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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 latest dataset for Bank of China’s Cross-border RMB Index (CRI) is out, showing a monthly rise of 2.4% in November to 251 points. The result is the second highest on record and also indicates the RMB might have overtaken the Australian and Canadian dollar to be the fifth most used currency for payments. -
A memorandum of understanding from the European Securities and Markets Authority recognising the Hong Kong clearing regime as equivalent to the European regime under European Markets Infrastructure Regulation is not enough to avoid fragmenting the market, according to lawyers, who said ESMA must prioritise the key issue of US clearing house equivalence.
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The International Swaps and Derivatives Association has reshuffled its organisational structure to better respond to cross-border issues. Steven Kennedy, ex-head of strategy, research and communications at ISDA, is now global head of public policy. ISDA has also created a regulatory and legal practice group based in Washington DC in addition to a non-cleared margin implementation initiative.
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The China-Hong Kong Mutual Recognition scheme, which will allow funds in China to team up with funds in Hong Kong to market each other's products in their respective markets, could prove to be a crucial part of China's capital account opening. When it finally launches, it will open up a Rmb30tr ($4.8tr) industry to foreign fund managers. And for domestic buyers, mostly retail, it will create a new offshore channel.
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Alternative Investment Funds (AIFs) and funds governed by European Union directives on Undertakings for Collective Investment in Transferable Securities (Ucits), can now trade A-shares through the Shanghai-Hong Kong Stock Connect scheme thanks to the development of a solution at Citi's depositary bank business, the firm said on January 16.
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In this round-up, Taiwan deposits rise 0.5% in December 2014, China cross-border trade settlement is up 10% in the last month and the Stock Connect see two consecutive days of negative net trading this week.
