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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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Chinese authorities are setting up a platform that will allow foreign issuers to access the country's domestic capital markets in the Shanghai free trade zone (FTZ), in what could be a reboot of the panda bond market that was created in 2005. Details are scarce, but the proposal would fit in with the overarching plan for Shanghai to become an international financial hub on a par with Hong Kong by 2020. -
The Formosa bond market has had an exciting start to the year. International issuers — some returning, others debuting — have been flocking to Taiwan's renminbi market to show their determination to do RMB business at a time when Hong Kong's traditionally dominant dim sum market only saw two public deals in January. But observers should beware of getting over-excited. Formosas may have some appeal right now, but there is a long way to go.
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In this round-up, Bank of China’s CRI index hits a new high, RMB deposits break past Rmb1tr ($160bn), preparations for a Shenzhen stock link are in their final stages, and Gansu Province has applied to central authorities for permission to set up a free trade zone.
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The idea that non-deliverable forwards should be cleared has never been easy to swallow for some in the FX market. So it comes as no surprise that the European Securities and Markets Authority has decided not to introduce clearing for NDFs. To implement that mandate now would mean piling pressure on market participants to clear an unstandardised, infant product at the same time as they are grappling with clearing for credit default swaps and interest rates.
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The British Bankers Association (BBA) has suggested that the UK's Prudential Regulatory Authority and Financial Conduct Authority extend their controversial Senior Managers Regime (SMR) to include other firms in the wholesale markets. This move is likely to hit the broker community the hardest.
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FX derivatives traders breathed a sigh of relief after the European Securities and Markets Authority scrapped clearing of non-deliverable forwards for the time being. This was bad news for LCH.Clearnet, which is the only European clearing house authorised to clear NDFs, but good news for other third-country central counterparties who are still waiting to be recognised as equivalent to their European counterparts — a problem that has superseded all others in NDF discussions. Hazel Sheffield reports.
