Australia & NZ

ITE1 is open for software providers to test functional and non-functional workflows for the new equities clearing and settlement system.

The RBNZ proposes to remove the aggregate gross exposure limit and to allow banks to recognise credit risk mitigations when measuring aggregate net exposures.

A TTR will be required for each individual cash transaction of A$10,000 or more. Reporting entities will not need to combine transactions when submitting TTRs.

The sandbox aims to help current and prospective CDR participants build and test their solutions faster, and improve accuracy and quality.

The new law requires lenders to act responsibly at all times. They can be forced to refund interest, fees and damages for failing to do so.

The new framework seeks to strengthen financial resilience rather than require banks to raise additional capital, APRA says.

Westpac has already agreed to admit to the allegations, remediate A$80mn to customers, and pay A$113mn in penalties, subject to court approval.

Heritage Bank will also have to complete a remediation programme to address governance and risk management concerns.

The partnership with SGX will bring "unprecedented access" to the dairy derivatives markets, says NZX chief Mark Peterson.

The CCIV has the potential to unlock significant opportunities for the Australian funds management industry, says Financial Services Council CEO Sally Loane.