Market Infrastructure

SOFR Gains Acceptance as LIBOR Alternative

22/08/2018

Credit Suisse, the World Bank and Fannie Mae have now all issued new debt referencing the SOFR, which draws from actual repo market transactions to reflect the cost of borrowing cash secured against US government debt.

Enforcement

Japan’s Suruga Bank Under Fire for Potentially Illegal Loans

22/08/2018

Draft report by investigative panel says the bank’s management failed to take reasonable caution against lending malpractice involving the falsification of documents.

AML / KYC

Japanese Regional Banks to Set Up AML Information Sharing

16/08/2018

An information sharing network between 64 regional banks aimed at AML/CFT efforts is part of a larger legal and regulatory push in the country against money laundering in preparation for an FATF inspection.

Market Infrastructure

India’s Cosmos Bank Suffers $13mn Theft

16/08/2018

Attackers used cloned cards to simultaneously withdraw cash from ATMs in 28 countries, along with a fraudulent SWIFT transfer two days later.

Securities / Derivatives

Foreign Nationals in China Permitted to Directly Trade A-Shares

16/08/2018

Foreign individuals working in China will be allowed to open domestic brokerage accounts to trade A-shares; foreign employees living abroad will be entitled to participate in employers’ stock incentive programmes.

Crypto / Digital Assets

Cryptocurrency Framework Needs Update – Japan FSA

16/08/2018

On-site inspections revealed a lack of internal controls, inadequate governance and poor business models at exchanges.

Securities / Derivatives

Philippines Eases Bond Issuance Rules for Banks

15/08/2018

BSP circular says banks do not need prior approval of central bank to issue bonds and commercial papers and sets out eligibility criteria for issuers.

Enforcement

Royal Commission Hears Full Extent of NAB ‘Fees-for-no-service’ Failings

15/08/2018

NAB reportedly misled ASIC about expected compensation payments for customers it charged for services not rendered; the bank also charged advice fees to more than 4000 dead customers.

Market Infrastructure

FSB, BIS, IOSCO Study Highlights Central Clearing Interdependencies

15/08/2018

FSB, CPMI, IOSCO and BCBS find continued concentration of prefunded financial resources at small number of CCPs; exposures to CCPs also concentrated among small number of clearing members.