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A green political party in Australia has announced a new policy that will make carbon risk reporting mandatory for banks, insurers, super funds and the largest listed companies in 2021.

Among the updates are plans to extend trading hours for derivatives products and introduce new interest rate derivatives. HKEX also reportedly plans to shorten IPO settlement to T+1.

Firms should be aware of the size and nature of their LIBOR exposures, put in place robust fall-back provisions in LIBOR contracts, and be taking action to transition to alternative rates.

Banks have not invested sufficiently in modernising their core internal systems due to a stronger focus on customer-facing applications, says Synpulse partner Salomon Wettstein.

Ant Financial, Tencent, ICBC Asia, HKEX, Xiaomi and Ping An are among the backers of the four licence recipients, bringing the total number of virtual banks in Hong Kong to eight.

Following steep rises in corporate bond defaults, Chinese authorities have approved the trading of defaulted bonds on two exchange platforms.

"Ultimately there will only be one form of finance, and that will be green finance," said APRA head of insurance Geoff Summerhayes at the ACSI annual conference.

The Dalian Commodity Exchange plans to open futures contracts in soybean, soybean meal, soybean oil and palm oil to foreign investors this year.

The FSA is looking to conduct an experiment to explore the use of AI to read and analyse the data in annual securities reports published by listed companies.

61% of the survey respondents said there is too little personal accountability in ASEAN’s financial sector, compared to just 16% who believe there is too much.