Market Infrastructure

ISDA to Add Pre-cessation Trigger to LIBOR Fallback Provisions

16/04/2020

A significant majority of respondents favour including both pre-cessation and permanent cessation fallbacks as standard language in the amended 2006 ISDA Definitions for LIBOR.

APRA Announces New Commencement Dates for Prudential Standards

16/04/2020

The new commencement dates relate to initial margin requirements and APRA’s prudential standards on information security, credit risk management and related entity exposures.

G20 Agrees to Suspend Debt Payments for Low Income Nations

15/04/2020

The G20 is also calling on private creditors, working through the Institute of International Finance, to participate in the initiative “on comparable terms”.

AML / KYC

US Returns $300m of Misappropriated 1MDB Funds to Malaysia

15/04/2020

The funds includes proceeds from assets that Malaysia financier Jho Low allegedly bought with stolen 1MDB money before his $700mn forfeit last year.

Big Picture

Hedge Funds Have Sufficient Liquidity, Low Leverage: IOSCO

15/04/2020

Hedge funds were found to have sufficient portfolio liquidity to meet investor redemption demands under normal market conditions, based on end-September 2018 data.

Securities / Derivatives

Malaysia, Shenzhen Bourses Enter MoU on Cross-border Collaboration

15/04/2020

The MoU will facilitate the display and joint promotion of Bursa Malaysia and SZSE benchmark indices in each other’s markets.

Fintech / Regtech

Two Singapore Bodies Merge to Form New Blockchain Association

15/04/2020

The new industry body will be co-chaired by SFA president Chia Hock Lai and OneConnect Financial Technology’s APAC chief Ms Tan Bin Ru.

AML / KYC

CBIRC Simplifies Administrative Licensing for Trust Companies

15/04/2020

The licensing rules reflect the cancellation of a $1bn asset threshold previously required of foreign financial institutions that invest in domestic trust companies.

Enforcement

FSC Taiwan Probes Trading Controls at Hua Nan Securities

15/04/2020

Hua Nan Securities reportedly lost $158mn on derivative warrants in March as a result of poor internal controls.