Market Infrastructure

    ESG / Sustainability

    BIS Calls on Central Banks to Coordinate Action on Climate Change

    By Manesh Samtani | 21/01/2020

    Without coordinated action, a new global financial crisis triggered by climate change would render central banks and financial supervisors powerless.

    Fintech / Regtech

    Former CFTC Chair Launches Digital Dollar Project with Accenture

    By Editors | 20/01/2020

    The Digital Dollar Project is a multi-stakeholder initiative to explore options for creating a US dollar CBDC, which would coexist with other Federal Reserve liabilities.

    Market Infrastructure

    China Launches Upgraded Credit Reference System

    By Editors | 20/01/2020

    The new system covers 5 years of financial records, compared to 2 previously, including information on borrowers’ employment status, co-borrowing records, and utility payment history.

    Market Infrastructure

    NBFI Posing Financial Stability Risk Grows at Slower Pace: FSB

    By Editors | 20/01/2020

    Non-bank financial intermediation posing bank-like financial stability risks grew by 1.7% in 2018, significantly slower than the 2012-2017 average annual growth rate of 8.5%.

    Market Infrastructure

    Benchmark Reform: HONIA Beckons but is Hong Kong Ready?

    By CorporateTreasurer | 20/01/2020

    TMA published feedback from market participants on HONIA as the successor to HIBOR in late December but unlike its US counterpart SOFR, Asian businesses are taking time to adapt.

    Market Infrastructure

    Japan to Allow Regional Banks to Expand Outside Core Business

    By Editors | 17/01/2020

    FSA commissioner Toshihide Endo wants struggling regional lenders to engage with customers and help them grow, as a way to boost bank profitability and regional economies.

    Enforcement

    Review Panel Offers Recommendations for Improving SFC Operations

    By Editors | 17/01/2020

    While welcoming the SFC’s front-loaded regulatory approach, the Process Review Panel says the regulator should be aware of its possible unintended effects and consider ways to minimise them.

    Market Infrastructure

    UK Regulators Set Key LIBOR Transition Deadlines

    By Editors | 17/01/2020

    Market makers have until 2 March to adopt SONIA as the market convention for issuing sterling interest rate swaps, and until Q3 to end all new issuances of LIBOR-based cash products.

    Market Infrastructure

    Trade Deal to Enable Early Entry of US Firms to China

    By Manesh Samtani | 16/01/2020

    Under the agreement, the December timeline for China’s removal of foreign ownership limits in the securities sector is brought forward to April.

    AML / KYC

    MAS Publishes Responses to VCC Consultation Papers

    By Editors | 16/01/2020

    VCCs are required to engage an Eligible Financial Institution, or EFI, to perform necessary AML/CFT checks and maintain the register of controllers, nominee directors and beneficial owners.

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