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Artificial intelligence’s capabilities could speed up some of the work involved in securitization, but its implementation poses risks. Building governance frameworks is key to deploying the technology safely, writes George Smith
Specialist mortgage lenders are optimistic that funding for asset-backed lending will improve in the long run, despite the difficult developing situation around the fall of specialist bridging lender Market Financial Solutions, writes Tom Hall
Investor appetite for CLO ETFs is increasing in Europe, as the asset class matures. But regulation and investor wariness may limit the eventual size of the market, writes Thomas Hopkins, meaning it will be some time before it can reach the scale of that in the US
The possible further internationalisation of the covered bond market will present challenges as well as opportunities
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In this round-up, hostility between China and the US continued, the State Council unveiled rules on the Shanghai Free Trade Zone and Beijing said it would intervene if the Hong Kong government fails to calm down the recent unrest. -
The US Commodity Futures Trading Commission has appointed Summer K. Mersinger as director of the office of legislative and intergovernmental affairs and Suyash G. Paliwal as director of the office of international affairs.
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The UK’s Financial Conduct Authority (FCA) is being accused of negligence and a laissez-fair attitude in relation to the collapse of several funds. The irony is that in a different but less well-publicised area it is far from lax: it has undoubtedly tightened the screws on bankers gone bad.
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HSBC will grandfather its discounted perpetual (disco) bonds after all. Its decision last year to declare the securities to be fully eligible as tier two capital angered some investors: it has now backtracked after the introduction of new capital rules, although they will lose eligibility at a later date.
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Korea’s Financial Conduct Authority has supported the covered bond market this year with a series of new measures that aim to stimulate demand and supply. Its actions should promote local currency issuance, building on this year’s strong start.
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One of the biggest, if not the biggest problems facing borrowers in the move away from Libor is a mathematical one. Everyone agrees coupons based on the new risk-free rates should be compounded. But no one can agree on how to do the compounding. Central banks could solve this at a stroke.
