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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 Shanghai-Hong Kong Stock Connect, the mutual trading programme that allows investors in Hong Kong and Shanghai to each buy stocks listed in the other market, should consider pushing into new areas once it has bedded down, say experts. In particular, a connection to an existing market link-up between ASEAN countries could offer exciting possibilities. -
Standard Chartered's RMB Globalisation Index (RGI) surpassed the 2,000 mark in October, on the back of slowing but persistent growth in offshore RMB deposits and cross border RMB payment volumes, the bank said.
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The launch last Thursday of renminbi clearing in Luxembourg via the country's official RMB clearing bank, Industrial and Commercial Bank of China (ICBC) Luxembourg, marked another big step in the development of its local RMB market. Those doing business there hope the greater efficiency and speed achievable through local clearing will help to promote RMB use there.
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The northbound track of the Shanghai-Hong Kong Stock Connect programme saw more sell trade than buy orders at noon on December 9, the first time for such a dynamic since the programme launched on November 17, reports GlobalRMB.
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Tracey McDermott, director of enforcement, will run a major reorganisation of the UK’s Financial Conduct Authority as Clive Adamson, director of supervision, announced his departure. Two other senior FCA staff members, Victoria Raffe, director of authorisations, and Zitah McMillan, head of communications, will also leave.
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Commodity Futures Trading Commission commissioner Mark Wetjen claimed that central counterparty risk mitigation and management strategies need more coordination and harmonisation. But legislative bodies should take note of the potential negatives associated with harmonisation and the centralisation of counterparty risk before pursuing new rules, said lawyers.
