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The ratings review finished with both upgrades and downgrades linked to senior bonds now being subordinated to regular deposits
Public pension schemes have sold shares in coal, oil and gas companies but are still funding expansion of the gas industry through infrastructure funds
Key points of contention include the investor sanctions regime and the definition of 'resilience'
European and other regulators are working on reforms to make covered bond funding more efficient
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US buysiders are struggling to access overseas liquidity as many dealers do not want to trade with US clients due to regulations such as Dodd-Frank, resulting in increased fragmentation and smaller liquidity pools.
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The development of free trade zones is picking up pace with the Guangdong pilot area expected to open for business as early as March 18 and at least two more to follow soon. The launches come as new measures regulating offshore funding for entities in the Shanghai FTZ are being tested out. -
The People’s Bank of China (PBoC) has set an initial timetable for the launch of China’s Cross-border Inter-bank Payment System (CIPS), according two sources close to the matter. GlobalRMB understands seven international banks — ANZ, BNP Paribas, Citi, DBS, Deutsche Bank, HSBC, Standard Chartered — are among the 19 firms selected for first stage testing.
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The Commodity Futures Trading Commission has fined ICE Futures $3m in penalty liabilities for failure to accurately submit trade reporting data as mandated under the Dodd-Frank Act for designated contract markets.
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Clearing houses are being forced to re-evaluate margin requirements and costs thanks to persistent incongruences in national jurisdiction rules for central counterparties.
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Default fund contributions by central counterparties, known as skin in the game, are not the only risk management mechanisms for clearing house operations and resolution systems, and they do not compensate for other risk mitigation strategies, said market officials.
