Market Infrastructure

Westpac to ‘Proactively’ Switch Merchants to Least Cost Routing

06/08/2020

The RBA has signalled it was considering taking regulatory action to force banks to move faster in moving merchants from Mastercard and Visa to lower cost networks.

Securities / Derivatives

TWSE Sets 26 October Launch Date for Odd-Lot Trading

06/08/2020

Currently, odd-lot trading is only permitted in after-hours trading. Starting 26 October, odd-lot orders will be accepted during the regular trading session.

AML / KYC

Malaysia Jails Eight Over Illegal Deposit-taking Scheme

05/08/2020

Eight individuals were sentenced to between three and nine years’ jail. Total fines issued, including against three companies, amount to $310mn.

Securities / Derivatives

ASX Concludes Consultation on CHESS Replacement Timeline

05/08/2020

A four-week consultation on a new timeline for the CHESS replacement project has found that 91% of users can be ready by April 2022.

Securities / Derivatives

SEBI Postpones Penalties Under New Upfront Margin Collection Norms

05/08/2020

SEBI said the penalty provision for short-collection or non-collection of upfront margin in the cash segment will now be implemented from 1 September.

Securities / Derivatives

SSE, SZSE Issue Rules on the Exchange of Corporate Bonds

05/08/2020

The rules require companies that issue replacement bonds to exchange for maturing debt to make exchange offers to all bondholders on an “equal and voluntary basis”.

Market Infrastructure

MAS Announces New Initiatives to Support SORA Adoption

05/08/2020

The initiatives aim to catalyse greater activity in SORA markets, safeguard the benchmark’s integrity and enhance market confidence in SORA.

Enforcement

CBA Increases Remediation Provisions Ahead of Full-Year Results

05/08/2020

Customer remediation provisions have been increased by A$300mn, bringing CBA’s total remediation bill to A$834. The full-year results are due on 12 August.

Market Infrastructure

HKMA Defers Trade Facility Repayments by a Further 90 Days

05/08/2020

Banks have agreed to allow corporate customers who still face cash-flow pressures to further extend their trade facilities for a further 90 days, on top of the 90 days granted from May.