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Tom Hall goes through a sterling week of deals for European ABS, while Thomas Hopkins dissects the dangers that a rise in LMEs would pose for European CLOs
Proposed 10% limit on interest would strip out most of securitizations' excess spread
Implementation necessary after wide-ranging changes last year
It is not enough to just undo some of the European Commission’s more controversial proposals
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Christine Lagarde has given a strong hint she will persist with the European Central Bank’s highly accommodative monetary policy if she takes over as its president in November. Lagarde also suggested the ECB would move to make its portfolio more green. -
High-yield bond funds are a lot more exposed to a liquidity shortfall than funds for other asset classes, according to a stress test developed by the European Securities and Markets Authority (ESMA). The publication of ESMA’s results came in the same week as a Bank of England official discussed solutions to fund fire-sales.
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Swedish pension fund Första AP-fonden (AP1) has dismissed its chief executive Johan Magnusson in relation to him subscribing privately to the IPO of John Mattson Fastighetsföretagen, in which the fund was also participating.
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The Options Clearing Corporation (OCC) is to pay $20m in penalties and undertake remedial efforts as part of a settlement with the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC).
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BNP Paribas and Deutsche Bank have become the first two foreign banks to receive approvals to underwrite all bonds from non-financial corporations in the Chinese interbank market. While the new licence will expand their underwriting scope in the mainland, it is unlikely to make a big dent to their DCM businesses, or challenge state-owned banks’ dominance. Rebecca Feng reports.
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The Fixed Income, Currencies and Commodities Market Standards Board (FMSB), a body which aims to establish good practice and conduct standards in wholesale markets, is in a legal dispute with a former employee. It relates to expert witness work he conducted for an FX trading misconduct case involving Deutsche Bank, which is alleged to have complained about his involvement.
