CNH and China QFII market: Opportunities and Challenges A Fund Custodian and Administrator's Perspective"
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1 CNH and China QFII market: Opportunities and Challenges A Fund Custodian and Administrator's Perspective" Eric Chow HSBC Securities Services June 2011
2 2 Agenda About HSBC Securities Services (HSS) Introducing CNH Market RMB Funds in Hong Kong Opportunities & Challenges China QFII Updates
3 About HSS 3
4 4 HSS A Strong and Dedicated Partner Contributes in excess of $2bn revenue; represents 13% of Global Banking & Markets revenue Over 100 years of securities services experience US$5.6 trillion assets under custody US$2.5 trillion assets under administration Teams in 48 countries Custodian network of 95 markets, 42 of which are HSBC entities Our securities services business represents an important activity for the Group HSBC Group Chairman All figures as at
5 5 HSBC s Unparalleled Sub-Custody and Clearing network Asia-Pacific Australia Malaysia Bangladesh New Zealand Hong Kong Philippines India Singapore Indonesia Sri Lanka Japan Taiwan Kazakhstan Korea Mainland China Shenzhen Thailand Vietnam Mainland Shanghai Middle East and North Africa Bahrain Egypt Jordan Lebanon Palestinian Autonomous Area Qatar Saudi Arabia UAE ADX and DFM Mexico Bermuda Brazil United Kingdom Kazakhstan Turkey Greece Mainland China Korea Malta Lebanon Palestinian (Shanghai) Japan Cyprus Autonomous Area Kuwait Mainland China Egypt Jordan Bahrain (Shenzhen) Qatar India Taiwan Saudi Arabia UAE Bangladesh Oman Thailand Hong Kong Vietnam Philippines Sri Lanka Malaysia Singapore Indonesia Oman UAE DIFX Mauritius Kuwait Americas Australia Argentina Brazil Bermuda Mexico Argentina New Zealand Europe United Kingdom Cyprus Greece Turkey Africa Mauritius Malta Asia-Pacific Middle East and North Africa Americas Europe Africa
6 6 Our Global Network of 95 markets Asia-Pacific Australia Bangladesh China Shanghai China Shenzhen Hong Kong India Indonesia Japan Malaysia New Zealand Pakistan Philippines Singapore South Korea Sri Lanka Taiwan Thailand Vietnam Europe Austria Belgium Bulgaria Clearstream Croatia Cyprus Czech Rep. Denmark Estonia Euroclear Finland France Germany Greece Hungary Ireland Italy Kazakhstan Latvia Lithuania Lux Malta Netherlands Norway Poland Portugal Romania Russia Slovakia Slovenia Spain Sweden Switzerland Turkey UK Ukraine Middle-East and Africa Bahrain Benin Botswana Burkina Faso Egypt Ghana Israel Ivory Coast Jordan Kenya Kuwait Lebanon Malawi Mali Mauritius Morocco Namibia Niger Nigeria Oman Palestine Qatar Saudi Arabia Senegal South Africa Swaziland Tanzania Togo Tunisia UAE Uganda Zambia Zimbabwe Americas Argentina Bermuda Brazil Canada Chile Colombia Mexico Panama Peru Trin.. & Tob. Uruguay USA Venezuela HSBC has a proprietary network across 42 markets
7 7 HSBC Securities Services Global, regional, and domestic securities services HSS provides full support in providing custodial and administration services to RMB/ CNH Funds/ custodian mandate globally and regionally What we do: Fund accounting and administration Transfer agency services Global custody Sub-custody and clearing Corporate trust and loan agency Why we re different: Over 100 years of experience in securities services Part of one of the most strongly capitalised and liquid banks in the world World class services adapted to local market needs Deep understanding of the industry and specialist knowledge of regulations Superior global footprint with teams on the ground in 48 markets Local time zone, currency and language support Access to the entire range of HSBC products and services All figures as at
8 Introducing CNH Market 8
9 9 Background 2003 Settlement Agreement signed 2004 RMB Personal Business - RMB 20,000 per day 2005 Designated Business Customers 2009 Pilot Scheme for RMB Trade Settlement 2010 Hong Kong Monetary Authority s Supervisory Principles 2010 Supplementary Memorandum Between HKMA & PBOC 2010 Revised Settlement Agreement Between HKMA & PBOC 2020 Market expects: RMB fully convertible?
10 10 Major Developments Since July 2010 Corporate RMB Account RMB Funds 3 rd Party Transfer CNH Subscription No Restriction on RMB Products RMB Funds Daily limit for Individual No Conversion Limits for Corporate No RMB Borrowing
11 RMB Funds in Hong Kong 11
12 12 Authorized Fund Market Subscription and redemption in RMB only Investments in RMB only: RMB share class cannot invest in non- RMB assets HK$ or US$ Share Class not possible Investments in securities outside PRC only Value of the scheme s holding of securities issued by any single issuer may not exceed 10% of its total asset value Up to 30% of a scheme s total net asset value may be invested in Government and other public securities of the same issue Health warning limited pool of investments, RMB currency risk, investment risk, liquidity risk, credit risk, Product Key Facts statement
13 13 Un-Authorized Fund Market Un-authorized market is much larger than the authorized one for the time being Hong Kong versus Offshore Domicile Launched in Private Offering then Public Flexibility in having classes in different currencies Flexibility in underlying investments Recent launches evidenced investor s strong interest
14 14 Mini QFII Funds Background Hong Kong retail RMB funds investing RMB into China s domestic markets Over 20 asset managers have shown interest in launching Parties to support Mini-QFII Requirements in launching CSRC, SAFE, HKSFC
15 Opportunities & Challenges 15
16 16 Opportunities & Challenges CNY market China A still very popular You need a strong partner who knows the dynamics of this new market CNH market - High growth and strong demand Mega launches New product developments IPO, REITs Limited investments Custodial capabilities Exchange rate CNY versus CNH Third party account opening CNH redemption requires liquidity management
17 China QFII Updates 17
18 18 HSBC QFII Market Share HSBC is well-positioned in this space 35.00% 30.00% 30.19% 25.00% 20.00% 17.92% 17.92% 15.00% 11.32% 9.43% 10.00% 5.00% 4.72% 4.72% 2.83% 0.94% 0.00% 0.00% HSBC ICBC Citi CCB BOC SCB AGBC BoCom DB DBS 35.00% 33.79% % in terms of No. of QFII (as of December 2010) 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 15.08% 13.31% 9.62% 7.91% 6.06% 6.06% 5.27% 2.90% 0.00% 0.00% HSBC Citi ICBC BOC CCB SCB AGBC BoCom DB DBS % in terms of Quota under Custody (as of September 2010) Data source: CSRC & SAFE
19 19 Latest Situation Screen of the securities assets only include listed and publicly traded securities Prefer long-term investor Moderate quota allocated to allow more participants into the market CSRC and SAFE jointly review the application and would come up with a list to be reviewed on quarterly basis SAFE internal committee reviews QFII/QDII quota applications on monthly basis Applicant must be the actual user of quota Sell / transfer quota is not allowed No long approve quota to new applicants for structured product issuing like p-notes (except ETF issuer)
20 20 Recent Market Development Index Futures Revised trading rules in February 2010 CSI 300 Index Futures launched in April 2010 Participants include local individuals and institutions Margin Trading/ Short selling Launched in March securities companies approved Not ready for QFIIs as yet
21 21 Future Market Development Index Futures Opportunities for Absolute Return managers and provides risk management tools to market participants Market expects CSRC is finalizing Guideline for QFIIs in Index Futures Trading QFIIs can only engage in index futures trading for hedging purpose QFII may apply for long and short position in the hedging quota application QFIIs shall wait for CSRC s release of official Guideline in order to proceed with trading code and hedging quota applications Each QFII can appoint up to 3 local futures brokers QFII has to open a Futures Clearing Account (FCA) with one of the futures margin depository banks Multiple Broker QFIIs may appoint 3 brokers in each exchange Expected to stimulate brokers to provide better services Stock Exchanges will release revised QFII trading rules and QFII will be able to appoint 3 brokers per market at QFII level after the promulgation
22 22 Award Winning Services: 2010 Media group Award Best Emerging Markets Bank Best Fund Administration for Alternative Asset Classes Best Fund Administrator for Traditional Products Islamic Custodian of the Year Best Custodian Germany Best Custodian UK & Ireland Best European Mutual Fund Administrator Best Fund Administrator Channel Islands First in Fund Accounting and Administration Survey Mutual Fund Administration Survey Top Rated: >$5bn, Europe, <$100m, Equity, Fixed Income, Other Funds, Global, Multi-Provider. Commended: $100m-$1bn, $1bn-5bn, Asia-Pacific, Middle East, Fund of Funds, Single Provider Hedge Fund Administration Survey Top Rated: Asia-Pacific Commended: <$100m, $100m - $1bn, $1bn+, Single Strategy, Multi Strategy, Fund of Funds, North America, Europe, Leading Clients, Single Provider, Multi Provider, Global
23 23 Disclaimer HSBC s Securities Services provides global custody and fund administration services on behalf of the HSBC Group, which may be carried out by different HSBC legal entities according to local and regulatory requirements and some services may not be available in certain locations. The information contained herein does not and shall not be deemed to market funds to the public. Issued by HSBC Securities Services All Rights Reserved.
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