Market Infrastructure

JPX, TOCOM Enter Basic Agreement to Merge by October

29/03/2019

TOCOM will become a wholly-owned subsidiary of JPX, and together they will launch a consolidated exchange for stocks, financial and commodity derivatives by September 2020.

Fintech / Regtech

Malaysia Seeks Licensing Regime for Virtual Banks by Year-End

29/03/2019

Though discussions are still in the preliminary stages, Malaysia’s central bank is looking to publish its requirements for virtual bank licences by the end of the year.

Fintech / Regtech

S. Korea FSC Receives Three Applications for Internet-Only Banks

29/03/2019

The FSC will review the applications with an aim to approving a preliminary licence for one or two new internet-only banks in May.

Securities / Derivatives

China Retail Investors Take a Liking to Government Bonds

29/03/2019

China’s pilot scheme allowing banks to sell government bonds to retail investors has been met with success, with over $200mn in bonds sold in a single day.

Enforcement

UK FCA Fines Goldman for MiFID Transaction Reporting Failures

29/03/2019

Goldman has been penalised over $44mn for making over 220 million transaction reporting errors over 9.5 years. The fine is larger than UBS received earlier this month.

Fintech / Regtech

Banks Not Using Latest RegTech Solutions Must Explain Why – ASIC

29/03/2019

ASIC reportedly plans to force banks to explain why they aren’t using the latest technology to improve regulatory compliance, including systems offered by regtech startups.

Enforcement

Singapore Charges Three for Spoofing Index Futures

28/03/2019

In a MAS-CAD joint investigation, three individuals are being charged for allegedly spoofing SGX-MSCI index futures and giving false statements to SGX.

Enforcement

APRA May Intervene to Shift Bank Remuneration Practices

28/03/2019

APRA chairman Wayne Byres says banks could lose their power to set executive pay if they are not more proactive about changing remuneration practices.

Securities / Derivatives

SGX Bolsters Forex Business with BidFX Acquisition

28/03/2019

The acquisition is part of SGX’s strategy to build core pillars of growth across multiple asset classes, with FX being one of its key growth pillars.