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Highly anticipated report did not mention future role of AT1 capital
Surprising alignment on stablecoins and strong support for tokenised assets, but details are sparse
Using AI to facilitate credit decisions poses regulatory problems
Investors should feel more confident when BNPL products are regulated like mainstream consumer credit
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ICE Clear Credit, the credit derivatives clearing unit of Intercontinental Exchange, has been recognised as a third-country (non-EU) central counterparty (CCP) under European rules.
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The chances of an off-cycle decision for A-shares to be included in MSCI’s Emerging Markets Index has increased after the index provider launched 20 new China equity indices on September 29 and praised Beijing’s recent reform efforts. -
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.
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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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The Financial Conduct Authority is seeking to beef up the UK’s “Senior Managers Regime”, just over six months after it came into force, as the regulator’s boss criticised some firms for “obscuring who is genuinely responsible”.
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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.
