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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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The controversial topic of skin in the game for clearing should focus largely on the contributions that each clearing member must make and not that of the central counterparty, said CME Group, firing back at those who say it is not contributing enough in its US business.
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Sharon Bowen, from the Commodity Futures Trading Commission, issued a statement on January 22 arguing that the retail FX market was the least regulated part of the derivatives industry, following the shock move on January 15 by the Swiss National Bank to abandon the Sfr1.20 euro/Swiss franc exchange rate peg. However, lawyers argue that retail FX is one of the most heavily regulated sectors, which may in fact be increasing risk. -
The Swiss National Bank announced on January 21 that it had received an Rmb50bn ($8.05bn) RMB qualified foreign institutional investors (RQFII) quota. Switzerland is the fourth European country to receive a quota, bringing the full size of the programme to Rmb820bn.
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John Grace, ex-senior managing director at AIG, has joined the Options Clearing Corporation as executive vice president and chief risk officer.
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In what was its first ever official use of the term, the People’s Bank of China (PBoC) said in a statement on January 21 that it would promote "RMB internationalisation" in an orderly manner. This is the very first time that the PBoC has used the phrase in one of its formal communications, and the significance of its use has been recognised by market participants as indicating that the Chinese government may be ready for the process to enter a new stage.
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The Shanghai-Hong Kong Stock Connect initiative should be framed within a broader agenda to set up a Walmart-style “mutual market” for China and Hong Kong, said Hong Kong Exchanges and Clearing (HKEx)’s chief executive Charles Li, speaking at the Asian Financial Forum on January 20.
