Capital / Liquidity

Allahabad Bank Reports $258mn Fraud by Indian Steelmaker

17/07/2019

Following a similar report from Punjab National Bank earlier this month, Allahabad Bank has reported a $258mn fraud at Bhushan Power & Steel.

Enforcement

Over 35,000 Complaints Received in Six Months: AFCA

17/07/2019

Over 60% of the complaints have been resolved, resulting in A$83mn in settlements. More than one-third of complaints were directed at banks.

Enforcement

Singapore Loansharking Raids Result in 129 Arrests

17/07/2019

Two suspects are believed to have directly carried out unlicensed moneylending, while 94 provided them access to bank accounts to facilitate their activities.

Crypto / Digital Assets

Leaked Draft Shows India’s Zero-Tolerance for Cryptocurrency

17/07/2019

The leaked draft bill being circulated, though unauthenticated, specifies up to 10 years’ jail for buying, selling or storing cryptocurrency in India.

Enforcement

ICBC Graft Probe Linked to Ex-CSRC Chief Liu Shiyu – Report

17/07/2019

Chinese investigators are said to be targeting Liu’s affiliates for suspicious dealings involving investments in high yield wealth management products provided by ICBC Shanghai.

Enforcement

KRX Fines Merrill Lynch for High-Frequency Trading Activities

17/07/2019

KRX found that over an eight-month period, Merrill Lynch’s Seoul branch engaged in 6,220 high-frequency trades on behalf of a foreign hedge fund.

Enforcement

US SEC Penalises Nomura for Mis-sold Mortgage Backed Securities

17/07/2019

Nomura Securities International has agreed to repay approximately $25mn to affected customers and $1.5mn in SEC fines to settle the charges.

Market Infrastructure

Singapore Bankers ‘Flooded’ With Inquiries from Hong Kong – Reports

16/07/2019

Following Hong Kong’s extradition bill protests, wealth managers and private banks have seen increased queries from clients looking to set up channels to move assets to Singapore.

Market Infrastructure

SGX RegCo Proposes Price Limits for Auction Mechanism

16/07/2019

SGX already uses dynamic circuit breakers during continuous trading, but there is currently nothing similar used during the opening, mid-day and closing auctions.