Market Infrastructure

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.

Market Infrastructure

HKMA Reveals Preliminary Findings from Bank Culture Assessments

By Manesh Samtani | 16/01/2020

HKMA executive director Alan Au says banks generally agree with the need to foster sound bank culture and have been implementing a range of culture enhancement initiatives.

Market Infrastructure

ISDA Chief Calls for Certainty on China Close-out Netting

By Manesh Samtani | 16/01/2020

The lack of legal certainty and judicial recognition on close-out netting can impede capital market development in China, impacting domestic FIs the most, ISDA’s Scott O’Malia said.

Market Infrastructure

Malaysia to Boost Digital Payments with $110m Giveaway

By Editors | 15/01/2020

Every Malaysian aged 18 years and above, and earning less than 100,000 ringgit a year, is eligible to receive a one-off 30 ringgit through one of three e-wallet companies.