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Clearing & Post-Trade
SEBI Orders Faster Liquidation of Defaulting Brokers’ Assets
By Editors | 01/10/2020
Stock exchanges and clearing corporations should sell brokers’ securities if debit balances are not cleared in 5 days, and to sell other broker assets six months after the default.
Fraud, Scams & Cybercrime
Korea to Amend Law to Protect Private Equity Fund Investors
By Editors | 01/10/2020
The revisions will enhance oversight and risk assessment of private equity funds, and prevent illiquid funds from being marketed to retail investors.
Payments & Settlements
SAFE Eases Administrative Burden of Bank Statistical Reporting
By Editors | 01/10/2020
Rule revisions relax requirements for banks to print foreign payment and collection vouchers, while also clarifying electronic forms and vouchers may be used in submissions.
Conduct, Culture & Accountability
CFTC Settles Charges Against Citi Over Deleted Audio Recordings
By Editors | 01/10/2020
Citi’s audio preservation system deleted more than 2.77 million audio files, including recordings that were subject to a December 2017 CFTC subpoena.
Clearing & Post-Trade
CHESS Replacement ‘Critical’ to Manage Systemic Risk: RBA
By Editors | 01/10/2020
Replacing CHESS with more modern technology is critical to ASX’s ongoing management of systemic risk, said RBA assistant governor Michele Bullock.
Trading & Investment
Hardware Failure Causes Full Day Closure at Tokyo Exchange
By Editors | 01/10/2020
The TSE apologised for inconvenience caused to investors and said it is replacing the faulty hardware. Trading is expected to resume Friday.
Trading & Investment
SONIA Quoting Conventions to be Adopted in UK Swaps Market
By Editors | 01/10/2020
Interdealer brokers should base quotes in the sterling swaps market on SONIA rather than LIBOR from 27 October, the FCA and BOE say.
Trading & Investment
DBS, ICBC Issue First Club Loan Pegged to SORA
By Editors | 01/10/2020
The SORA-pegged club loan coupled with a cross-currency swap, which provides added certainty on interest rates and swap SGD proceeds into USD.
Structural Regulation
Two More Virtual Banks Launch in Hong Kong
By Manesh Samtani | 01/10/2020
Ant Bank and Ping An OneConnect Bank launched virtual banks in Hong Kong. Fusion Bank is the only virtual bank that has not yet commenced operations.
Conduct, Culture & Accountability
SFC Sets Minimum Period for Client Access to Trade Documents
By Editors | 01/10/2020
Intermediaries have one year to align the minimum online retrieval period of their posted trade documents with the new requirements.
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