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European and other regulators are working on reforms to make covered bond funding more efficient
Changes to ECB collateral eligibility requirement could lead to more blockchain-based covered bonds, Moody's suggests
Wells Fargo, JP Morgan and Citi are among the top US bank buyers of CLOs
Former US undersecretary for international trade expects more stockpiling
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China’s attempts to allow markets forces to play a bigger role in the currency seemed to have backfired this week with both the onshore RMB (CNY) and its offshore (CNH) counterpart experiencing a tumultuous ride. Further depreciation is expected but the big unknown remains how policy makers will act. -
China’s onshore FX market has kicked off its new trading hours this week which allow for trading until 11.30pm. By while the regulator’s move is well intentioned, FX traders who are working the new night shift say the market faces some fundamental problems.
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In the wake of the news that four traders at different banks were under investigation by US and UK authorities over possible sharing of client flow information, senior bankers were quick to blame the structures of the market, and pressure from issuers focused on turnover statistics, for making it possible.
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Investigators are finally baring their teeth at the bond markets, after dozens of other post-crisis scandals, with a probe into the supranational and agency market that has engulfed four banks.
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The Dutch government has urged the European Commission to address the “unbalanced” regulatory treatment of securitization compared with covered bonds, complaining of “disproportionate” incentives to invest in covered bonds versus ABS.
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Mounting pressure on UK chancellor of the exchequer, George Osborne to preserve London’s place as a global financial centre may have played a part in the Financial Conduct Authority interim chief executive’s decision, announced on Thursday, to withdraw her application for the permanent position.
