Market Infrastructure

Fintech / Regtech

BSP, MAS Declare Opposition to Data Localisation Requirements

By Editors | 16/11/2020

Data mobility in financial services supports economic growth, innovative financial services, risk management and compliance, BSP and MAS say in a joint statement.

Capital / Liquidity

FSB Finalises Guidance on Assessing CCP Financial Resources

By Editors | 16/11/2020

The guidance will support jurisdictions and authorities in determining whether there is a gap in the resources and tools available for CCP resolution.

Market Infrastructure

HKEX Proposes Revamp of Hong Kong IPO Settlement Process

By Manesh Samtani | 16/11/2020

Subject to market support and readiness, HKEX intends to launch a new platform called FINI in 2022 that will cut the IPO settlement process from T+5 to T+1.

Market Infrastructure

FSC Korea Moves to Prevent Accumulation of Household Debt

By Editors | 16/11/2020

Banks will be subject to a monthly inspection to assess their unsecured lending practices; the government will reduce the maximum legal lending rate from 24% to 20%.

Securities / Derivatives

ASX Suffers Near Full Day Outage Due to ‘Software Issue’

By Editors | 16/11/2020

ASIC said it was focused on ensuring that market integrity is not compromised and that it would monitor for any impacts resulting from Monday’s failure.

Market Infrastructure

Underinvestment in Data, Tech a Root Cause of Breaches: ASIC

By Editors | 16/11/2020

Underinvestment in data and technology systems creates operational risks, delays in picking up problems, and costly remediation programmes, says ASIC commissioner Sean Hughes.

Market Infrastructure

Australia Introduces New Package of Royal Commission Reforms

By Editors | 15/11/2020

The package includes reforms to strengthen consumer protections, including by making industry codes enforceable and enhancing FIs’ breach reporting requirements.

Capital / Liquidity

Philippine Senate Passes Bill to Establish ‘Bad Bank’ Framework

By Editors | 15/11/2020

The bill was fast-tracked amid fears that loan defaults could burden lenders and hamper their ability to provide credit to businesses and consumers.

Market Infrastructure

US Agencies Urge Banks Forward on LIBOR Transition

By Sanday Chongo Kabange | 15/11/2020

The Fed, OCC and FDIC have asked banks to move away from LIBOR ‘without delay’, accelerate customer outreach, and prepare their systems for the transition.