India’s GIFT City Seeks Status as Global Commodity Trading Hub

23/05/2024

IFSCA has formed an expert committee to propose steps for making GIFT City a global commodity trading hub.

Sanctions

China Sanctions US Firms Over Arms Sales to Taiwan

23/05/2024

The sanctioned entities include units of Lockheed Martin, Raytheon, General Dynamics and other companies, as well as 10 executives.

Enforcement

US SEC Fines ICE for Late Notification of Cyber Intrusion

22/05/2024

Commissioners Hester Peirce and Mark Uyeda said the $10mn penalty was “disproportionately large” and creates a “counter-productive dynamic” with regulated entities.

Market Infrastructure

FSB Considers Ways to Enhance Resilience of CP and CD Markets

22/05/2024

CP and CD markets feature limited secondary market activity due to the buy-and-hold nature of these instruments, the FSB says.

Enforcement

UK Regulators Fine Citi Over Trader’s Mistake, Control Failings

22/05/2024

A trader inadvertently placed sell orders worth $444bn instead of $58 million. Citi’s electronic trading system generated additional erroneous orders.

Capital / Liquidity

HKMA Announces Refinements to USD Liquidity Facility

22/05/2024

The settlement date will be the same day as the tender date (T+0), instead of the business day after the tender date (T+1).

Capital / Liquidity

FSC Korea to Further Normalise Bank LCR Requirement in H2

22/05/2024

The FSC also decided to extend regulatory relaxations available to financial investment companies, specialised credit finance businesses, and savings banks.

Enforcement

LIBOR Convictions to be Raised With UK Supreme Court

22/05/2024

The Court of Appeal opened the door for Tom Hayes and Carlo Palombo to directly apply to the Supreme Court for permission to appeal their convictions.

Capital / Liquidity

FSC Korea Proposes Rule Changes to Boost Microfinance Support

22/05/2024

The FSC proposes to temporarily increase the rate of contributions financial companies make towards providing microloans to vulnerable individuals.