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Highly anticipated report did not mention future role of AT1 capital
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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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Bank of China Sydney (BoC Sydney) inaugurated RMB clearing services on February 9 after being appointed to the role in November 2014 by the People’s Bank of China (PBoC). -
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.
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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.
