Big Picture

IMF Says Global Environment is Fragile, Storm Clouds Brewing

12/10/2022

Up to 29 percent of emerging market banks would breach their capital requirements in a severe global recession.

Market Infrastructure

UK Court Allows Legal Actions Against LME to Proceed

12/10/2022

The LME says the decision to allow the Elliott and Jane Street cases to proceed is “entirely procedural” and “in no way a ruling on the merits” of the claims.

Fintech / Regtech

UK Regulators Launch Discussion Paper on AI Regulation

12/10/2022

The paper considers how current legal and regulatory requirements and guidance apply to the use of AI in UK financial services, and the gaps that may need to be addressed.

India Invites Bidders to Acquire Government Stake in IDBI Bank

12/10/2022

India announced plans to privatise most state-run companies in 2020. A 60.72 percent stake in IDBI Bank is up for grabs.

Enforcement

China to Prosecute Former China Merchants Bank President

12/10/2022

The former president was abruptly removed from his post in April, after spending nearly nine years building CMB into China’s top retail bank.

Hong Kong Financial Secretary Defends City’s Hub Status

12/10/2022

Paul Chan outlines the competitive advantages Hong Kong enjoys, offering financial market statistics on how the city compares to Singapore.

Sanctions

US Blocks Export of Computing Chips to China

12/10/2022

The export controls are aimed at preventing the transfer of advanced technology to China’s military, intelligence and security services.

Market Infrastructure

FSB Updates G20 on Work to Strengthen Financial System Resilience

12/10/2022

FSB chair Klaas Knot says the outlook for global financial stability remains challenging, citing tighter financial conditions and higher inflation.

AML / KYC

US Treasury Penalises Crypto Exchange Bittrex $29mn

12/10/2022

OFAC and FinCEN took joint action for sanctions screening failures and violations of AML and SAR reporting requirements.