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Enforcement
US SEC Penalises Bloomberg Tradebook Over Order Routing
By Editors | 07/05/2020
Bloomberg Tradebook let unaffiliated brokers make decisions about the routing of certain customer trade orders in a way that lowered its own costs, without informing affected customers.
Securities / Derivatives
SFC Defers IM Rules, Maintains 1 September for VM Requirements
By Editors | 07/05/2020
While variation margin requirements will still take effect from 1 September 2020 as planned, initial margin requirements for non-centrally cleared OTC derivatives will be deferred by one year.
Securities / Derivatives
CBIRC Allows Banks to Offer Debt-to-equity Products to Investors
By Editors | 07/05/2020
Banks have already been using bond issuances and their own capital to carry out debt-to-equity swaps since 2016. They will now be allowed to offer these assets directly to investors.
Securities / Derivatives
Singapore: HSBC Seeks Court Order to Replace ZenRock Management
By Editors | 07/05/2020
ZenRock is the latest Singapore commodities trader to come under scrutiny, for allegedly using the same cargo to secure financing from multiple banks.
Enforcement
Australia: Pershing Pleads Guilty to Breaching Client Money Rules
By Editors | 07/05/2020
Pershing Securities Australia, a BNY Mellon subsidiary, is the first company in Australia to face criminal prosecution for breaching client money provisions.
Securities / Derivatives
US SEC Green-lights Launch of New Stock Exchange, MEMX
By Editors | 07/05/2020
Backed by some of Wall Street’s largest financial institutions, MEMX says it will offer a less expensive exchange model; fewer, less complex order types; and a basic market data feed.
Capital / Liquidity
S. Korea Defers Initial Margin Requirements by One Year
By Editors | 06/05/2020
The move is in line with the BCBS-IOSCO decision announced in April, and will help to ease the compliance burden on financial institutions amid the Covid-19 crisis.
Securities / Derivatives
FSC Designates Six Brokers to Specialise in SME Investment
By Editors | 06/05/2020
The designation will be valid for two years, allowing the brokers to receive preferential policy incentives for boosting investment in SMEs.
Securities / Derivatives
Singapore Allows Electronic Dissemination of Offer Documents
By Editors | 06/05/2020
Electronic dissemination will enable rights issues and takeover or merger transactions to take place while reducing the need for staff to be physically present at workplaces.
Enforcement
SEBI Initiates Probe into Franklin Templeton Fund Closures
By Editors | 06/05/2020
SEBI is reported looking to determine whether the firm violated rules, breached its fiduciary duty, or failed to act in investors’ best interests.
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