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After quitting M&A and equity capital markets in Europe and the US last year, HSBC is striving to maintain global relevance — and London and New York still have a role to play
Deal raises questions about whether transaction was done at arm's length
Public pension schemes have sold shares in coal, oil and gas companies but are still funding expansion of the gas industry through infrastructure funds
Bot claims funding is ‘cheaper than peers who borrow from independent banks or credit funds’
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JP Morgan was hit hardest as the European Commission on Wednesday fined three banks a total of €485m for manipulating markets in a euro interest rate derivatives cartel. -
The junior debt of Banca Monte dei Paschi di Siena rallied strongly on Wednesday on reports the Italian government was preparing to buy €2bn of subordinated bonds from retail investors, support which could potentially avoid the European Commission’s onerous state aid rules.
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All central counterparties, by their nature, are systemically important. But some are more systemic than others. Regulators should adopt a more tiered, and more technological approach to CCP recovery and resolution.
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The first day of trading on the long hailed Shenzhen-Hong Kong Stock Connect ended in a whimper, with just a fifth of the daily net trading quota used up. But Charles Li, chief executive of the Hong Kong Exchange (HKEX) was clear the bridge will serve its purpose in the long run.
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Market participants should move to standardised collateral and terms to address variation margin requirements, the International Swaps and Derivatives Association (ISDA) has said, with many counterparties needing to amend, replace or introduce credit support annexes ahead of the March 1 deadline.
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Royal Bank of Scotland was looking to settle a series of litigation claims for up to £800m this week, shortly after being heavily penalised by potential misconduct fines in the Bank of England’s 2016 stress tests.
