Cryptocurrency

Ripple Files Response to US SEC Defending XRP as Virtual Currency

31/01/2021

The response notes that the DOJ, FinCEN and regulators in the UK, Singapore and Japan have all concluded that XRP is a virtual currency not subject to securities regulation.

Trading & Investment

TOCOM Revises Order Handling Rules to Account for System Failure

31/01/2021

The trading rule revisions clarify that orders entrusted by customers with trading participants remain valid even if bids and offers are cancelled by TOCOM.

Emerging Prudential Risks

Asset Price Correction Could Jeopardise Financial Stability: IMF

31/01/2021

Policymakers should be prepared for the risks of a market correction as complacent investors bet on continued policy support and drive up valuations, the IMF warns.

Supervision & Enforcement

Germany’s BaFin to Be Reorganised, Top Officials Forced Out

31/01/2021

Finance minister Olaf Scholz said the Wirecard affair revealed a need to reorganise Germany’s system of financial regulation “so that it can fulfil its supervisory role more effectively”.

Clearing & Post-Trade

SGX-Temasek JV to Digitalise Bond Issuance Workflows

31/01/2021

The JV will partner with Covalent Capital to streamline the listing, straight-through processing and settlement of bonds and activities in bond lifecycle management.

Conduct, Culture & Accountability

CBIRC Flags Continued Governance Issues at Banks, Insurers

30/01/2021

Major shareholders at some small and medium-sized institutions are deliberately concealing their affiliate relationships and using the institutions as ‘cash machines’.

Conduct, Culture & Accountability

RBI Enhances Rules for Banks’ Grievance Redress Mechanisms

30/01/2021

The framework provides a mechanism for the ombudsman to recover the cost of redressal from banks whose complaints exceed their peer group average.

Structural Regulation

Legislative Advisors Advocate Merger of Shanghai Financial Markets

29/01/2021

Under the proposal, a holding group would comprise the SSE, CFFEX, various securities depository and clearing companies, and a new options exchange.

Liquidity Risk

CBIRC Issues Draft Rules for Banks on Managing Liability Quality

29/01/2021

The draft rules set out six aspects of debt quality management that banks will have to incorporate in their systems, as part of efforts to prevent risks.