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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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The Financial Conduct Authority has apologised for mistakes made and shortcomings in systems which allowed it to leak price-sensitive information about a review of the insurance sector to The Telegraph, a UK newspaper. Certain senior leaders at the regulator will get no bonus for the year, while three business heads announced their departure on Monday. -
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.
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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.
