MARKET INFRASTRUCTURE

    Market Infrastructure

    Misguided Derivatives Regulation Distorts Markets

    By Peter Guy | 23/07/2018

    Basel’s new capital rules have impacted global derivatives markets by purging participants and liquidity. Whether or not this was the intended outcome, it will create onerous costs for entire markets and consumers.

    Market Infrastructure

    SGX Proposes Clearing House Enhancements for Managing Defaults

    By Editors | 23/07/2018

    Proposals include introduction of auction protocol for liquidating defaulted derivatives clearing members’ positions, with a mechanism to distribute the resulting losses.

    Market Infrastructure

    Australia Consults on Second Tranche of CCIV Bill

    By Mark Pufpaff | 23/07/2018

    The bill covers winding up administration for corporate collective investment vehicles, and director liabilities for contraventions of the law, among others.

    Market Infrastructure

    A Different Approach to Accelerating Settlement and Reducing Risk

    By Murray Pozmanter | 19/07/2018

    Optimising settlement and moving beyond T+2 will enable firms to reduce capital requirements, systemic risk and operational costs while preserving resiliency of existing infrastructure.

    Market Infrastructure

    HKMA Lays Out Regulatory Framework for Open API

    By Garima Chitkara | 19/07/2018

    The HKMA is set to launch an Open API on its website to make financial data more accessible to consumers and facilitate client onboarding by banks starting 23 July; the API will begin with providing 50 sets of financial data.

    Market Infrastructure

    SEBI Proposes New Rules for Auditors, Other Fiduciaries

    By Manesh Samtani | 19/07/2018

    Under the new proposals, fiduciaries providing false information in audit or valuation reports will face stringent penalties, including bans from securities markets and forced repayment of any gains deemed unlawful.

    Market Infrastructure

    SFC Fund Manager Code of Conduct – Five Steps to Compliance

    By Derek McGibney | 17/07/2018

    Investment management firms with operations in Hong Kong must turn their attention to the new SFC Fund Manager Code of Conduct, which comes into force in four months.

    Market Infrastructure

    ISDA Consults on Fallback Benchmarks for Discontinued IBORs

    By Garima Chitkara | 16/07/2018

    ISDA proposes adjustment options that will be applicable to fallback rates in the event a derivative references an IBOR that has been permanently discontinued; FSB cautions on the use of overnight RFR to replace term IBORs.

    Fintech / Regtech

    Shanghai Bourse Studies Use of DLT for Securities Markets

    By Garima Chitkara | 16/07/2018

    In a research paper, the SSE envisions DLT efficiency in post-trade settlement and securities issuance and trading, calling on regulators to “adapt to evolving technology.”

    Market Infrastructure

    ESMA Seeks Extension of Intragroup Clearing Exemption

    By Garima Chitkara | 16/07/2018

    In intragroup transactions involving a third country entity, ESMA is seeking to extend its temporary clearing exemption for derivatives transactions.

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