online casino bluebook - online casino gambling guide, to top ranked online casinos and reviews of over 200 gambling related websites. www.onlinecasinobluebook.com also host a casino forum, blog, and casino news articles
KUALA LUMPUR: AmInvestment Bank group, which will list the country's first equity exchange traded fund (ETF) - the FBM30 ETF - on Bursa Malaysia main board tomorrow, plans to roll out more ETFs, of which some may provide exposure to overseas markets.
Without specifying the time frame for the launch, chief executive officer and executive director Datin Maznah Mahbob said to enhance the growth of ETFs, the group would not limit its investment in local assets but also pursue foreign ones.
“Launching and listing ETFs is part of the group's strategy to offer more innovative products to our investors and also boost the trading liquidity in the equity market,'' she said in an interview.
Director for equity and derivatives Wong Kum Cheong said syariah-compliant ETFs, ETFs giving exposure to overseas markets and those with underlying assets in commodities would be among the probable ETFs expected to be introduced.
Apart from the FBM30 ETF, the group also launched its first ETF in 2005 - the ABF Malaysia Bond Index Fund, a component of the Asian Bond Fund.
Maznah said she foresaw the listing of the FBM30 ETF to spark investors' interest in such instruments and further boost the local capital market.
This was due to the various benefits such instruments provided to investors, she said.
According to Wong, diversification, low cost investment, easy access to information, liquidity and flexibility are among the advantages of investing in such instruments.
The FBM 30 ETF tracks the performance of the top 30 biggest companies listed on Bursa Malaysia. Due to its dual attribute of being a unit trust and being listed and traded on the exchange, the fund could also be used by both medium- to long-term investors for short term trading, said Wong.
Maznah said the fund also suited investors locally and hedge funds as it allowed for easy entry and exit of the market and with lower cost of investment compared with unit trusts.
For unit trusts, she said investors had to pay an upfront fee of between 3% and 5% but the transaction cost for ETFs was similar to that in the stock market.
On the outlook of such funds, Wong said he expected growth in view of the pent-up demand for such instruments in Malaysia.
Compared with more developed markets such as Hong Kong and Singapore, Malaysia was still lagging far behind in terms of such funds. In the more matured financial markets, ETFs are growing in popularity among investors. The sale and purchase of ETFs and its related share transactions made up a significant portion of the daily trade volume on the American Stock Exchange, he added.
This is the second article of a four-part series by Bursa Malaysia on Exchange Traded Funds The worlds’ most heavily traded ETFs.
INVESTORS tend to own far too many stocks. They fail to realise the inherent risk and high investing cost that comes with this approach. Every industry from biotechnology, pharmaceuticals, telecommunications to financial services have alluring companies, all vying for your investment dollar. Your portfolio will eventually resemble the entire stock market if your strategy is to acquire market stalwarts of each sector. Any returns produced by this investing approach are encumbered by numerous transaction costs while a significant amount of time is required for record keeping and monitoring of each company’s progress.
This is when passive investing proponents argue in favour of tracking an index. The objective of this investment approach is to match the total rate of return on an underlying market (or asset class) or any segment of the market, as measured by an index such as the FTSE Bursa Malaysia Large 30 Index.
The main benefits of index investing is its low-cost, maintenance free structure, the broad exposure and diversification it instantly brings your portfolio which can be a stake in the entire market (via the country’s benchmark index) or specific segments or industries – large cap stocks, small cap stocks, bonds, biotech, energy, real estate investment trust and commodities.
There are two vehicles available for investors to invest in an index – an index fund or an exchange-traded fund. Index funds are more familiar in our market as they have been in existences for several years. You buy and sell these funds as you would with any unit trust funds. The key difference with index funds is substantially lower fees because a passive investing strategy does not require fund managers and their stock picking skills. (Take caution: Akin to bond funds, index funds should never cost as much as actively managed fund.)
What are Exchange-Traded Funds?
Now, think of an index fund that can be bought and sold on the stock market. This is the second vehicle known as an exchange traded fund or ETFs in short, which is used by investors to gain exposure to an index.
Exchange traded refers to shares that trade all day long and ‘fund’ describes hundreds or thousands of securities under one umbrella unified by a particular investment objective. In the past five years, this investment vehicle has been attracting billions of investing dollars in foreign markets and marketers continue to launch new ETFs as they find new indexes.
Global ETF assets surged from US$226bil in December 2004 to US$322bil in 2006. Interestingly, some of the world’s most popular ETFs have been trading under cute labels such as cubes, vipers and diamonds. (Refer to box story: The World’s Most Heavily Traded ETFs).
Why the Excitement over ETFs?
ETFs allow investors to focus on something that is extremely important: choice of asset class. There are ETFs that track performance of the entire stock market to various segments of it: large stocks, small stocks, energy, real estates investment trust – virtually any sector or industry of the market. There are ETFs that mirror the bond market (such as the first ETF in this country), even ETFs for commodities such as a recently launched ETF for gold which is backed by actual gold bullions stored in a vault. Pick an asset class that is publicly available for investing and there is a very good chance that it will soon be represented by an ETF.
While this sounds like something index funds can offer, ETF are a better fit for some investors because of its cost structure and flexible nature. Annual management fees can go as low as 0.9% of assets, which is much lower compare to the index fund management fee of 1.5%. The only other significant costs involved are brokerage fees, which is the same amount that you would have to pay to trade ordinary shares. This makes ETFs economical to buy and maintain over the long run, a trait that is especially attractive for the typical buy-and-hold investor.
The flexibility of an ETF comes from its listing on a stock exchange. Investors that acquire or sell an ETF can lock in its price instantaneously during trading hours. Traditional index funds like any other unit trust funds take orders during the day but the actual buy or sell transactions occur at the end of a trading day.
There is a common misconception about ETFs that should be put to rest. Unlike a share, liquidity of an ETF is not dependent on its average trading volume or the number of shares traded each day but more the liquidity of the underlying securities it is invested in. This is because the mechanism behind an ETF is far more complex than unit trust funds. A combination of players from brokers, financial institutions and market specialists work behind the scene as market makers for the ETF. Their role is to create or redeem ETF shares by using shares of the companies in its underlying index. This is beneficial to investors because it ensures a fair price for the ETF which is in line with its underlying net asset value.
Conclusion
The essence of an ETF, as with an index fund, is passive investing which downplays stock picking in favour of buying the market. As an investing tool, there is a lot an ETF can offer. It is easy and cheap to transact and provides instant diversification. In many cases, ETFs address specific market sectors that unit trust funds do not.
This article is written by Noripah Kamso, chief executive of CIMB-Principal Asset Management Bhd
The worlds' most heavily traded ETFs
Nasdaq-100 Index Tracking Stock (QQQQ)
The ETF known as cubes (so named because of its QQQQ ticker symbol) trades on the American stock exchange and tracks the Nasdaq-100 index. This index consists of the 100 largest and most actively traded non financial stocks trading on the Nasdaq market. Because it eradicates the risk of investing in individual companies, QQQQ is used to invest in the long-term prospects of the technology industry. Between 2000 and 2004, QQQQ was by far the most heavily traded index fund.
Standard & Poor’s 500 Index Depository Receipts (SPDRs)
Spiders is the nickname of the first and largest ETF in the world. This ETF offers investors, a cost effective and hassle free approach to investing in the top 500 largest traded companies in the US, as it tracks the S&P500 index. Imagine the expense and effort required to individually acquire all 500 stocks that make up this index.
DIAMONDs Trust
Another ETF with a cute name is DIAMONDs. This popular ETF tracks the Dow Jones Industrial Average, a benchmark of 30 blue chip stocks selected by The Wall Street Journal. This index serves as a good barometer for the very large old-line American companies.
Vanguard Index Participation Receipts (VIPERs)
VIPERs are Vanguard’s brand of ETFs. Vanguard Group is a major mutual fund company with billions of dollars invested in various types of index funds. Their umbrella of products includes ETFs for many different segment of the market such as financials, healthcare or utilities.
This is the third article of a four-part series by Bursa Malaysia on exchange traded funds
Over the last two weeks, we have been reading articles in this column about indexing and investing in indexed funds such as in exchange traded funds (ETFs). ETFs provide a whole new way of investing that offers ease of diversification, lower cost of trading, transparency and access to markets.
ETFs are popular simply because they are so easy to use! You just trade through your remisier or via online trading, that is, the same way you trade shares. It is not necessary to open any new account as you can utilise your existing trading and depository (CDS) accounts maintained at your broker.
ETFs are continuously priced because they are listed on an exchange and you can trade anytime throughout the day, as long as it is within the trading hours at the Bursa Malaysia.
This gives investors the flexibility and price transparency to time the entry and exit of ETF units.
The transaction cost is similar to that of trading shares, which is your normal brokerage charges. In fact, it is lower than that of unit trusts.
The management fees and sales loading of unit trusts are usually 3-5%, whereas ETFs incur lower management fees by virtue of being passively managed.
ETF unit trades settle on T+3 just like shares. If you need to tally up how much ETFs you own, just check your CDS statement.
In addition to the flexibility, transparency, and cost-savings, ETFs are fully diversified with their respective indices.
Hence, investing into ETFs exposes the investors to instant diversification in the index portfolio, thus saving the investors’ efforts in stock picking.
Investors wishing to re-allocate funds to other asset classes are able to do so with little effort and at a low cost since ETFs are traded like stocks. For example, investors can convert cash into a diversified equity portfolio and vice versa, with a single trade of the ETF.
Portfolio managers seeking to track benchmarks often need an efficient way to quickly invest excess cash, preferably in an instrument that has a high correlation to their benchmark. Index ETFs provide a clear preferential choice, given the variety of sector, style and industry categories available.
While the ETF’s ability to trade liquidly in the market is a top concern in every investor’s mind, the existence of the participating dealers (financial/brokerage firms) provides continuous liquidity for investors to trade the ETF units.
In fact, ETFs gained popularity because of the innovative features and ability to provide excellent liquidity. Investors enjoy the freedom of trading on an intraday-basis as well as placing market, limit and stop-loss orders for the ETF units.
Last week, Malaysia’s first equity ETF was listed by the AmInvestment Bank Group. The FBM30etf is like a unit trust that invests in a portfolio of exactly the 30 stocks that make up the FBM Large 30 Index.
The FBM Large 30 Index was in turn, designed by Bursa Malaysia in collaboration with UK’s FTSE to serve as the new barometer for the broad Malaysian equity market.
Incidentally, the FBM Large 30 Index tracks the older KLCI quite closely and that’s not surprising since more than 73% of the KLCI is actually in the FBM Large 30 Index.
The FBM Large 30 Index is, however, much more liquid and hence, much easier to replicate (in our business, replicating an index simply means buying a portfolio of exactly the same stocks that are in the index in exactly the same proportion).
So, whether you are a long-term investor or a short-term trader, the ETF units can be used to carry out your investment or trading strategy. They are cost effective and are especially useful in situations where you have no specific view or preference for a particular stock.
Due to the diversity of its holdings, ETFs are ideal for investors like you who lack the time or inclination to select individual stocks.
Now that you heard of the ETF and its versatility, the next time you want to invest or trade in the local equity market, call your remisier and ask about how you can maximise trading opportunities with ETFs.
This article is written by AmInvestment Bank Group
As the number of ETFs in Malaysia is expected to rise soon, let’s discuss why and how to pick an ETF and how to use ETFs in an investment portfolio.
ETF advantages
Exposure to broad markets
From a strategic standpoint, ETFs can be quickly and easily used to assemble a broadly diversified index portfolio invested in major market sectors. Say, you are confident of India and China's growth prowess but are unwilling to take a bet on a specific share.
If there are ETFs that track each country’s benchmark index, they can provide that exposure along with instant diversification (because it holds a basket of securities that mirrors the benchmark index).
It is very unlikely that all companies will collapse at the same time. Then, execute the simple buy-hold strategy to ride on further development from these economic giants. It would be far more complicated to invest in individual stocks.
Low-cost investing
Perhaps the biggest advantage ETFs have over its index fund counterparts is their rock-bottom cost.
There are low fund manager’s fees to pay, giving most of your invested capital a chance to grow. The annual operating cost of an ETF is meagre, ranging around 0.12%.
Index funds, another passive investing vehicle that tracks an index, should also be cheaper than actively managed funds (those with a dedicated team of stock pickers).
If the ETF tracks less popular and widely-accepted stock themes, its annual expense ratio may inch closer to 1%, which is still substantially lower than the charges imposed by index funds in this country.
There is one caveat to remember: ETFs trade on an exchange, so you will need to pay brokerage commissions to buy and sell them, just as you would with stocks. The trading cost will pile up if your strategy is to trade in and out of the ETF frequently.
Flexibility
There is, however, an advantage to trading ETFs on the stock market. Acquisition and disposal is done during trading hours and investors can lock in a price for the ETF immediately.
If your ETF tracks a volatile market that suddenly starts tumbling, you can dispose of your investment during market hours, before the price of the ETF drops any further.
In a traditional fund, your sell order is transacted based on the fund’s net asset value at the end of the day, regardless of when you put in your order to sell.
Time efficiency
Many investors do not have the time to monitor the progress of individual stocks or to study the company’s annual reports.
Due to the diversity of its holdings, ETFs are ideal for investors who lack the time or inclination to select individual stocks.
ETF disadvantages
Market risk
This is the same risk you face with stocks and unit trust funds. An ETF is not exempted from market risk and volatility as it replicates the performance of an index by investing in the same basket of securities and in the same proportions.
If the index performs well, the ETF is likely to do the same. If the index does poorly, the ETF's performance will be similarly affected.
Too much flexibility? Once you know exactly what the ETF is going to bring to your portfolio, stay away from excessive trading.
The ability to move in and out of ETFs quickly can lead to the temptation of jumping into markets or industries that you see poised for growth and bailing out when performance tumbles.
This is a great strategy in theory; but in reality, it is extremely difficult to execute. Investors tend to make the common mistake of buying into a ‘hot’ sector after prices have been pushed up, only to sell at a loss when prices start correcting.
From a cost perspective, frequent trading could eventually lead to the brokerage commission exceeding the fees imposed by index unit trust funds.
For these reasons, it would be wise to think like a long-term investor and view the ease and flexibility of trading ETFs as a just-in-case feature, only to be used when the market springs an unexpected and unpleasant surprise.
How to pick an ETF
In principle, an ETF is not any more complicated than its underlying securities. If you know enough about what it holds, you know enough to invest in an ETF.
To avoid the most common foibles, all you need is a little due diligence on its investments and exercise some trading restraint. If you believe its unique design and flexible nature can be leveraged on, here are some tips on how to pick an ETF.
Any time you are faced with a new product or a new asset class, go back to the asset allocation of your portfolio.
To be successful, investors must know the percentage each asset class should occupy. The importance of asset allocation cannot be overstated.
Many investors spend too much time and too much money picking individual stocks instead of evaluating what type of stock or fixed income instrument they should be holding.
After you have identified the key areas of exposure in your portfolio, such as a specific market, industry or stock type, then identify ETFs available to you.
Read up on the investment objective of each ETF and obtain its top 10 holdings or sector distribution to ensure it is invested in the industry or assets that you want.
ETFs must file annual or semi-annual reports on its investments. Refer to these reports and its prospectus during your research.
There may come a time when you find competing ETFs invested in similar securities. If this is the case, select the ETF with a lower expenses ratio as listed in its reports.
Once you have found an ETF that fits your overall portfolio there are numerous ways to maximise their advantages.
How to use ETFs in your portfolio
1. Gain exposure to the broad market
This is the most effective way of maximising an ETF.
By buying and holding an ETF that tracks the entire stock market, you immediately gain a diversified portfolio holding all the important stocks in the country.
You can apply the same concept for bonds and foreign investments. For example, the CIMB FTSE Asean 40 ETF listed on the Singapore Exchange tracks the FTSE/Asean 40 Index, which comprises the 40 largest listed companies across Malaysia, Singapore, Indonesia, Thailand and the Philippines, ranked by market capitalisation and free-float adjusted.
2. Filling up the gaps in your portfolio
You may already have investments that give you exposure to certain asset classes in your portfolio.
You can buy an ETF tracking the asset class that you desire, at lower cost and much less risk than buying a stock or an actively managed unit trust fund.
3. Going for specialisation
Want that extra special ingredient in your portfolio? There are more and more specialised ETFs rolling out all over the world. Earlier we talked about a gold ETF but there are many more.
Want property? Look for a real estate investment trust (REIT) ETF. Anticipate a booming healthcare industry? Acquire an ETF which holds pharmaceutical and health-related companies.
4. Stop-loss order
You transact your ETF through a broker or a remisier. This has the fringe benefit of setting a stop-loss order with the person you acquired the ETF from.
After specifying the price at which to sell, you can leave your ETF to track its index without having to monitor its day-to-day price movements.
Parting words
There is much to like about ETFs. As passive investments, they harness the power of the broad market without the risk of single-stock exposure. Granted, they will never outperform the market because their objective is to replicate its performance, less the ETF’s minimal expenses.
As an investment vehicle, ETFs are cheap and can be bought or sold at any time during market trading hours.
When ETFs start proliferating in our market, consider using them to cut back on fees that keep eating away at your capital and to fill up gaps in your portfolio – a simple and effective strategy that works for both the novice or near-expert investor.
This article is written by Noripah Kamso, chief executive of CIMB-Principal Asset Management Bhd
Investing in ETF Written by Gan Yen Kuan
Monday, 06 April 2009 11:32
KUALA LUMPUR: The Kuala Lumpur Composite Index (KLCI) has plunged 27% over the one-year period to April 2, and 40% from its peak of 1,516 points in January last year. Prices of many stocks have been battered to levels not seen in recent years.
The sharply lower prices present some investment opportunities, and for investors who want a diversified exposure to several sectors and stocks, an exchange-traded fund (ETF) can be an option.
An ETF is essentially a unit trust fund, except that it is traded on a stock exchange. It represents a basket of securities and is designed to track the performance of an index. Investors can buy and sell units of an ETF during trading hours.
i-VCAP Management Sdn Bhd director and chief executive officer Zainal Izlan Zainal Abidin said investors could start investing in ETFs now but they should be prepared for a medium- to long-term investment horizon.
“No one can tell if we have seen the bottom (but) starting to invest now means taking advantage of the relatively lower share prices.
“We believe this is the right time to invest in ETF, but investors should not jump in with a large investment. They should accumulate gradually, build up their holdings step by step, and be prepared to hold the units for 18 to 36 months,” he told The Edge Financial Daily.
However, investing with a medium- to long-term view does not mean investors shouldn’t sell duringthe period, Zainal Izlan said.
“The market is still volatile. So, if there’s any trading opportunity, such as a short-term rebound in share prices, investors should sell on strength and then buy again,” he added.
i-VCAP is the manager of MyETF Dow Jones Islamic Market Malaysia Titans 25 (MyETF-DJIM25), Malaysia’s third ETF and Asia’s first syariah-compliant ETF listed on Bursa Malaysia in January last year.
i-VCAP is a wholly owned subsidiary of fund management company Valuecap Sdn Bhd, which in turn is equally owned by Khazanah Nasional Bhd, Permodalan Nasional Bhd and Retirement Fund (Incorporated).
The other two ETFs listed in Malaysia are ABF Malaysia Bond Index Fund, which was listed in July 2005, and FTSE Bursa Malaysia Large 30 Index ETF, which was listed in July 2007.
Zainal Izlan said ETFs were particularly suitable for investors less savvy in picking individual stocks and managing risk.
“Investing in individual stocks is generally riskier, especially when the market is volatile (like) now. But an ETF gives exposure to different sectors and counters. It helps risk exposure management,” he said.
However, for investors more familiar with the local stock market, they could invest directly in some good stocks for better returns instead of investing in an ETF, according to Choong Kuat Hock, head of stock research and a partner at fund management firm Kumpulan Sentiasa Cemerlang Sdn Bhd.
“They are a few big-caps that already give you exposure to the KLCI. Investors can try to pick five to six good, liquid stocks individually – stocks that can outperform the index,” he said.
“The tendency of local fund managers is picking individual stocks (on Bursa Malaysia); ETFs are to give us a broad-based exposure to foreign markets and commodities, for example,” he added.
Choong pointed out that ETF units were generally not as liquid as the shares of individual companies.
On that note, i-VCAP’s Zainal Izlan said retail investors who were not looking at sizeable investment should not face any problem in buying or selling ETF units in the market. “Currently, the liquidity of ETF may not be as good as some stocks. But retail investors can trade almost immediately.”
He said for investors who were keen on a sizeable investment in ETF (say, one million units) but have difficulty buying it from the market, they can always approach the participating dealers, who will assist in creating more units in the ETF by buying more shares of the underlying stocks, Zainal Izlan added.
This article appeared in The Edge Financial Daily, April 6, 2009.
The benefits of investing in ETFs
Published: 2009/06/20
This article explains what Exchange Traded Funds are and the benefits of investing in them
In recent years, the world has witnessed a dramatic change in the financial markets, which have become increasingly complex.
Many dynamic investment instruments have been created to meet the diverse needs of the investors. One of the more innovative instruments which has become increasingly popular is the Exchange Traded Fund (ETF).
To date, there are three ETFs listed on Bursa Malaysia, namely ABF Malaysia Bond Index Fund, FBM30etf and MyETF Dow Jones Islamic Market Malaysia Titans 25. The first two ETFs are managed by AmInvestment Bank Group. Datin Maznah Mahbob, chief executive officer (CEO), Funds Management Division of AmInvestment Bank Group explains what ETFs are and the benefits of investing in them.
Question: As the pioneer fund manager who developed the first bond and the first equity exchange-traded funds in Malaysia, can you explain what an ETF actually is?
Answer: An ETF is a unit trust that is listed and traded on a stock exchange. An open-ended fund with no expiry date, it usually tracks or replicates the performance of a benchmark index. This means that ETF investors hold units of a fund that invests in a number of securities.
By investing in ETFs, investors enjoy a cheaper and easier way to gain exposure to a basket of securities represented in an index through a single transaction. The basket of securities could consist of either stocks, bonds, commodities or other instuments.
Investors can buy or sell units of the ETFs on the stock exchange through any remisier, just like how they buy or sell stocks. They are required to have a Central Depository System (CDS) account and a trading account - that they use for trading stocks - to trade ETFs. In Malaysia, a single trading lot for ETF consists of 100 units. This means investors can buy or sell a minimum of 100 units for each lot.
Q: How do ETFs track an index?
A: As ETFs are index-tracking funds, it is important to know what an index is and how ETFs track an index. An index is a "basket" or portfolio consisting of either stocks, bonds or other securities which are grouped to reflect the movement of an entire market. The securities that form an index are called index constituents.
The underlying securities of the index are chosen by the Index Provider to represent the broad market or sector. For example, Standard & Poor's is the Index Provider for the S&P 500 stock market index, which comprises 500 stocks with the largest market capitalisations in the US.
An ETF tracks an index by holding securities in the same composition as the underlying index. The fund could also hold a sample of securities that statistically tracks the index closely. This means the ETF could invest in a fewer number of securities as compared to the index.
The objective of ETFs is to give returns that are very similar to the performance of the index that the funds track. The funds do not seek to outperform or underperform the index. For instance, if the index increases by 10 per cent, the price of the ETF is likely to have an increase of 10 per cent.
Q: Why should investors invest in ETFs?
A: There are four main reasons why ETFs can be a viable investment tool for investors. Firstly, it is easy for investors to buy and sell the funds. Just like trading stocks, investors could buy or sell ETFs through their remisier during trading hours or via online trading. They could check the price of ETFs throughout trading hours and enjoy the flexibility and price transparency when they trade ETFs.
In Malaysia, the prices are available real-time (live) throughout the trading day on Bursa Malaysia's MASA* feed. (*MASA refers to "Maklumat Saham", a computerised display of real-time price).
Secondly, the transaction costs of ETFs are generally lower than those of unit trusts. ETF investors do not need to pay any entry fee. They also pay lower management fees because the funds are passively-managed funds. The annual management fees for ETFs are generally below 1 per cent. For example, the annual management fee for ABF Malaysia Bond Index Fund is 0.10 per cent of net asset value (NAV) of the fund and FBM30etf has an annual management fee of 0.50 per cent of the NAV of the fund.
Thirdly, investors can diversify their investments because ETFs invest in a basket of securities rather than a single security. Hence, investing in ETFs allows them to have instant diversification in the index portfolio. Investors can also gain access to markets that are not easily available such as emerging markets by investing in ETFs that concentrate on emerging markets.
Last but not least, it is convenient to invest in ETFs because investors get immediate exposure to the underlying securities representing an asset class in an index by just making a single transaction. For instance, if investors invest in FBM30etf, they are exposed to 30 largest listed companies (based on market capitalisation) in Malaysia through a single transaction.
Usually, it is more expensive for them to buy a large number of individual stocks to track the index, and to spend on the trading costs for each transaction. When investors buy or sell ETFs, they incur transaction costs including brokerage fee, clearing fee and stamp duty which are applicable when trading stocks on the exchange.
This article was contributed by the Funds Management Division of AmInvestment Bank Group.
