Japan, Netherlands Sign MoC on Banking Supervision

31/07/2024

Japan’s FSA and the Dutch central bank agree to cooperate and exchange information necessary for the supervision of banks that operate in both jurisdictions.

Sanctions

Austria’s Raiffeisen Working to Sell 60pc of Russian Unit

31/07/2024

Raiffeisen is trying to coordinate with Russian, European and US authorities to sell a 60% stake in its Russian unit.

Enforcement

Six US Banks Agree to Settle Antitrust Litigation for $80m

31/07/2024

The banks allegedly colluded to bid up bond prices at auction and then sell those bonds at inflated prices to pension funds and other investors.

Big Picture

Stablecoins Weaken Liquidity Ratios of Banks: ECB Paper

31/07/2024

Banks that issue their own stablecoins or collect deposits from stablecoin issuers would see their liquidity ratios decline.

Market Infrastructure

IIB Warns of Extraterritoriality of Treasury Clearing Proposal

31/07/2024

Under a proposed FICC rule, the SEC’s clearing mandate on US Treasury securities would apply to an entire foreign bank, rather than just its US-based branch.

Fintech / Regtech

China Implements Tighter Rules for Non-Bank Payments Platforms

31/07/2024

The rules impose stricter licensing, business management, risk management and user protection requirements on non-bank payment institutions.

Sanctions

OFAC Targets Iran Weapons Programmes With New Sanctions

31/07/2024

The sanctions cover two procurement networks that help Iran obtain components for weapons systems, including Hong Kong and China-based targets.

Enforcement

US Authorities Charge Founder of Crypto Firm BitClout

31/07/2024

Nader Al-Naji faces civil and criminal charges for allegedly lying to investors and misappropriating investments for personal expenses and gifts.

Securities / Derivatives

Japan Seeking More Foreign Participation in JGB Market

31/07/2024

The government reportedly plans to designate brokerage firms to work on outreach activities to attract overseas investors into the JGB market.