Enforcement

Six US Banks Agree to Settle Antitrust Litigation for $80m

31/07/2024

The banks allegedly colluded to bid up bond prices at auction and then sell those bonds at inflated prices to pension funds and other investors.

Big Picture

Stablecoins Weaken Liquidity Ratios of Banks: ECB Paper

31/07/2024

Banks that issue their own stablecoins or collect deposits from stablecoin issuers would see their liquidity ratios decline.

Market Infrastructure

IIB Warns of Extraterritoriality of Treasury Clearing Proposal

31/07/2024

Under a proposed FICC rule, the SEC’s clearing mandate on US Treasury securities would apply to an entire foreign bank, rather than just its US-based branch.

Fintech / Regtech

China Implements Tighter Rules for Non-Bank Payments Platforms

31/07/2024

The rules impose stricter licensing, business management, risk management and user protection requirements on non-bank payment institutions.

Sanctions

OFAC Targets Iran Weapons Programmes With New Sanctions

31/07/2024

The sanctions cover two procurement networks that help Iran obtain components for weapons systems, including Hong Kong and China-based targets.

Enforcement

US Authorities Charge Founder of Crypto Firm BitClout

31/07/2024

Nader Al-Naji faces civil and criminal charges for allegedly lying to investors and misappropriating investments for personal expenses and gifts.

Securities / Derivatives

Japan Seeking More Foreign Participation in JGB Market

31/07/2024

The government reportedly plans to designate brokerage firms to work on outreach activities to attract overseas investors into the JGB market.

AML / KYC

Fed Terminates Enforcement Action Against Silvergate Bank

31/07/2024

The enforcement action has been in effect since May 2023 to protect depositors. Silvergate has since completed its liquidation and wind-down plan and paid back depositors.

Enforcement

UK Court Rules in Mozambique’s Favour in ‘Tuna Bonds’ Case

30/07/2024

The court awarded Mozambique around $825mn, along with an indemnity for over $1bn in debt owed to lenders and bondholders.