Enforcement

Nomura, UBS, UniCredit Fined for Participating in Trading Cartel

24/05/2021

During Europe’s sovereign debt crisis, the banks shared information about their EGB bidding and trading strategies in Bloomberg terminal chat rooms.

Securities / Derivatives

Korea Brokers Join Emissions Trading Scheme as Market Makers

24/05/2021

Participation by the brokerage firms as market makers will help reduce bid-ask spreads and keep Korea’s emissions trading market liquid.

Market Infrastructure

CME Group to be Recommended as SOFR Term Rate Administrator

24/05/2021

A recommended SOFR term rate is now in clear sight, said Tom Wipf, ARRC Chairman and Vice Chairman of Institutional Securities at Morgan Stanley.

Enforcement

S. Korea Revises Law to Strengthen Market Integrity

24/05/2021

The revisions will ease approval processes for financial investment businesses, including foreign firms, while also increasing penalties for stock manipulation.

Securities / Derivatives

SGX RegCo Extends Suspension of Issuer Watch-List

24/05/2021

The extension is to enable issuers to focus on Covid-19 related business and economic challenges and on dealing with any resultant liquidity crunch.

Enforcement

CBIRC Penalises Five Banks for Regulatory Violations

23/05/2021

Huaxia Bank, China Bohai Bank, Bank of China, China Merchants Bank and Bank of East Asia’s China branch were fined a total $56.9mn.

Enforcement

CBIRC 2020 Penalties Show Emphasis on Personal Accountability

22/05/2021

The CBIRC issued $350mn in fines against 3,178 banks and insurance firms in 2020. The number of individuals punished rose by about 30% from 2019.

Market Infrastructure

FCA Consults on Use of New Powers to Facilitate LIBOR Transition

22/05/2021

The consultation will help the FCA decide on what legacy use to permit for non-representative benchmarks and how it will prohibit new use of critical benchmarks that are ceasing.

Securities / Derivatives

Shanghai, Shenzhen Bourses Consult on New Bond Issuance Rules

22/05/2021

Rules requiring issuers to have credit ratings are removed, investor rights protection mechanisms are enhanced, and obligations on intermediaries are strengthened.