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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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The Michael Bloomberg-led working group is seeking to establish a RMB clearing hub in the US. Michael Knorr, head of payments and liquidity risk management at Wells Fargo, and a member of the group’s operating model options subcommittee, gave GlobalRMB his views on the challenges ahead. -
China is continuing its push to establish the renminbi as an investment currency by opening up its private fund industry to wholly foreign-owned firms. While this is likely to spark plenty of interest, market participants said foreign asset managers need to be ready to launch even before registering for a licence.
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In this round-up, Singapore Exchange reports strong trading of RMB currency futures, China’s RMB cross-border trade settlement jumps and sales under Mutual Recognition of Funds (MRF) pass Rmb2bn in May. Plus, a recap of GlobalRMB's coverage this week.
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New European market abuse rules have caused confusion for syndicate teams and investors alike as banks scramble for detail. But along with new bureaucracy, the rules could spell an end to order inflation.
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A little bit of uncertainty was taken out of markets as the UK, fresh off the back of a bout of direct democracy that left it without a government to speak of, went 180 degrees and filled its political void with unelected officials.
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The European Union’s fund for resolving troubled banks is losing money because of the prevalence of negative interest rates, Single Resolution Board chair Elke König said at a European Parliament hearing on Wednesday.
