Market Infrastructure

Optimising settlement and moving beyond T+2 will enable firms to reduce capital requirements, systemic risk and operational costs while preserving resiliency of existing infrastructure.

The HKMA is set to launch an Open API on its website to make financial data more accessible to consumers and facilitate client onboarding by banks starting 23 July; the API will begin with providing 50 sets of financial data.

Under the new proposals, fiduciaries providing false information in audit or valuation reports will face stringent penalties, including bans from securities markets and forced repayment of any gains deemed unlawful.

Investment management firms with operations in Hong Kong must turn their attention to the new SFC Fund Manager Code of Conduct, which comes into force in four months.

ISDA proposes adjustment options that will be applicable to fallback rates in the event a derivative references an IBOR that has been permanently discontinued; FSB cautions on the use of overnight RFR to replace term IBORs.

In a research paper, the SSE envisions DLT efficiency in post-trade settlement and securities issuance and trading, calling on regulators to “adapt to evolving technology.”

In intragroup transactions involving a third country entity, ESMA is seeking to extend its temporary clearing exemption for derivatives transactions.

The UK government’s Brexit white paper reveals disappointing support for London’s global role in financial regulations. London could be disintermediated as a financial centre.

New proposal would allow international payments firms to store data offshore while only maintaining a copy in India, following lobbying effort by MasterCard, Visa and American Express.

Minimum capital requirement for settlement guarantee fund has been fixed at INR100mn, as opposed to being determined through daily stress tests.