Conduct, Culture & Accountability

Swiss Competition Commission Opens Probe Into 34 Banks

07/12/2022

The banks regularly exchanged information about the salaries of certain categories of employees, potentially breaching Switzerland’s antitrust law.

Anti-Money Laundering

International Operation Targeting Money Mules Yields 2,500 Arrests

07/12/2022

The operation involved law enforcement agencies in 25 countries including Singapore and Australia, supported by Europol, Eurojust, INTERPOL and the EBF.

Conduct, Culture & Accountability

ASIC Sues Amex in First Court Case Involving DDO Breaches

07/12/2022

ASIC alleges that American Express Australia breached its design and distribution obligations in relation to two credit cards it issued and co-branded with retailer David Jones.

Trading & Investment

China: First BSE Index Funds Approved But Less Popular Than Expected

07/12/2022

The new index funds have been less popular than expected due to the poor performance of eight BSE-themed funds launched last year.

Emerging Prudential Risks

Chinese, Hong Kong Firms Increasingly Setting Up in Singapore

06/12/2022

Up to 500 Chinese companies are estimated to have set up in Singapore this year. Meanwhile Hong Kong hedge funds are increasingly setting up operations in the city-state.

Market Risk

ISDA Calls for Adjustments to IMA Default Risk Charge Under FRTB

06/12/2022

New paper provides analysis in support of the removal of the 3bp PD floor set by the BCBS under the internal models approach for FRTB.

Credit Risk

CBIRC Orders Financial Leasing Companies to Eliminate Hidden Debt Risk

06/12/2022

The regulator said some financial leasing companies have been carrying out “credit-like” business in disguise, by buying low-value leased objects at high prices.

Cryptocurrency

SEC Thailand to Tighten Conflict Management Rules for ICO Portals

06/12/2022

Under the revised rules, ICO portals will also be allowed to outsource certain tasks to service providers, as long as they are not ‘core’ services.

Climate Risk

Fed Board Proposes Climate Risk Framework for Large US Banks

06/12/2022

One governor said he disagrees with the premise that climate change poses a serious risk to large banks and US financial stability because stress tests show the banks are resilient.