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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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China’s reported intention to introduce a Tobin tax on foreign exchange transactions has provoked a somewhat typical rush of condemnation. However, some analysts are already pointing out that pros and cons might indeed balance each other out. -
In this round-up, Malaysia opens RMB qualified foreign institutional investor (RQFII) applications, Macau launches a RMB real time gross settlement (RTGS) payment system, China Construction Bank (CCB) will join the new London silver fix, and the Singapore Exchange (SGX) reported a strong start to RMB currency futures trading in 2016. Plus, a recap of GlobalRMB's top stories this week.
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The qualified domestic limited partnership (QDLP) scheme was reported to be the latest victim of attempts by the Chinese authorities to stem outflows. Market participants, however, deny the scheme has been shut down.
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Banks that have been heavily fined in the past will need more capital to reserve against operational risk, if Basel Committee proposals, published at the end of last week, are implemented. The measure is meant to reserve against the risk of fines, errors, rogue traders, cyber-crime and other costly failures.
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European Union regulators have published final draft rules for uncleared derivatives that make important concessions to lobbyists on margin requirements for some derivative contracts, but show no sign of budging on a very tight September 1 deadline for compliance by the biggest players in the market.
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Deficiencies in solvency and capital, not a loss of liquidity, cause banking crises, said the Prudential Regulatory Authority’s new chief executive in a speech on Wednesday, rejecting a view held by many bankers that much post-crisis regulation represents a misunderstanding of how the 2008 crisis came about.
