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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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Overall interest rate derivatives trading that was reported to swap data repositories last week decreased by 36% from the previous week, according to data from the International Swaps and Derivatives Association.
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The Australian Securities and Investments Commission has decided to reject a proposal that would require large foreign subsidiaries of Australian authorised deposit-taking institutions and Australian financial services licence holders to report their over-the-counter transactions to data repositories. -
Ever since the launch of the Shanghai-Hong Kong Stock Connect initiative on November 17 last year, there has been market chatter about setting up a similar Through Train to connect debt markets. This week saw Charles Li, the chief executive of Hong Kong Exchanges and Clearing (HKEx), confirm this intention at a media event, but market participants warn that doing so will not be as easy as simply copying the Stock Connect model.
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In this round-up, South Korea’s RMB deposits dropped 2.6% in January, Hong Kong RMB clearing activity fell by 8.6%, Xinjiang is set to boost cross border RMB business with Pakistan, and Thailand looks to allow RMB settlement for the trading in local securities.
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Standard Chartered reckons the renminbi is poised to take on the yen this year to become the fourth most used payment currency worldwide, after reaching fifth position in December.
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No sooner has the Shanghai-Hong Kong Stock Connect got up and running than attention is already turning to the Next Big Thing — the expansion of the scheme into new markets and new asset classes. The fervour is understandable, but premature. Market participants should get to grips with what they have first before lobbying for shiny new toys.
