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インデックスのお知らせ| 2023 年 4 月 3 日

FTSE 債券インデックス国分類プロセス
2023 年 3 月レビュー結果
平素はFTSE債券インデックスをご利用いただき、誠にありがとうございます。
FTSE 債券インデックスに名目およびインフレ連動の現地通貨建て国債市場を組み入れる際は、FTSE債券国分類フレームワークに従って管理されます。
このフレームワークの中心的な機能は、半年ごとに見直される市場アクセシビリティレベルの割り当てです。市場アクセシビリテ
ィレベルの割り当ての透明性により、FTSE Russellと市場が再分類の可能性について検討されている国の中央銀行および規制当局との間の関与が促進されます。
半期ごとに行われるFTSE債券インデックス国分類プロセスの一環として、FTSE世界国債インデックスへの市場組み入れの一貫性を確保するため、市場規模や信用格付けに関する客観的なインデックス組み入れ基準が評価されます。
2023年3月レビューによるインデックスの組み入れの変更はありません。FTSE債券国別分類レビューの結果は、このお知らせの残りの部分に記載されています。次回は2023年9月の半年毎のレビューにて情報を更新いたします。

© 2023, FTSE Fixed Income LLC (“FTSE FI”). All rights reserved. Reproduction of the data and information herein (collectively, "FTSE FI Data") in any form is prohibited except with theprior written permission of FTSE FI. Although the FTSE FI Data is believed to be reliable, FTSE FI makes no representation as to the accuracy, adequacy, completeness or availability ofthe FTSE FI Data and is not responsible for any errors or omissions or for the results obtained from the use of FTSE FI Data. FTSE FI GIVES NO EXPRESS OR IMPLIED WARRANTIES,INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall FTSE FI be liable for any
direct, indirect, special or consequential damages in connection with any use of the FTSE FI Data.

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1. ウォッチリスト掲載市場の状況
韓国
2023 年 3 月の半年毎のレビューでは、韓国のウォッチリストを据え置き、変更はいたしません。韓国は 2023 年 9 月にWGBI 組み入れ対象となる 1 から 2 への引き上げが再評価されます。
2022 年 9 月に韓国は市場アクセシビリティのレベル 2 への潜在的な格上げの可能性および FTSE 世界国債インデックスへの組み入れの検討のため、FTSE 債券国分類プロセスのウォッチリストに登録されました。
2022 年から 2023 年初頭にかけて、韓国の市場当局は投資家にとって韓国の資本市場の構造とアクセスしやすさを改善することを目的とした以下のイニシアチブを実施済み、あるいは実施中です。
•

2023 年 1 月から国際投資家向けの韓国国債 (KTB) への投資に課せられる源泉徴収税の免除。

•

韓国の市場当局と International Central Securities Depositories (ICSD) 間の継続的な働きかけにより、ICSDと Korea Securities Depository (KSD) 間のつながりが促進され、効率的なオンボーディングならびに決済プロセスの改善がみられる。

•Investment Registration Certificate (IRC) スキームの廃止と国際投資家のオンボーディングプロセスを改善するための Legal Entity Identifiers (LEI) の導入の提案。

•

外国為替市場の改革にて、i) 国際金融機関がオンショアの韓国ウォン外国為替市場に直接参加できるようにすること、ii)
サードパーティのオンショア FX のプロセスを簡素化すること、および iii) 市場時間外取引に対応するために市場の取引時間を延長すること等、を目的としている。

弊社は、上記のイニシアチブの実施を引き続き監視します。最近導入された改革も、関連する現地の法律や規制の改正が必要なものもあります。市場当局が発表したイニシアチブの実施時間枠に関しては、年内に実施されるものもあれば、2024 年後半まで延長されるものもあります。
韓国に関する再分類の決定に先立ち、引き続きグローバルな市場参加者から、改革が実施される際の強化の有効性、および関連するイニシアチブが市場のアクセシビリティに対する意図された実際的な改善を達成するかどうかを注視します。

スイス
2023 年 3 月の半年毎のレビューにて、スイスのウォッチリストを据え置き、変更はいたしません。スイスは 2023 年 9 月にWGBI 組み入れ対象となる 1 から 2 への引き上げが再評価されます。
2021 年 9 月にスイスは市場アクセシビリティのレベル 1 が付与され、レベル 2 への潜在的な格上げの可能性および FTSE 世界国債インデックスへの組み入れの検討のため、FTSE 債券国分類プロセスのウォッチリストに登録されました。
弊社は、スイス国債に適用される源泉徴収税の再利用プロセスを評価し、このプロセスが市場アクセス可能性レベル 2 を割り当てるための税制要件を満たしていないと判断しました。2022 年後半にスイス議会で国際投資家向けの源泉徴収税を廃止するための投票が失敗したことで、プロセスは変更されていません。弊社は引き続き税制を改善するために導入される可能性のあるその後のイニシアチブの性質を注視していきます。
© 2023, FTSE Fixed Income LLC (“FTSE FI”). All rights reserved. Reproduction of the data and information herein (collectively, "FTSE FI Data") in any form is prohibited except with theprior written permission of FTSE FI. Although the FTSE FI Data is believed to be reliable, FTSE FI makes no representation as to the accuracy, adequacy, completeness or availability ofthe FTSE FI Data and is not responsible for any errors or omissions or for the results obtained from the use of FTSE FI Data. FTSE FI GIVES NO EXPRESS OR IMPLIED WARRANTIES,INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall FTSE FI be liable for anydirect, indirect, special or consequential damages in connection with any use of the FTSE FI Data.

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インド
2023 年 3 月の半年毎のレビューで、インドのウォッチリストを据え置き、変更はいたしません。インドは 2023 年 9 月にEMGBI 組み入れ対象となる 0 から 1 への引き上げが再評価されます。
2021 年 3 月にインドは市場アクセシビリティのレベルを 0 から 1 へ格上げする可能性と、FTSE 新興市場国債インデックス(EMGBI) への組み入れを検討するために、FTSE 債券国分類プロセスのウォッチリストに登録されました。
弊社は、外国ポートフォリオ投資家 (FPI) 登録の効率性や決済サイクル、取引照合、税務処理プロセスに関連する運用上の問題など、改善すべき分野に関するグローバルな投資家からのフィードバックに引き続き注目しています。
また、インド準備銀行 (RBI) との建設的な対話を継続し、現地の政策立案者による市場の進化への継続的な取り組みを続けて参ります。また、進行中の改革における実情について、市場参加者からさらなるフィードバックを引き続き求めております。

© 2023, FTSE Fixed Income LLC (“FTSE FI”). All rights reserved. Reproduction of the data and information herein (collectively, "FTSE FI Data") in any form is prohibited except with theprior written permission of FTSE FI. Although the FTSE FI Data is believed to be reliable, FTSE FI makes no representation as to the accuracy, adequacy, completeness or availability ofthe FTSE FI Data and is not responsible for any errors or omissions or for the results obtained from the use of FTSE FI Data. FTSE FI GIVES NO EXPRESS OR IMPLIED WARRANTIES,INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall FTSE FI be liable for anydirect, indirect, special or consequential damages in connection with any use of the FTSE FI Data.

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© 2023, FTSE Fixed Income LLC (“FTSE FI”). All rights reserved. Reproduction of the data and information herein (collectively, "FTSE FI Data") in any form is prohibited except with theprior written permission of FTSE FI. Although the FTSE FI Data is believed to be reliable, FTSE FI makes no representation as to the accuracy, adequacy, completeness or availability ofthe FTSE FI Data and is not responsible for any errors or omissions or for the results obtained from the use of FTSE FI Data. FTSE FI GIVES NO EXPRESS OR IMPLIED WARRANTIES,INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall FTSE FI be liable for anydirect, indirect, special or consequential damages in connection with any use of the FTSE FI Data.

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