FDIC Chair to Step Down Over Culture Problems

22/05/2024

An independent review found a toxic work environment at the FDIC over decades, including “demeaning and inappropriate” interactions with staff by current chair Martin Gruenberg.

Sanctions

Canada Announces Sanctions Targeting DPRK-Russia Arms Trade

22/05/2024

Two individuals and six entities were sanctioned for their involvement in the transportation of weapons from North Korea to Russia.

Securities / Derivatives

Korea: FSS Head Considers Partial Lifting of Short Selling Ban

22/05/2024

FSS Governor Lee Bok-hyun said he personally wishes to allow short selling practices in June, at least partially.

Fintech / Regtech

Swift Enables Banks to Improve Services for Corporates

22/05/2024

Swift will extend ISO 20022 across the entire payment chain, and provide ready-to-use, white-labelled payment tracking services via API.

Capital / Liquidity

FSC Korea Permits Daegu Bank to Convert Banking Licence

22/05/2024

Daegu Bank will be the first regional bank to convert into a nationwide bank. It will also be the first new commercial bank in 32 years.

Market Infrastructure

PBOC, BOT to Promote Local Currency Use in Bilateral Transactions

22/05/2024

The PBOC and BOT governors also discussed banking and financial cooperation and cross-border payment and settlement.

Securities / Derivatives

DTCC Completes Blockchain Pilot for Mutual Fund Data

22/05/2024

The pilot explored the feasibility of delivering NAV data for mutual funds across different blockchain networks.

Capital / Liquidity

Japan FSA to Take Control of Two Regional Banks

22/05/2024

The FSA will obtain 63 percent of voting rights in Jimoto Holdings, which operates Kirayaka Bank and Sendai Bank.

Sanctions

US Sanctions Blamed for Death of Iranian President

22/05/2024

Iran has been unable to buy aviation spare parts, one of the main reasons cited for the helicopter crash that killed President Ebrahim Raisi.