GC Asia
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MEPs rebuke banking regulator for revolving door
Members of the European Parliament have hit out at the appointment of a top banking regulator as chief executive of the lobbyist group the Association for Financial Markets in Europe. Meanwhile, the regulator has nominated a former Afme lobbyist as his successor.
17 Jan 2020 -
China policy round-up: Top anti-corruption regulator focuses on local government debt, Shanghai welcomes more tech firms and MNCs, Guangdong to launch futures exchange
In this round-up, Chinese premier Li Keqiang encourages local government bond issuance, the Central Commission for Discipline Inspection plans to investigate corruption around local government debt, and Shanghai is working to grow the Star board and attract more foreign investment into the city.
17 Jan 2020 -
Trade war diaries: phase one deal appeals to the financial industry
In the phase one trade deal signed on Wednesday between the US and China, the majority of the agreements focusing on the financial sector are simply reiterations and elaborations of what the Mainland government has already said. But there are now some concrete deadlines in place to open up the domestic market further to foreign firms.
17 Jan 2020 -
Markets must face up to new deadlines for Libor transition
Banks should stop issuing loans and bonds linked to Libor by October, according to the Bank of England’s Working Group on Sterling Risk-Free Reference Rates. But the scale of the challenge facing firms, particularly in the loan market, is causing concern.
16 Jan 2020 -
ISDA chief stresses 'critical' importance of Chinese netting
The International Swaps and Derivatives Association's CEO has called for more clarity on close-out netting in China.
16 Jan 2020 -
China opens up exchange bond market further to banks
The majority of the banks in China, as well as foreign banks, can now trade bonds listed on the Shanghai and Shenzhen stock exchanges, according to new guidelines published on Wednesday. But the appeal of this option remains questionable.
16 Jan 2020 -
Prime brokerage boosts TriOptima to record FX compression
TriOptima has hit record compression levels with its FX forwards service, as the winds of regulatory change drove prime brokerage business its way.
15 Jan 2020 -
UK’s PRA loosens tight conditions on risk transfer
The UK’s bank regulator, once one of the world’s toughest, has eased some of its conditions around the synthetic risk transfer market, allowing the UK’s biggest lenders to sell balance sheet CLOs on similar terms to their European Central Bank-regulated peers.
15 Jan 2020 -
CFTC fines Mirae Asset Daewoo for spoofing
South Korea’s Mirae Asset Daewoo has been ordered to pay $700,000 after a US Commodity Futures Trading Commission investigation found one of its traders had engaged in spoofing.
14 Jan 2020 -
Afme calls for equivalence changes ahead of Brexit negotiations
The Association for Financial Markets in Europe (Afme) has proposed changes to the European Union’s equivalence framework. While its report is framed as dealing with the framework in general, rather than specifically with the UK after Brexit, many of its proposals would make an equivalence agreement with the exiting state easier to reach if enacted.
14 Jan 2020
