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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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Regulatory co-ordination between different authorities in Canada has helped market participants implement the trade reporting rules for over-the-counter transactions that came into effect on October 31. -
LCH.Clearnet has partnered with Baltic Exchange and Cleartrade Exchange to clear OTC commodity derivatives as block futures in dry bulk freight forward agreements (FFAs). This move has been driven by market demand as participants adapt their trading strategies in the face of regulatory hurdles.
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The People’s Bank of China (PBoC) Nanning central sub branch has released a set of pilot regulations on a cross-border renminbi loan initiative for corporates based in China's Yunnan Province-Guangxi Zhuang autonomous region financial reform pilot zone (Yunnan Guangxi FRPZ), which was launched by the PBoC in November 2013. According to a copy of the regulations obtained by GlobalRMB, corporates can now get RMB loans from banks to expand their business in the FRPZ.
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South Korea officially kicked off its onshore Won (KRW) and renminbi (CNY) direct trading market on Monday (December 1) in Seoul, after the regulator announced the initiative last month. While the move is seen as another step in the building up of a local RMB market, Korean market participants said to GlobalRMB that the convertibility of the won in China’s onshore market is what would be needed to fully promote RMB internationlisation in Korea.
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The Hong Kong Stock Exchange (HKEx) launched on December 1 three mini futures contracts denominated in RMB. Approximate notional value of the contracts traded in the first day of trading was Rmb187m ($30.4m).
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The RMB Qualified Foreign Institutional Investor (RQFII) programme grew again in November, with China’s State Administration of Foreign Exchange (Safe) giving out four new licences and the China Securities Regulatory Commission (CSRC) assigning a further Rmb4bn in quotas to two institutional investors.
