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Creating unified trading data feeds is proving much harder — and more controversial — than foreseen
Little green men could be closer than they appear
Scrutiny of regulatory proposals by those without securitization expertise is a feature, not a bug
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
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It has been another big year for the Single Resolution Board. For the first time, the public authority is giving out binding MREL requirements to the most important banks in Europe. Having a sufficient quantity and quality of MREL is seen as a key tool in making banks resolvable, so that they can face financial trouble without putting undue stress on the broader financial system and the taxpayer. But the SRB still has a way to go yet. It is updating its MREL policy for 2018 and wrestling with tough questions about what is the best possible design for a liability structure that can facilitate the proper use of the bail-in tool. GlobalCapital interviewed Dominique Laboureix, a member of the board and director of resolution planning and decisions at the SRB, about what he describes as “the journey to MREL”. -
The Chinese president marks the fifth anniversary of the Belt and Road Initiative (BRI), the US finance minister says China’s support for the renminbi does not count as currency manipulation, and the State Council clarifies its tax collection policy for Bond Connect investors.
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Almost six years after China’s asset-backed securities market was rebooted, regulators are still struggling to put together legislation for securitization, casting a shadow over the market’s development, writes Noah Sin.
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One of the central planks of the UK government’s policy on how the financial services sector would cope with a no-deal Brexit could turn out to be illegal under World Trade Organisation rules, and could be challenged by other WTO members.
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The People’s Bank of China brings back old policy to control RMB exchange rate, mainland and Hong Kong authorities set the date for launching investor ID for northbound Stock Connect transactions, and the Chinese securities watchdog allows foreign investors to take majority stakes in futures companies.
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It has been more than a decade in the making, but China is said to have at last finalised draft guidelines for Panda bond issuers, giving the market some much-needed clarity. But questions still remain, especially around the repatriation of proceeds. Paolo Danese reports.
