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Securities / Derivatives
SGX Lists First Two SPACs Under New Framework
By Editors | 24/01/2022
Vertex Technology Acquisition Corp and Pegasus Asia listed last week. A third SPAC, filed by Novo Tellus Alpha Acquisition, will debut on Thursday.
Big Picture
IMF Commends Hong Kong Efforts to Safeguard Stability
By Manesh Samtani | 23/01/2022
Hong Kong banks’ exposures to the mainland property market warrant continued close monitoring and periodic stress testing.
AML / KYC
SFC Fines Zhonghui International Futures for KYC/AML Failures
By Manesh Samtani | 20/01/2022
This is the second fine imposed against a firm over the use of a customer supplied system called Xinguanjia, which allows the creation of subaccounts that can be operated by a third party.
Securities / Derivatives
CMB Backed SPAC Applies for Hong Kong Listing
By Editors | 20/01/2022
The SPAC listing application was made by Aquila Acquisition Corporation, whose ultimate parent is China Merchant Bank.
Market Infrastructure
HKMA Emphasises PvP Settlement in Revised FX Guidance
By Manesh Samtani | 19/01/2022
Banks should aim to have all their FX trades become eligible for PvP settlement, while also encouraging counterparties to do the same.
Hong Kong Anti Covid Restrictions Take Toll on Banks
By Sanday Chongo Kabange | 18/01/2022
Banks including Goldman Sachs, Bank of America, Morgan Stanley and UBS are struggling to bring key executives into Hong Kong due to flight bans.
Securities / Derivatives
HKEX to Roll Out New Electronic Communication Platform
By Editors | 17/01/2022
The new platform will be rolled out in phases starting in early Q1, improving usability and paving the way for new functionalities to be added, HKEX says.
AML / KYC
HKMA Fines Prepaid Card Issuer 33FS for AML/CTF Deficiencies
By Editors | 17/01/2022
The case involved control deficiencies in respect of 33 Financial Services Limited’s transaction monitoring and name screening systems, the HKMA said.
Capital / Liquidity
HKMA Issues Draft Guidance on Liquidity and Funding in Resolution
By Manesh Samtani | 16/01/2022
The HKMA expects banks to be able to model liquidity and funding needs in a resolution scenario over various time horizons.
AML / KYC
OFAC Fines HK Unit of Japanese Conglomerate Sojitz
By Editors | 13/01/2022
Trading in Iran-origin goods was carried out without the knowledge of senior management by employees who omitted information from documentation.
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