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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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Concerns are rising among market participants that the European Securities and Markets Authority is showing a lack of understanding of request-for-quote and other trading protocols as it prepares new rules. If ESMA imposes overly-restrictive transparency regulations on these technical systems, market participants may refrain from using them, according to lawyers. -
2014 continued to be an active year for financial regulation in the EU, with a push to finalise much of the outstanding primary legislation on the regulatory reform agenda and to move towards implementation of regulation already in place. The derivatives market will be particularly affected by the new regulatory landscape and the market will face many new challenges into 2015 and beyond, which we consider further below.
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Ask analysts what would take the international presence of the renminbi to the next level, and many identify the currency's inclusion in the basket that determines the value of the International Monetary Fund's Special Drawing Rights (SDRs). Research this week from Bank of China (Hong Kong) not only said such a move would be a breakthrough but also noted that the lack of full convertibility should not prevent it.
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Overall interest rate trading that was reported to swap data repositories last week increased by 420% from the previous week, according to data from the International Swaps and Derivatives Association. Overall credit default swap notional that was reported, also increased by 400% from the previous week.
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End-users trading swaps could be exempted from posting margin on swaps not cleared by registered derivatives clearing organizations under a new Congressional rule amending the Dodd-Frank Act. Despite flaws in the original drafting, the amendment to the rule would be a substantive change to the legislation and would clarify the margin posting process, according to lawyers.
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The Standard Chartered (StanChart) RMB Globalisation Index (RGI) reached 2,048 points in November 2014, up 1.2% on the previous month, according to a January 12 report from the bank. StanChart analysts estimate that the index will go up to 2,500 points by the end of 2015, a slower rate of growth than this year’s 500 point rise.
