MARKET INFRASTRUCTURE

Market Infrastructure

PBOC Develops Blockchain System to Digitise Paper Checks

By JP Reimann | 07/06/2018

Central bank to reduce fraud by tokenising checks with blockchain and having operations conducted by smart contracts; new system will remove manual cross-checking process, shorten transaction times to about 3 seconds.

Securities / Derivatives

Singapore to Introduce New Corporate Structure For Funds

By Garima Chitkara | 07/06/2018

S-VACC, Singapore’s new investment firm structure, will come into effect by next year and will help boost synergies between firm management and domiciliation, according to MAS managing director.

Market Infrastructure

ISDA Seeks Feedback on Common Domain Model for Derivatives

By JP Reimann | 07/06/2018

First digital version of the ISDA CDM covers interest rate and credit derivatives products; aims for efficiency, interoperability, reduced complexity in derivatives market.

Market Infrastructure

S. Korean Banks Create Self-Regulating Hiring Guidelines

By JP Reimann | 07/06/2018

Guidelines will reintroduce written exams, involve outside experts in screening and interviews, adopt “blind recruitment” to prevent discrimination, and abolish recommendation-based hiring.

Capital / Liquidity

FSB Consults on Third Peer Review on Bank Resolution

By JP Reimann | 06/06/2018

Focus on D-SIBs and other banks that could be systemic in failure and are included in resolution planning at a jurisdictional level; feedback sought by 4 July.

Market Infrastructure

ASIC Consults on ‘Foreign’ AFS Licence Proposal

By Manesh Samtani | 05/06/2018

New approach would replace current mechanism of granting relief to foreign financial service providers from AFS licensing, and provide ASIC with broader range of tools to regulate the activities of foreign providers.

Market Infrastructure

New Zealand Publishes Revised Code of Banking Practice

By JP Reimann | 04/06/2018

New code promises fair treatment, clear communication, customer privacy, responsible lending, effective complaints handling.

Market Infrastructure

Japan Publishes Revised Corporate Governance Code  

By JP Reimann | 04/06/2018

Revised code urges disclosure of plans to reduce cross-shareholdings, pushes for diversity in management, including more women non-Japanese.

Market Infrastructure

Malaysia Scraps GST on Banking Products

By Manesh Samtani | 03/06/2018

Effective 1 June, Malaysian banks will impose a zero percent GST on all banking products and services, previously subject to 6% GST.