Europe

The class action, estimated to be worth more than $1.2bn for trades executed in the UK, follows a similar-size fine levied against the banks by the European Commission in May.

Third country benchmark administrators will need every bit of the additional time granted for BMR compliance to ensure their benchmarks get approved, say PwC’s Gregory Campbell and Daniela Bunea.

Following the success of the Hong Kong Bond Connect and Shanghai-London Stock Connect, China and the UK are exploring the feasibility of a bond connect programme.

Bank of China now has access to clearing of interest rate derivatives at LCH, and can act as a clearing broker to offer the service to its clients.

The Shanghai-London Stock Connect has opened for business, allowing listed companies in Shanghai and London to issue depositary receipts in each other’s markets.

Authorities in Singapore and the UK have agreed to enhance cooperation in cyber security, data connectivity, talent development and green finance.

Adding to the European Commission's $1.2bn fine last month, Citigroup, Barclays, RBS, JP Morgan and MUFG have been fined $91mn by the Swiss Competition Commission.

Huatai Securities reconfirming its intention to list depositary receipts on the LSE signals that the issues that delayed the Shanghai-London Stock Connect may now be resolved.

The UK initiative  is exploring the use of technology to help firms meet their regulatory reporting requirements and improve the quality of information reported.

Individual traders at Citigroup, Barclays, RBS, JP Morgan and MUFG exchanged sensitive information and coordinated spot FX trading strategies through online chatrooms.