MARKET INFRASTRUCTURE

Market Infrastructure

Cayman ‘Economic Substance’ Rule Hits Hong Kong Hedge Funds

By Editors | 06/08/2019

The new rule requires investment managers to demonstrate ‘economic substance’ in Cayman to continue operating by setting up offices, moving teams over or outsourcing activities to local firms.

Market Infrastructure

Indonesia to Ease Rules on Bank Mergers, Including for Foreign FIs

By Editors | 06/08/2019

The rules currently require acquiring banks to merge all their local operations into a single entity, but this has proved unpopular among foreign lenders seeking to expand Indonesia operations.

Market Infrastructure

Morgan Stanley, JP Morgan Take Control of China JVs

By Editors | 06/08/2019

Morgan Stanley has become the latest foreign firm to control a securities JV in China, while JP Morgan becomes the first foreign firm to own a majority stake in an asset management JV.

Market Infrastructure

Japan: Security Failures Force New Payments Service to Shut

By Editors | 06/08/2019

The security breach saw more than 38mn yen stolen from more than 800 accounts in the days after the July launch of a new mobile payment service for convenience stores.

Market Infrastructure

RBI Tightens Criteria for Board Appointments at State Banks

By Editors | 05/08/2019

The revised criteria for determining the ‘fit and proper’ status of proposed candidates include age, education, experience, and track record, among other criteria.

Market Infrastructure

ABS Updates Guidance on Cloud Outsourcing Arrangements

By Manesh Samtani | 05/08/2019

The updated guide offers best practices to ensure resiliency and recoverability while maximising the benefits FIs derive from cloud outsourcing arrangements, including for ‘critical systems’.

Market Infrastructure

SEBI Seeks Uniform Penalties Framework for Margin Reporting Failures

By Editors | 03/08/2019

Fines charged to members for misreporting or non-reporting of margins collected from clients may extend to 100% of the incorrectly or nonreported amount.

Big Picture

Singapore: Two-Thirds of Consumers Willing to Try Digital Banks

By Editors | 03/08/2019

A JD Power survey has found that 65% of Singapore customers are interested in opening digital bank accounts. The survey ranked HSBC first, OCBC second and DBS third in customer satisfaction.

Big Picture

Global Crypto Trading Should be Guided by IOSCO Principles: WFE

By Editors | 03/08/2019

“Innovation which has the potential to present systemic risk or is allowed to operate in an unchecked or unregulated manner is detrimental to financial markets and investor interests.”