Japan

While smaller banks are exiting the foreign exchange business entirely, larger banks are raising counter service fees for overseas remittances.

LIBOR’s permanent discontinuation will be one of the “most significant events in global financial history”, BOJ deputy governor Masayoshi Amamiya said at ASIFMA’s Annual Conference.

A proposal to adjust the notification threshold for foreign investors in Japan is reportedly being called “idiotic” by JPX chief Akira Kiyota.

Assets in the cross-border feeder ETFs have dropped in the three months since the scheme was launched, by more than two-thirds in the case of the Japan-invested assets.

Speaking at the Summit, BOE governor Mark Carney lauded Japan's support for the TCFD, but said more needs to be done globally to enhance climate-related financial disclosures.

The new association was formed by securities firms SBI, Nomura, Daiwa, Kabu.com, Monex and Rakuten and will seek FSA approval for status as a self-regulatory organisation.

As settlement for underreporting CEO compensation, Nissan agreed to pay $15mn, while ex-CEO Carlos Ghosn will pay $1mn and get a 10-year officer and director bar.

The stricter rules could create a significant new hurdle to investment in Japan, with foreign fund managers reportedly describing their effect as “chilling”.

The guides describe how cross-border trading will work following the CFTC-MAS, CFTC-FSA and EC-MAS agreements on mutual recognition of derivatives trading venues.

A former baseball star and member of Japan’s Parliament was allowed to continue trading derivatives despite persistent margin shortfalls over about 9 months.