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Highly anticipated report did not mention future role of AT1 capital
Surprising alignment on stablecoins and strong support for tokenised assets, but details are sparse
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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China is set to establish an offshore renminbi hub in Switzerland during a visit by prime minister Li Keqiang on January 20-21, according to domestic Chinese media reports. A Memorandum of Understanding (MoU) of official RMB clearing arrangements is expected, along with a Rmb50bn ($8.05bn) quota for the Renminbi Qualified Foreign Institutional Investors (RQFII) scheme. -
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.
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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.
