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Europe’s self-proclaimed investment banking champions are playing to their strengths, but remain far behind US peers
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
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In this round-up, the European Central Bank renews its RMB swap line, Swiss Re increases its RMB qualified foreign institutional investors (RQFII) quota, and CLS facilitates netting for RMB foreign exchange transactions. Plus, a recap of our coverage this week. -
Institutions have spent months preparing for the launch of the new IMF special drawing rights (SDR) basket on October 1 since the decision to include the RMB was made last year. The mechanics include managing divergent onshore and offshore rates, Jukka Pihlman, global head of central banks and sovereign funds, Standard Chartered, and former IMF official, told GlobalRMB.
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Deutsche Bank isn’t even close to being the most-litigated-against bank in the post-crisis era — that honour goes to Bank of America, which has paid more than $150bn in fines, settlements and lawsuits since the crisis. But any potential settlement it strikes with Department of Justice over RMBS mis-selling will keep on hurting the bank's peers, for years afterwards.
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The US Commodity Futures Trading Commission has expanded its interest rate swaps trading rules to require a range of additional products to be cleared through major central counterparties.
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Preparing for MiFID II regulations will cost market participants over $2bn in 2017 in IT bills, a study by IHS Markit and Expand has found.
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The European Commission could ignore the advice of the European Supervisory Authorities, and carry on carving out covered bond swaps from onerous collateral posting rules.
