MARKET INFRASTRUCTURE

Market Infrastructure

Australia Finds Banking Oligopoly Detrimental To Consumers

By Garima Chitkara | 06/08/2018

The Productivity Commission report urges for more competition in Australia’s banking sector – a recommendation re-enforced by Treasurer Scott Morrison in a speech to industry executives.

Enforcement

India Probes Metropolitan Stock Exchange for Fraud, Mismanagement

By Garima Chitkara | 06/08/2018

The MSEI is under investigation by the government of India and SEBI for alleged fraud and mismanagement, and has hired a forensic auditor to look into the allegations made by two whistleblowers.

Market Infrastructure

China’s Opening Up to Foreign Third Party Online Payment Firms

By Peter Guy | 06/08/2018

Stricter regulations are intended to limit abuses, improve government oversight and allow the entry of foreign enterprises for the first time. But, a more comprehensive framework is needed to manage systemic risk posed by the sector’s rise.

Market Infrastructure

SFC to Assess Licensed Firms for FRTB Adoption Readiness

By Manesh Samtani | 06/08/2018

Pending an update from the Basel Committee on FRTB, the SFC will assess the readiness of LCs to adopt the internal models approach for market risk based on the Basel II.5 framework.

Fintech / Regtech

China’s Ant Financial and WeBank – ‘Too Big to Regulate’

By Peter Guy | 02/08/2018

The Chinese government has allowed unregulated online participants to innovate and grow in a sector traditionally dominated by state banks. Systemic risk has increased by not imposing strict and comprehensive regulatory regimes.

Market Infrastructure

Thailand Banks Hit by Cyber Attack Resulting in Data Leak

By Garima Chitkara | 02/08/2018

Hackers have stolen non-financial data of over 120,000 customers from Kasikornbank and Krungthai Bank in the first such data leak in the Thai banking sector.

Market Infrastructure

IOSCO Issues Recommendations on Managing Extreme Volatility

By Editors | 02/08/2018

IOSCO believes volatility control mechanisms support the goal of ensuring markets are fair, efficient and transparent, thereby increasing market integrity and investor confidence.

Market Infrastructure

PBOC Announces Licence Application by Foreign Payment Firm

By Editors | 02/08/2018

World First Asia subsidiary Yuefan Business Consulting would become the first foreign-funded third-party payment institution in China if its licence is approved.

Enforcement

PBOC Penalises Shanghai-based Payment Firms

By Manesh Samtani | 02/08/2018

Kayou Payment Services and Free Me Pay were ordered to exit merchant acquisition business and to pay penalties totaling $5mn for violating payment and settlement rules.