities for short selling

Effective 22nd February, 27 stocks will be added and 6 stocks removed from the list of designated securities.

1. 27 Additional Designated Securities

2. Deletion of 6 Existing Designated Securities

Sources www.hkex.com.hk

www.hkma.gov.hk

www.sfc.hk

www.scmp.com.hk

ContactEmail: [email protected] Tel: +852 2203 5710 +44 207 547 5552 +1 212 250 4170

Note:FIC - Fixed Income and Currency

Vertical V

alue C

hain

China Connectivity

CashEquity

EquityDeriv. FIC Commodities

Across Asset Classes

Clearing

Trading

Products

Cash DerivativesRegional

Player

Global Leadership

CESC JV

Market Microstructure

Reforms

BRICS Alliance

Scripless

IOSCO Compliance

Stock Option Revamp

After-hours Futures Trading

OTC Clearing

RMB Futures

Bond Products

LME Clear

OTC Clearing

Other Commodities

LME Products

Asia Time Zone Trading

Trade Repository

Leverage HKFE

International Listings

RMB Products

OTC Clearing

STOCK CODE

ENGLISH SHORT NAME

1. 35 FE CONSORT INTL

2. 75 Y.T. REALTY

3. 251 SEA HOLDINGS

4. 266 TIAN TECK LAND

5. 533 GOLDLION HOLD

6. 655 HK CHINESE LTD

7. 750 SINGYES SOLAR

8. 775 CKLIFE SCIENCES

9. 801 GOLDEN MEDITECH

10. 818 HI SUN TECH

11. 878 SOUNDWILL HOLD

12. 880 SJM HOLDINGS

13. 940 C ANIMAL HEALTH

14. 1028 C.BANNER

STOCK CODE

ENGLISH SHORT NAME

15. 1086 GOODBABY INTL

16. 1168 SINOLINK HOLD

17. 1176 ZHUGUANG HOLD

18. 1251 SPT ENERGY

19. 1258 CHINFMINING

20. 1262 LABIXIAOXIN

21. 1339 PICC GROUP

22. 1829 CMEC

23. 1968 PEAK SPORT

24. 2383 TOM GROUP

25. 3669 YONGDA AUTO

26. 3948 YITAI COAL

27. 6889 DYNAM JAPAN

STOCK CODE

ENGLISH SHORT NAME

1. 661 CDAYENONFER

2. 682 CHAODA MODERN

3. 976 CHIHO-TIANDE

STOCK CODE

ENGLISH SHORT NAME

4. 1252 CHINA TIANRUI

5. 8032 VIVA CHINA

6. 8137 HONBRIDGE

6 new QFII licenses approved by CSRC

As announced on CSRC’s website, the following 6 entities have been granted QFII licenses:

1. CITIC Securities International Investment Management (HK) Limited

2. Pacific Alliance Investment Management (HK) Limited

3. E Fund Management (Hongkong) Co.,Limited

4. Hillhouse Capital Management Limited

5. SinoPac Securities Investment Trust Co.,Ltd

6. China Asset Management (Hong Kong) Limited

US$2.6 billion quota approved by SAFE for 10 QFIIs

SAFE released QFII to the following 10 entities:

1. EFG Bank AG (USD100 million )

2. Genesis Asset Managers, LLP, (USD200 million )

3. CDH Investment Advisory Private Limited, ( USD200 million)

4. JPMorgan Asset Management Taiwan, (USD150 million )

5. Hillhouse Capital Management Limited, (USD300 million )

6. APS Asset Management Pte Limited, (USD300 million )

7. Public Mutual Berhad, (USD60 million )

8. Uni-President Assets Management Corporation, (USD50 million)

9. ABU Dhabi Investment Authority, (Additional USD500 million)

10. Kuwait Investment Authority, (Additional USD700 million)

As of January, a total quota of US$40 billion has been granted to 177 QFIIs.

First B-to-A proposal received by CSRC

The Chinese securities regulator is said to receive the first B-to-A conversion proposal made by Shanghai Stock Exchange (“SSE”) listed Zhejiang Southeast Electric Power. The company is applying for CSRC approval to convert their B-shares class listed on SSE denominated in USD into A-shares denominated in RMB.

Established in 1992, the B-share board is designed for companies to raise money from overseas investors, and unlike A-share board, no QFII license is needed for overseas investors to invest.

If approved, this would be the first type of conversion by means of B-to-A, extending the recent developments around B-to-H conversion late last year.

Chinese Market Structure Update


Monthly ADT (Jan 2013) USD$34.98bn 43.83%





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Fig 2: Equities Daily Turnover per venue - January 2013

Fig 3: Futures HKFE HHI monthly ADT

Fig 4: Futures Daily Turnover per venue - January 2013

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Global Market Structure Chinese Newsletter Issue 25

5Chinese Market Structure Monthly Newsletter

Onshore Margin Trading/SBL stock list expanded

Effective from 31st January 2013, the scope of margin trading and Stock Borrow and Loan (“SBL”) eligible stock list expanded from current around 300 stocks to 500 stocks. This is a further step by the regulation to improve market efficiency and may have an effect of cooling down the market.

Previously the stock list was selected among the companies that were among index constituents, however the former approach has been abandoned during this revision. Now according the statistics, the lendable stocks will weigh 55% of SZSE and 83% of SSE.

Source:

www.ejinsight.com, www.stcn.com

CSRC to extend RMB 100bn RQFII to Taiwan and allow Taiwanese branches on shore

During a meeting on cross-strait securities and futures cooperation, CSRC announced it is considering a pilot program that will allocate RMB 100 billion RQFII quota to Taiwan investors. This proposal, will add to the existing RMB 270 billion RQFII quota currently been given to Hong Kong institutions.

CSRC will now also allow Taiwan financial institutions to open branches in Shanghai, Shenzhen and Fujian provinces. Also, the holding limits of JV have been increased to 51% from 49% for Taiwan companies.

For further information on the developments agreed, see our Taiwan section.

CSRC Chairman said stock intervention needed at times

The official news agency Xinhua news reported that the Chinese regulator said stock intervention would be necessary at “key moments”, as the stock market is still not mature yet.

The Chinese stock market has suffered high volatility and poor performance last year, however, the trend now is significantly upwards with January seeing the longest rally since last year. QFII in total bought RMB 42.7 billion and Social Securities Fund (“SSF”) bought RMB 42.8 billion in 2012, to name the biggest net buyers last year.

CSRC considering launch of Gold ETF

CSRC issued guideliens for gold ETFs on 25th January. The Gold ETF will be allowed to invest in spot contracts listed on the Shanghai Gold Exchange while invest up to 10% in other products. China is now the world’s biggest consumer/buyer of gold, and the Gold ETF may reflect the demand for hedging the gold exposure for Chinese investors.

Source:

http://english.caixin.com/2013-01-28/100486986.html

Source:www.szse.cn

www.sse.com.cn/

www.csrc.gov.cn/

http://english.caixin.com

http://www.bloomberg.com

http://www.globaltimes.cn

www.ejinsight.com,

www.stcn.com

http://www.morningwhistle.com


FSC to allow Mainland companies to be listed in Taiwan and increase QDII quota

The Financial Supervisory Commission (“FSC”) held its first meeting of the cross-strait financial supervisory platform for securities and futures with China on 29th January, 2013. At the meeting, several consensuses have been made by both parties as follows.

— To increase Chinese Qualified Institutional Investors (“QDII”) investment quota from USD 500 million to USD 1 billion.

— To allow qualified Chinese Individual Investors (“QDII2”) to invest directly in the Taiwan market

— To relax the rules for Chinese securities and futures companies to invest in Taiwanese securities and futures companies

— To allow Taiwanese companies registered in China to be listed

— Taiwan financial institutions may now open branches in Shanghai, Shenzhen and Fujian provinces. - - Holding limits of Joint Ventures have been increased to 51% from 49% for Taiwan companies.

CSRC to launch RQFII program for Taiwan

At the cross-strait securities and futures cooperation, CSRC also announced it is considering a pilot program that will allocate RMB 100 billion RQFII quota to Taiwan investors. This proposal, will add to the existing RMB 270 billion RQFII quota currently been given to Hong Kong institutions.

Foreign Ownership Limits

As of 4th February 2013 the foreign ownership limits can be found in below table:

Securities Name

ISIN Code Total outstanding Shares

Percentage of shares held by foreign investors (incl. QDIIs)

Percentage of foreign ownership limits

FSC TW0002601002 377,617,150 22.84 49.99

SNC TW0002605003 568,304,171 31.47 49.99

U-MING TW0002606001 858,016,712 11.73 49.99

YMTC TW0002609005 2,818,713,123 14.23 49.99

CAL TW0002610003 5,200,000,000 10.58 49.99

EMIC TW0002614005 1,418,530,680 3.68 49.99

WANHAI TW0002615002 2,218,297,466 42.11 49.99

TAIWANLINE TW0002617008 417,294,487 3.9 49.99

EVAAIR TW0002618006 3,258,945,005 18.91 49.99

TNA TW0006702004 554,220,642 10.95 49.99

CHT TW0002412004 7,757,446,545 15.67 49

TWM TW0003045001 3,420,832,827 38.2 49

Taiwan Market Structure Update




Global Market Structure Taiwan Newsletter Issue 25





Fig 1: Equities Taiwan market monthly ADT (lit, auction & non-displayed order types)

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Fig 2: Cash Equities Daily Turnover per venue - January 2013

Fig 3: Futures FTX TAIEX monthly ADT


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2013

7Taiwan Market Structure Monthly Newsletter

FAR EASTONE

TW0004904008 3,258,500,810 38.84 49

EMC TW0002603008 3,474,940,656 29.82 47.49

S.W. TW0005608004 366,350,031 8.21 47.49

EITC TW0002607009 1,067,141,094 3.99 44.99

CCTC TW0002613007 89,001,000 0.4 33.33

DAFENG TV LTD.

TW0006184005 77,066,000 3.85 19.99

CTV TW0009928002 132,724,583 0 0

Personnel changes

TWSE Chairman to be appointed Minister without portfolio

Schive Chi, the chairman of TWSE, is to be appointed as new minister without portfolio for financial and economic projects. During an interview, Chi mentioned the building up of cross-strait financial center will be the key focus this year.

Venue News

TWSE applied new criteria for full delivery stocks

The Taiwan Stock Exchange (“TWSE”) has announced that listed companies who meet the new criteria below will be downgraded to full delivery category stocks with effect from 1st July, 2013.

— For companies listed on the TWSE, the percentage of the common shares listed/traded on the TWSE does not reach 25% of the number of total common shares issued, and is less than 60 million shares. The stock will further be suspended from trading if it does not fulfill the requirement to be upgraded to normal trading stock category after 3 years from the day it is downgraded.

— For primary listed companies on the TWSE, the percentage of the common shares listed/traded on the TWSE does not reach 25% of the number of total common shares issued, and is less than 60 million shares with net value below TWD 600 million. The stock will further be suspended from trading if it does not fulfill the requirement to be upgraded to normal trading stock category after 3 years from the day it is downgraded.

The TWSE aims to prevent low liquidity of listed stocks when the listed company makes a private placement or capital reduction.

Similar requirements were released by the GreTai Securities Market (“GTSM”) with effect from 1st July, 2013.

— For companies listed on the GTSM, the percentage of the common shares listed/traded on the GTSM does not reach 25% of the number of total common shares issued, and is less than 5 million shares. The stock will further be suspended from trading if it does not fulfill the requirement to be upgraded to normal trading stock category after 3 years from the day it is downgraded.

— For primary listed companies on the GTSM, the percentage of the common shares listed/traded on the GTSM does not reach 25% of the number of total common shares issued, and is less than 5 million shares with net value below TWD 100 million. The stock will further be suspended from trading if it does not fulfill the requirement to be upgraded to normal trading stock category after 3 years from the day it is downgraded.

The GTSM aims to prevent low liquidity of listed stocks when the listed company makes a private placement or capital reduction.

Taifex and Deutsche Boerse’s Eurex cooperate on Derivatives

Taifex, the Taiwan futures exchange, signed an agreement with Deutsche Boerse’s Eurex to cooperate in derivatives trading/clearing based on Taiex index. Eurex will list Taiex options and Taiex futures as daily expiring futures in Q4 2013, allowing investors to trade derivatives when the Taiex is closed for the first time thus improving efficiency and liquidity.

In January 2013, the Taiex options and Taiex futures’ Daily Average Volume was above 500,000 and 100,000 contracts.

GreTai makes changes to Emerging Stock Board

As of 7th January, the following changes have been made in an effort to make the board more active.

1. The recommending securities firms will have priority to trade when they offer the best quotation,

2. The quotation price from securities firms replaces the order price from investors as the trade price.

3. GTSM’s negotiation clicking system institutes the real time auto-matching mechanism for the orders from investors when matching the quotations from securities firms.

GTSM will host the reward campaign for recommending securities firms, brokers and investors.

1. Recommending securities firm

a. The best contribution: The recommending securities firms of the top 3 trading value from 7th January to 31st March, 2013 will be awarded 30,000 NT dollars, 20,000 NT dollars and 10,000 NT dollars respectively.

b. The best quotation: The recommending securities firms of the top 3 narrowest bid-ask spread percentage quotation from 7th January to 31st March, 2013 will be awarded 30,000 NT dollars, 20,000 NT dollars and 10,000 NT dollars respectively.

2. Brokers: The best contribution: The operation units of all brokers of the top 3 trading value from 7th January to 31st March, 2013 will be awarded 30,000 NT dollars, 20,000 NT dollars and 10,000 NT dollars respectively.

3. Investors: All individual investors who are trading during this period are qualified to join the lottery draw with 3,000 NT dollars gift coupon per person and limited to 10 recipients per month for three consecutive months and total 30 recipients.

The announcement made by GTSM states that the new regulation will induce positive competition between recommending securities firms via the mechanism of “the best quotation has priority to trade”, therefore the quotation from recommending securities firms will be enhanced. Under the new regulation, the trade price is guaranteed to be the better price for investors. At the same time, GTSM is expecting the new regulation will appeal more investors to join the Emerging Stock Board.


Foreign Ownership Limits (cont.)

Source:www.twse.com.tw

www.foxbusiness.com

www.sfb.gov.tw

www.chinapost.com.tw

www.morningwhistle.com

www.gretai.org.tw

SEBI announces multiple rule amendments, fine tunes takeover code

SEBI has announced the key decisions taken during its board meeting on 18th January which provided for relaxed norms for Offer-for-Sale (“OFS”), Indian Depository Receipts (“IDR”) and Infrastructure Debt Fund (“IDF”) regulation. Also clarified were certain aspects of the revised takeover code. Following are the highlights

OFS

— Requirement of a minimum 25% upfront margin for placing bids is abolished; however such bids cannot be cancelled or lowered. Only upticks in price or quantity permitted. A penalty of 10% of the order value would be charged in cases where such investors fail to pay up

— Investors paying 100% upfront margins while placing a bid will be allowed to modify (including lowering) or cancel their bids at any time during the offer period

— All valid bids placed and the indicative cut-off price will be made visible on the exchanges during the offer during normal market hours

— Settlement for investors paying 100% upfront margin will take place on T+1 basis, while for all other investors it will be on T+2 basis

IDR

— Two way fungibility will be allowed for Indian Depository Receipts to boost market liquidity

— Detailed guidelines and amendments to the ICDR regulations will be finalised and released soon

IDF

— IDF -MFs will be allowed to invest in bonds of state-owned financial institutions and infrastructure finance companies if the Asset Management Company is unable to find enough core assets to deploy the amounts of principal

— The scheme would be allowed to be extended by upto two years beyond the original tenure with the consent of 2/3rds of its investors by value

— Systemically important Non Banking Financial Companies registered with the RBI and FIIs registered with SEBI as long term investors will be considered as strategic investors allowing FIIs to invest in the infrastructure sector

— The New Fund Offer period will be increased from 15 days to 45 days. — Private placement to less than 50 investors will be allowed

Takeover Regulations

— For preferential allotments, the date of board decision (and not shareholder decision) will be considered as the date of open offer announcement and for fixing the offer price to eliminate market risks due to changes in stock price post the announcement

— For buybacks, if the voting rights of a non-participating shareholder go beyond the threshold which triggers open offer then such investors will be provided a window of 90 days from the expiry of buyback offer to lower their holdings

Indian Market Structure Update




Global Market Structure Indian Newsletter Issue 25





Fig 1: Equities Indian market monthly ADT (lit & auction types)

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2011 2012 2013

9Indian Market Structure Monthly Newsletter

— For open offers, SEBI clarified that even the market purchases can be completed during the offer period of 21 days provided that all shares thus acquired are kept in a separate escrow account

— The insider trading regulations will be applicable to all entities having a stake greater than 5%

The SEBI circulars are available here: http://www.sebi.gov.in/sebiweb/home/document_detail.jsp?link=

http://www.sebi.gov.in/cms/sebi_data/docfiles/25197_t.html

http://www.sebi.gov.in/cms/sebi_data/attachdocs/1359113814261.pdf

Sources:http://articles.economictimes.indiatimes.com/2013-01-19/news/36432140_1_bids-indicative-price-share-sale

http://business-standard.com/article/economy-policy/sebi-modifies-norms-for-share-sale-through-auction-route-113012500219_1.html

http://www.firstpost.com/investing/sebi-tightens-takeover-norms-to-protect-investor-interests-594122.html

Guidelines pending for product labeling and mutual funds sector

SEBI is expected to issue guidelines on “product labeling” for the mutual funds industry and is likely to introduce color coding on the offer documents commensurate with the risk profile of the product it represents. A subcommittee has already been setup to look into this important investors’ education agenda.

SEBI is also working on a long-term policy for the MF sector which would look to resolve the issues related to taxation and lay a roadmap for sustainable growth of the industry.

http://www.livemint.com/Money/TcMRrXfUtP6yqgLMuPAY6K/Sebi-to-introduce-product-labelling-for-MFs-soon.html

http://businesstoday.intoday.in/story/sebi-to-introduce-product-labelling-for-mutual-funds-soon/1/192062.html

SEBI makes it mandatory for Investment Advisors to register and get certified

SEBI has released new regulations requiring all investment advisors in the country to get certified and registered with it and segregate all such services from other activities such as distribution. An investment adviser is defined as an entity engaged in the business of providing investment advice for a consideration. The existing entities / individuals offering advisory services will be given six months to register themselves with SEBI. Major requirements under the regulations are

— A minimum net worth of Rs 25 lakh for corporates while its Rs 1 lakh for individual advisors

— Disclosure of advisory fees charged for each individual product, their own holdings of such products and any conflicts of interest

— Restriction on entering into any transactions on their own account which are contrary to any advice given to clients within 15 days of giving such an advice

— Minimum educational qualifications have been stipulated as eligibility criteria for getting certified as an investment advisor. Certain exemptions are also provided

— Maintenance of records like KYC, risk profiling, suitability sheets, agreement copies, investment advice (oral or written), fees and time of providing advice for at least five years either in electronic or physical form

The SEBI Circular can be accessed here:

http://www.sebi.gov.in/cms/sebi_data/attachdocs/1358779330956.pdf

http://www.livemint.com/Money/n07hPWXrLGxw8MJcMp0EZO/Sebi-to-regulate-all-investment-advisors.html

SEBI notifies rules to identify beneficial ownership

SEBI has notified market participants to take “reasonable measures” to identify the ultimate beneficiaries of their clients in a bid to boost transparency in the markets. Controlling ownership refers to individuals / entities having more than 25% of shares or capital or profits in a company.

In cases where a natural person having a controlling ownership is not identifiable, a senior managing officer should be verified. Similarly in case of a trust, the identities of the settler of the trust, the trustee, the protector or any other individual / entity having more than 15% interest in the trust should be verified.

http://www.business-standard.com/article/economy-policy/sebi-issues-rules-to-identify-beneficial-ownership-113012400253_1.html

SEBI issues stricter listing norms for merged/demerged companies

SEBI has revised the listing rules for companies desirous of getting their equity shares listed after merger, de-merger or amalgamation requiring stricter valuation of the entity. The new rules set out the requirement for an independently produced valuation report and the process for approval by SEBI and the exchange.

http://www.thehindu.com/business/markets/sebi-revises-rules-for-amalgamation-of-companies/article4379274.ece

SEBI looking to mandate scrutiny of use of funds for small IPOs; compulsory audit of foreign subsidiaries of listed companies

In a bid to stop misuse of public funds by listed companies, SEBI is considering making it mandatory for companies raising upto Rs 500 crore to appoint a monitoring agency to keep track of the use of funds and regularly update SEBI till the time such funds are completely utilised.

In another development, SEBI is looking to tweak the listing agreement and create a provision making it mandatory for listed companies to provide an audit of all their significant overseas subsidiaries contributing more than 20% to the domestic company’s consolidated turnover or net worth.

http://articles.economictimes.indiatimes.com/2013-01-23/news/36505779_1_ipo-money-tijaria-polypipes-bharatiya-global-infomedia

http://articles.economictimes.indiatimes.com/2013-01-17/news/36394292_1_audit-sebi-subsidiaries

Venue Updates

MCX-SX start operations on February 11th

The MCX-SX started trading in its equity and equity derivatives segments on 11th February 2013. The official inauguration on 9th February was attended by Finance Minister P. Chidambaram.

The new exchange is expected to further intensify the competition amongst bourses vying for market share and volumes leading to lowering of trading costs for investors and brokers.

“Inauguration of MCX-SX equity segment will be a significant milestone not only for MCX-SX but the entire nation. Our exchange adds a new dimension to the exchange evolution by embedding growth and inclusion that are so critical for a country like India.” Jignesh Shah, Vice Chairman of MCX-SX, said.

http://in.reuters.com/article/2013/01/28/mcxsx-launch-idINDEE90R08720130128

http://articles.economictimes.indiatimes.com/2013-01-29/news/36616012_1_mcx-stock-exchange-mcx-sx-exchange-evolution

SGX and NSE end the exclusive pact for Asia

The National Stock Exchange (“NSE”) and the Singapore Exchange (“SGX”) have ended the 13 year old exclusive tie-up agreement for the Asian region allowing both the bourses to now explore and seek cross-listing partnerships with other exchanges in the region from 2014.

http://www.mydigitalfc.com/news/sgx-nse-end-%E2%80%98exclusive%E2%80%99-pact-asia-after-13-yrs-831

Venue Updates

Rules for integrated TSE/OSE released for launch 16th July

On 8th February, the TSE released an extensive description of the ‘Developing Rules and Regulations in connection with the Integration of the Cash Equity Markets with the Osaska Stock Exchange’. Both the Listing rules and Regulations and Trading Participant Rules are covered including processes for delisting, fee structures and disclosures.

The rules will come into effect on 16th July, the complete release can be read here:

http://www.tse.or.jp/english/news/09/b7gje60000019wl6-att/e20130208_a.pdf

TSE trading overview

Japanese Market Structure Update




Global Market Structure Japanese Newsletter Issue 25





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1st Section 72,870 418,458 + 115,632 + 208,862 22,024

2nd Section 1,200 1,335 + 525 + 691 70

Mothers 532 11,876 + 8,071 + 9,402 625

ETF 2.6 1,479 + 946 + 2,046 155

REIT 258.9 4,104 + 1,488 + 3,254 267

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Index Futures 1,594,637 - 721,225 + 785,898 83,928 672,881

(TOPIX Futures) 1,250,742 - 821,261 + 610,112 65,829 478,681

JGB-Futures 871,999 - 85,861 + 435,658 45,895 98,025

(10-year JGB Futures) 869,921 - 86,773 + 436,393 45,785 97,453

Index Options 19,865 + 15,246 + 18,747 1,046 14,660

Options on JGB-Futures 189,966 + 22,683 + 11,914 9,998 15,507

Individual Options 37,630 - 21,364 - 6,456 1,981 74,179

Derivative Market (Including ToSTNeT) (Volume/Open Interest: Units)

11Japanese Market Structure Monthly Newsletter

First RMB ETFs listed on TSE

The Tokyo Stock Exchange, Inc. (“TSE”) has approved the listings of 2 ETFs managed by “China Asset Management (Hong Kong) Limited” and “CSOP Asset Management Limited” respectively.

These are the first listings of RQFII A-share ETFs in Japan, and also the first foreign ETFs listed in Japan using the JDR scheme. The ETFs will be listed on27th February, 2013 and will be based on the CSI300 Index and the FTSE CHINA A50 Index.

With these listings, there will be a total of 129 ETFs and ETNs listed on the Tokyo market.

PTS venues break records

SBI Japannext announced that it has broken the 100 billion yen of value traded in equity shares on 6th February. ¥120.8 billion were traded, the equivalent to US$1.29 billion.

On 8th January, Chi-X Japan hit a new high in value traded of 60 billion yen. According to their press release, the strong start to January follows a 76.5% increase in the value of shares traded and a 86.7% increase in volume for the full year 2012 compared to 2011.

Sourceswww.tse.org.jp

Trading Volumes

Trading Value Change

from lastDaily average

Domestic Stocks 238,509 265,022 + 87,034 13,949

TOPIX 170,768 156,188 + 53,605 8,220

Nikkei 225 6,038 66,280 + 14,436 3,488

Other 61,703 42,555 + 18,993 2,240

REIT 3,840 4,657 + 1,701 245

Foreign Stocks 9,576 6,950 + 2,360 366

Foreign Bonds 21 834 + 321 44

Commodities 6,992 17,830 + 3,219 938

Total 258,937 295,294 + 94,634 15,542

ETF Market (Including ToSTNeT) (Volume: thou. units, Value: mil. yen


Slow Hedge Fund growth despite the regulation easing in Korea

After regulators in South Korea relaxed the restrictions on the launching of, and investing in, hedge funds in Korea late 2011, it was expected that this would lead to sharp increase in investment into the emerging market. While growth has been slower than expected suggesting calls for further regulatory intervention, these new rules are clearly making an impact.

“It is expected a total of 23 firms, including 12 asset management companies, five brokerage firms and six advisory firms will submit application[s] for hedge fund management in 2013,” according to a report published by the FSC on Dec. 6, 2012.

If the number of hedge funds continue to increase there will definitely be a growth in opportunities in Technology space as well. With the increase in size of hedge fund portfolios, it will likely drive the demand for third party software that are used globally and support cross asset portfolio management, trading and reporting functions.

FSS consults on short position reporting template

Following the introduction of short position reporting in 2012, the FSS is considering standardising the format for those using aggregation units. It has been found that as institutions have each been managing the records in their own form, there have been difficulties in reviewing the information for integrity and verification.

The Short Sales Guideline document published in May 2009 laid out the basic net position computation principles. The rules relating to short selling and the net reporting requirement from August 2012 can be found here:

http://www.fss.or.kr/download.bbs?bbsid=1289364804393&fidx=1346413782480

South Korean Market Structure Update




Global Market Structure South Korea Newsletter Issue 25





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Fig 3: Futures KFE KOSPI monthly ADT

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ASIC seeks public comments on consolidation of takeovers guidance

ASIC had launched a public consultation in November last year seeking views on its proposals for consolidating 17 existing regulatory guides on Chapters 6–6C of the Corporations Act 2001 (Cth) into 4 new consolidated guides covering the following topics

— relevant interests and substantial holding notices

— exceptions to the general prohibition in section 606

— takeover bids

— compulsory acquisition and buy-outs

The newly proposed guides will also include an updated policy to reflect ASIC’s current views on takeovers and address some discrete issues identified in the administration of the law such as

— discussions on rights issues and underwriting arrangements which have the potential to affect control of an entity

— updated guidance on when a selective benefit may be prohibited in a bid because it may be likely to induce a person to accept the bid or dispose of target securities

— new guidance and class order relief in relation to the use and operation of acceptance facilities in takeover bids

— updated guidance on relevant interests in securities and the requirements to disclose substantial holdings and comply with the takeover provisions

The submissions are due on 22nd Feb 2013.

The media release can be accessed here:

http://www.asic.gov.au/asic/asic.nsf/byheadline/12-276MR+ASIC+to+update+and+consolidate+takeover+guidance?openDocument

The consultation paper can be accessed here:

http://www.asic.gov.au/asic/ASIC.NSF/byHeadline/Consultation%20papers

ASIC to take tougher stance against misleading takeover offers

The Australian Securities and Investments Commission (“ASIC”) has warned companies against misleading investors by labeling their takeover offers as “last and final”, even though changes are negotiated and implemented post such offers. The regulator has also threatened to take legal action if the Takeovers Panel fails to do so in such cases.

Australian Market Structure Update

Monthly ADT (Jan 2013) Total (AUD$) %loss/gain

Total market ADT AUD$3.53bn 9.31%

Lit ADT AUD$3.13bn 7.86%

Dark ADT AUD$0.20bn 27.11%

OTC ADT AUD$0.20bn 17.84% Source: Thomson Reuters, 2013


Global Market Structure Australian Newsletter Issue 25





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Fig 2: Equities Daily Turnover per venue - Jan 2013

Fig 3: Equities Daily % Order Type - Jan 2013 �

Fig 4: Equities Spreads (bps) - Jan 2013

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“ASIC’s position is clear: we expect companies to honor a last and final statement. The statement is made voluntarily. The company should assume the risk for its statement. Anything else harms market integrity.” commissioner John Price said.

ASIC warns of stern regulatory action against financial advisors flouting fee rules

The new legislation which requires financial advisors to shift from “payment by commission” to “payment by fees” mode for their client advisory business will come into effect starting 1st July 2013. ASIC has also released guidelines regarding mandatory disclosure of fees paid by clients for advisory services for financial advisors. ASIC said that although it will take a “facilitative approach” for the initial 12 months of the new regulations and help the industry through the transition phase, it will also take stern regulatory action against participants found to deliberately breach the rules and regulations.

Personnel Updates

Ken Henry joins ASX as a non-executive director

The Australian Stock Exchange (“ASX”) has announced the appointment of Dr. Ken Henry as a non-executive director with effect from 1st February 2013. Dr. Henry had earlier served as the Secretary of the Department of the Treasury from 2001 to 2011. He is also a Director of National Australia Bank and Chairman of the Institute of Public Policy at the Australian National University.

“Ken’s reputation and experience as an economist in Australia and overseas, and as a senior bureaucrat who has worked with successive Australian governments, will bring fresh perspectives and strengthen the expertise of the ASX board.” ASX chairman Rick Holliday-Smith said.

Venue Updates

Intraday Stock Auctions on ASX suspended

A trial run of intraday stock auctions for certain illiquid stocks on ASX had to be suspended due to a systems error encountered on the first day of trials. The trial was initially planned to last for three months but had to be abandoned because of a system clash with the opening of some warrants. There is currently no further guideline of a future date for resumption of these trials.

ASX reaches highs

On 13th February, the S&P/ASX 200 index climbing to over 5000 points on the back of strong local demand and positive reporting of company results.

Sourceswww.asic.gov.au

www.bloomberg.com

www.yahoo.com

www.theaustralian.com.au

www.businessspectator.com.au

www.abc.net.au

Australian Market Structure Monthly Newsletter





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Fig 5: Equities Volatility - January 2013

Fig 6: Futures SFE-ASX SPI 200 monthly ADT

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Philippines SEC approached for ETF regulations approval

The Philippine Stock Exchange has sought the SEC’s approval for the draft ETF rules it has proposed. The rules were drafted after a public consultation last year and the public comments gathered as of 18th January have also been incorporated.

”We are thankful to industry practitioners who provided very helpful insights during the period of public comments. We are eagerly awaiting the SEC’s guidance on this new asset class which, based on the comments we received, appears to be generating a lot of interest already from the public. It will also contribute to the diversification of the investor’s portfolio in a cost-efficient manner” PSE President and CEO, Hans Sicat said.

Indonesia to up the ante on equity raisings in 2013

The Indonesian equity capital markets are expected to raise Rp 50 trillion (US$ 5.2 bn) in the current year amid a robust economic growth environment and aggressive expansion plans of local companies. The total equity raised in 2012 was Rp 30 trillion in comparison.

The Financial Services Authority (“OJK”) is also expected to come up with new regulations which will allow foreign companies to get listed and raise capital further boosting the depth and liquidity in the Indonesian markets. “We want to enlarge the size of our stock market with help from companies incorporated overseas. Many have shown interest. This can help boost the market capitalization and liquidity,” Ito Warsito, the Indonesia Stock Exchange President Director said.

Thai markets to continue outperformance in 2013

The Stock Exchange of Thailand (SET) which helped raise $1.8bn through IPO’s in 2012 (for companies with a combined market value of $3.6bn) is expecting the activity in the primary markets to continue with at least 30 companies with a combined market value of $4bn expected to raise public funds in the current year. The Thai markets are also trying to attract companies from neighboring countries as well to get listed on the Thai boards and raise funds by making the investment environment and regulations conducive for such activity.

Venue News

SGX in talks to buy stake in LCH.Clearnet

SGX is reportedly in talks to acquire a minority stake in the London-based transatlantic clearing house LCH.Clearnet. The London Stock Exchange has already announced its plans to acquire a majority 60% controlling stake in the clearing house. All the three parties are reported to be in discussions regarding the structure of the deal.

LCH is the largest clearer not owned by an exchange with its SwapClear business used by many broker-dealers to clear interest rate swaps. The major attraction for both LSE and SGX is believed to be LCH.Clearnet’s OTC clearing capabilities which could give the acquirer a great competitive advantage - the G20 have committed to reduce systemic risk by requiring the market to clear OTC derivatives through a central counterparty.

The Singapore Exchange and its two clearing houses already meet a new set of standards required by global market regulators for the operation of such institutions, making it the first exchange with a clearing house in Asia to meet those standards. The standards were developed by the International Organisation of Securities Commissions and the Committee on Payment and Settlement Systems.

ASEAN Market Structure Update




Global Market Structure ASEAN Newsletter Issue 25






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Fig 2: Equities Daily % order type - January 2013

Fig 3: Futures SGX MSCI Singapore monthly ADT

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16ASEAN Market Structure Monthly Newsletter

SGX begins the year with a bang, trading volumes zoom

The Singapore Exchange (“SGX”) had a strong start to the year with the securities trading turnover growing 65% YoY. The MoM growth was even better at 70%. The daily average trading value also grew 42% YoY to S$ 1.8bn while the growth was 55% MoM.

Derivatives volumes grew by a staggering 96% YoY to 9.36mn contracts. The MoM growth however was 18% even though the exchange registered an all-time high of 8.2mn contracts in December 2012.

Philippine market reaches yet another all-time high, expected to grow further

The Philippine Stock Exchange index (“PSEi”) crossed another all-time high level of 6400 on 4th February when it closed at 6435.9 points on the back of positive global investor sentiment propped up by good prospects in the local markets for the year. Upbeat capital spending plans announced by large corporations, such as SMC, MPI, Petron and GT Capital, also contributed to the buoyant sentiment locally.

IDX clocks another high; launches Infrastructure Index

The Indonesia Stock Exchange (“IDX”) reached another all-time high on 18th January when the JCI closed at the 4465.5 levels. The key milestone was reached amid lower overall volumes even as the country capital was battling excessive flooding and disruptions in services. “We appreciate bourse members continuing to participate in trading activity. They have an obligation to serve customers, who are not only based in Jakarta,” IDX director of trading and membership Samsul Hidayat said.

The IDX in cooperation with PT Sarana Multi Infrastruktur has launched a new index named SMinfra18 which measures the performance of 18 infrastructure stocks listed on the bourse. The stocks are chosen based on infrastructure sectors that can be financed by Sarana Multi. The index will be reviewed bi-annually and the components will be updated every May and November.

The local bourse’s decision to increase the trading hours is also believed to be bearing fruit as the trading volumes on the stock exchange are showing an upward trend and have reached a daily average of Rp 5 trillion in Jan from 4.5 trillion recorded last year.

Bursa Malaysia ended 2012 on a high, profits grow by 4%

Bursa Malaysia’s net profit for the year ended 31st December, 2012 rose 4% YoY to RM 151.5mn while the operating revenues grew 2% to RM 388.5mn for the same period. Malaysia’s bumper run in the IPO markets during the last year which saw successful mega public issues by Felda Global Ventures Holdings Bhd, IHH Healthcare Bhd and Astro Malaysia Holdings Bhd are majorly responsible for the performance along with a good show put up by the derivatives segment.

“Bursa Malaysia reported a steady performance in 2012 on the back of three sizeable IPOs, and growth from derivatives segment and structured warrants listings,” Chief Executive Officer Datuk Tajuddin Atan said.

Bursa Malaysia Derivatives (BMD) also had a record year with both total traded volumes and open interest reaching record highs during the year. Volumes grew by 1.15mn contracts (14%) during 2012 to 9.59mn while open interest for all products reached a record high of 214K contracts on 31st Dec. BMD had also won the “Best Technology Innovation by an Asian Exchange” and emerged runners up “Asian Derivatives Exchange of the Year” at the Futures & Options World for Asia Award ceremony.

Vietnam to merge the two stock exchanges

The State Securities Commission (“SSC”) of Vietnam has announced that the merger of the two domestic stock exchanges of Hanoi and Ho Chi Minh will be completed by 2015 in two phases. In the first phase (2012-2013) all relevant agencies will be drawing up and finalising the plan on merger and restructure of the two bourses, while the implementation will be carried out in Phase-2 between 2014 and 2015.

According to a suggested merger model, a leadership structure would be set up at the top level, while the existing divisions in Hanoi and Ho Chi Minh would be preserved initially. Thereafter changes would be made gradually to restructure the existing arrangements minimising the overall impact.

Sourceswww.channelnewsasia.com

www.sgx.com

www.mas.org

www.reuters.com

www.4-traders.com

www.bangkokpost.com

www.todayonline.com

www.online.wsj.com

www.thejakartagloble.com

www.en.acnnewswire.com

www.ft.com

www.biz.thestar.com.my

www.bworldonline.com

www.nationmultimedia.com

www.philstar.com

www.waterstechnology.com

www.btimes.com

www.finextra.com

www.gowealthy.com



Global Market Structure APAC Quant Analysis Factsheet - Dec 2012

Below is a selection of quantitative metrics, which provides additional analysis of the markets and liquidity during January 2013. For further information, please contact:

Global Market Structure:email: [email protected]: +44 207 547 4390

MSCI Asia Pacific Ex JP

Taiwan TAIEX Index

FTSE Straits Time Index

NSE S&P CNX Nifty

Hang Seng Composite Index

S&P/ASX 200 Index

Korea SE Kospi 200 Index

Sp

read

(bp

s)

33.0

28.0

3.0

18.0

8.0

13.0

23.0

Vo

lati

lity


Taiwan TAIEX Index


NSE S&P CNX Nifty


S&P/ASX 200 Index


13.0

12.0

10.0

8.0

9.0

11.0

Intr

a-In

dex

Co

rrel

atio

n

40.0%

10.0%

15.0%

20.0%

25.0%

35.0%

30.0%


Taiwan TAIEX Index


NSE S&P CNX Nifty


S&P/ASX 200 Index


04-J

an

03-J

an

02-J

an

08-J

an

07-J

an

09-J

an

10-J

an

11-J

an

14-J

an

15-J

an

16-J

an

17-J

an

18-J

an

21-J

an

22-J

an

23-J

an

24-J

an

25-J

an

28-J

an

29-J

an

30-J

an

31-J

an

04-J

an

03-J

an

02-J

an

08-J

an

07-J

an

09-J

an

10-J

an

11-J

an

14-J

an

15-J

an

16-J

an

17-J

an

18-J

an

21-J

an

22-J

an

23-J

an

24-J

an

25-J

an

28-J

an

29-J

an

30-J

an

31-J

an

04-J

an

03-J

an

02-J

an

08-J

an

07-J

an

09-J

an

10-J

an

11-J

an

14-J

an

15-J

an

16-J

an

17-J

an

18-J

an

21-J

an

22-J

an

23-J

an

24-J

an

25-J

an

28-J

an

29-J

an

30-J

an

31-J

an

Liquidity

Historical Volatility

The chart below shows the daily index primary spreads on APAC indices during January 2013:

The chart below shows primary volatility of APAC indices during January 2013:


Taiwan TAIEX Index


NSE S&P CNX Nifty


S&P/ASX 200 Index


Sp

read

(bp

s)

33.0

28.0

3.0

18.0

8.0

13.0

23.0

Vo

lati

lity


Taiwan TAIEX Index


NSE S&P CNX Nifty


S&P/ASX 200 Index


13.0

12.0

10.0

8.0

9.0

11.0

Intr

a-In

dex

Co

rrel

atio

n

40.0%

10.0%

15.0%

20.0%

25.0%

35.0%

30.0%


Taiwan TAIEX Index


NSE S&P CNX Nifty


S&P/ASX 200 Index


04-J

an

03-J

an

02-J

an

08-J

an

07-J

an

09-J

an

10-J

an

11-J

an

14-J

an

15-J

an

16-J

an

17-J

an

18-J

an

21-J

an

22-J

an

23-J

an

24-J

an

25-J

an

28-J

an

29-J

an

30-J

an

31-J

an

04-J

an

03-J

an

02-J

an

08-J

an

07-J

an

09-J

an

10-J

an

11-J

an

14-J

an

15-J

an

16-J

an

17-J

an

18-J

an

21-J

an

22-J

an

23-J

an

24-J

an

25-J

an

28-J

an

29-J

an

30-J

an

31-J

an

04-J

an

03-J

an

02-J

an

08-J

an

07-J

an

09-J

an

10-J

an

11-J

an

14-J

an

15-J

an

16-J

an

17-J

an

18-J

an

21-J

an

22-J

an

23-J

an

24-J

an

25-J

an

28-J

an

29-J

an

30-J

an

31-J

an

Sources:Deutsche Bank AG estimates and calculations


Quantitative Analysis:email: [email protected]: +44 207 545 3129

18Quant Factsheet Monthly Newsletter

Sector Correlation Matrix

Au

to &

Par

ts

Ban

ks

Bas

ic

Res

.

Ch

emic

al

Co

nst

. &

M

at.

Fin

anci

al

Ser

v.

Foo

d &

B

ev.

Ind

. G

ds

& S

erv.

Med

ia

Oil

& G

as

Per

s.

Go

od

s

Rea

l E

stat

e

Ret

ail

Tech

.

Tele

com

s

Trav

el &

Le

is.

Uti

litie

s

Auto. & Parts

Banks

Basic Res.

Chemicals

Constr. & Mat.

Financial Serv.

Food & Bev.

Ind. Gds & Serv.

Media

Oil & Gas

Pers. Goods

Real Estate

Retail

Technology

Telecoms

Travel & Leis.

Utilities

1M Historical Correlations80-100% 60-80% 25-60% <25%


Taiwan TAIEX Index


NSE S&P CNX Nifty


S&P/ASX 200 Index


Sp

read

(bp

s)

33.0

28.0

3.0

18.0

8.0

13.0

23.0

Vo

lati

lity


Taiwan TAIEX Index


NSE S&P CNX Nifty


S&P/ASX 200 Index


13.0

12.0

10.0

8.0

9.0

11.0

Intr

a-In

dex

Co

rrel

atio

n

40.0%

10.0%

15.0%

20.0%

25.0%

35.0%

30.0%


Taiwan TAIEX Index


NSE S&P CNX Nifty


S&P/ASX 200 Index


04-J

an

03-J

an

02-J

an

08-J

an

07-J

an

09-J

an

10-J

an

11-J

an

14-J

an

15-J

an

16-J

an

17-J

an

18-J

an

21-J

an

22-J

an

23-J

an

24-J

an

25-J

an

28-J

an

29-J

an

30-J

an

31-J

an

04-J

an

03-J

an

02-J

an

08-J

an

07-J

an

09-J

an

10-J

an

11-J

an

14-J

an

15-J

an

16-J

an

17-J

an

18-J

an

21-J

an

22-J

an

23-J

an

24-J

an

25-J

an

28-J

an

29-J

an

30-J

an

31-J

an

04-J

an

03-J

an

02-J

an

08-J

an

07-J

an

09-J

an

10-J

an

11-J

an

14-J

an

15-J

an

16-J

an

17-J

an

18-J

an

21-J

an

22-J

an

23-J

an

24-J

an

25-J

an

28-J

an

29-J

an

30-J

an

31-J

an

Intra-Index Correlation

The chart below shows the correlation of movement within each index, calculated using the index and index constituents volatilities and weights:

The matrix below shows the % correlation of movement between two sectors during the previous month:



100.0% 49.3% 50.2% 35.8% 48.9% 51.6% 41.6% 41.6% 44.8% 48.7% 43.9% 43.0% 37.2% 44.8% 40.3% 41.0%49.3% ##### 85.8% 56.4% 77.3% 81.7% 62.0% 71.4% 71.7% 84.1% 65.0% 71.0% 49.8% 63.0% 66.9% 73.7% 56.7%50.2% 85.8% ##### 60.5% 82.4% 82.9% 59.0% 63.9% 76.8% 83.0% 78.3% 64.9% 61.3% 50.4% 53.8% 69.6% 57.1%35.8% 56.4% 60.5% ##### 65.9% 47.2% 44.2% 60.4% 66.0% 64.9% 55.4% 25.6% 52.5% 60.9% 59.1% 59.2%48.9% 77.3% 82.4% 65.9% ##### 73.4% 54.4% 60.5% 68.6% 82.8% 69.6% 56.2% 65.1% 52.6% 51.1% 65.0% 47.0%51.6% 81.7% 82.9% 47.2% 73.4% ##### 61.3% 55.5% 71.2% 75.9% 63.8% 74.8% 48.0% 44.9% 39.7% 63.9% 53.1%41.6% 62.0% 59.0% 44.2% 54.4% 61.3% ##### 52.9% 47.0% 60.0% 65.6% 46.3% 31.3% 55.0% 43.7% 48.7% 70.7%41.6% 71.4% 63.9% 60.4% 60.5% 55.5% 52.9% ##### 64.6% 74.3% 59.6% 53.2% 44.7% 60.7% 54.9% 74.1% 38.4%44.8% 71.7% 76.8% 66.0% 68.6% 71.2% 47.0% 64.6% ##### 69.0% 60.0% 64.8% 45.9% 58.7% 54.2% 71.5% 38.0%48.7% 84.1% 83.0% 64.9% 82.8% 75.9% 60.0% 74.3% 69.0% ##### 72.2% 62.5% 63.8% 62.5% 63.3% 72.3% 57.8%43.9% 65.0% 78.3% 55.4% 69.6% 63.8% 65.6% 59.6% 60.0% 72.2% ##### 47.8% 55.2% 56.2% 45.1% 54.6% 69.1%43.0% 71.0% 64.9% 25.6% 56.2% 74.8% 46.3% 53.2% 64.8% 62.5% 47.8% ##### 36.3% 31.2% 72.2% 47.4%

49.8% 61.3% 52.5% 65.1% 48.0% 31.3% 44.7% 45.9% 63.8% 55.2% 36.3% ##### 39.9% 37.7% 52.7% 26.7%37.2% 63.0% 50.4% 60.9% 52.6% 44.9% 55.0% 60.7% 58.7% 62.5% 56.2% 39.9% ##### 65.2% 42.6% 39.3%44.8% 66.9% 53.8% 59.1% 51.1% 39.7% 43.7% 54.9% 54.2% 63.3% 45.1% 31.2% 37.7% 65.2% ##### 44.4% 41.2%40.3% 73.7% 69.6% 59.2% 65.0% 63.9% 48.7% 74.1% 71.5% 72.3% 54.6% 72.2% 52.7% 42.6% 44.4% ##### 42.8%41.0% 56.7% 57.1% 47.0% 53.1% 70.7% 38.4% 38.0% 57.8% 69.1% 47.4% 26.7% 39.3% 41.2% 42.8% #####

19

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