中国a股纳入msci新兴市场指数 -资产配置与组合构建的考量_魏震

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1、与招商证券共同探索今日中国的投资机会2017年4月25日中国A股纳入MSCI新兴市场指数资产配置与组合构建的考量魏震，博士msci.com2AGENDAChinaA-sharesInclusion:TheInvestmentChallengeAccessingChinaA-shares:WhatInvestorsNeedtoKnowTheAccessPathUniqueCharacteristicsofChinaA-SharesTheMSCIChinaIndexFamilyInvestorswithoutA-s

2、haresExposureTheRoleofEmergingMarketsinthePolicyAllocationActiveBenchmarkRiskofPotentialA-sharesInclusionInvestorsWhoAlreadyAllocatedtoChinaA-sharesBenchmarkMisalignmentRiskMarketTimingRiskandManagerActiveRiskCommonlyAskedQuestioninImplementingA-sharesExposu

3、resMSCI.COMPotentialChinaA-shareinclusion:1AnUpdateMSCI.COM42016RECAPAND2017CONSULTATIONInJune2016,MSCIannounceditwouldnotincludeChinaA-SharesintotheMSCIEmergingMarketsIndexcitingthreeremainingobstacles:EffectiveimplementationofQFIIpolicychangesandremove20%month

4、lyrepatriationlimitEffectiveimplementationofnewtradingsuspensiontreatmentResolutionofpre-approvalrequirementsbythelocalexchangesonfinancialproductsWhathavechangedsinceJune2016TheShenzhenConnectwaslaunchedinDecember2016Theimplementationofthenewtradingsuspensio

5、npoliciesbylocalexchangeshasbroughtthenumberofvoluntarytradingsuspensionsbacktopre-crisislevel•ThenumberoftradingsuspensionsintheChinaA-sharesmarketremainsthehighestintheworldThe20%QFIIrepatriationrestrictionremainsunchangedMSCIisindiscussionwithChinaexchangesan

6、dishopefultoreacharesolutionontheremovalofpre-approvalrequirementsonnewandpre-existingfinancialproductslinkedtoChinaA-shares•ThebreadthoftherestrictionsisuniqueinEmergingMarkets,asisthepossibilitythatexistingfinancialproductsbasedontheMSCIEmergingMarketsIndexwould

7、beindangerofhavingtheirtradingdisruptedMSCI.COM5TRADINGSUSPENSION–ISITGOODENOUGH?350May27,2016300Chinesestockexchanges250announcedsuspension200policies150100500Jan-15Apr-15Jul-15Oct-15Jan-16Apr-16Jul-16Oct-16Jan-17Apr-17>10days>1month>3month>5monthMSCI.COM6WHATISN

8、EWINOURPROPOSALOriginalProposal:MSCIChinaAInternationalSSE+SZSElisted,GIMIMethodologyAnalternativeproposalbasedontheConnect448securities(OriginalProposa