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Journalists sometimes have to choose between being fast and being right. The Financial Stability Board, with its Total Loss Absorbing Capacity (TLAC) plans, has chosen to be fast, and a weaker financial system will be the result. -
Malaysia is on its way to becoming the second ASEAN country to be designated as an offshore renminbi hub. The People's Bank of China (PBoC) and Bank Negara Malaysia (BNM) signed a memorandum of understanding (MoU) on RMB clearing arrangements in Malaysia on November 10. Singapore became the first RMB hub in the region in February 2013.
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Buyside firms are concerned that some swap execution facilities (SEFs) may make certain derivatives instruments made-available-to-trade (MAT), which competing SEFs or clearing houses will not have the ability to support, therefore negatively impacting the portfolios that they manage.
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The Financial Stability Board, which is chaired by Bank of England Governor, Mark Carney, has offered its thoughts on the final round of new bank capital requirements — Total Loss Absorbing Capacity, or TLAC. This capital measure includes gone-concern capital, which absorbs losses once a bank has collapsed, protecting depositors and taxpayers, as well as existing going concern capital such as equity and additional tier one.
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Fresh from designating the first offshore renminbi hub in the Middle East on November 4, the People’s Bank of China (PBoC) announced just a few days later a currency swap agreement with Canada and the appointment of an RMB clearing bank for the country.
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Bank of China (BoC) Taiwan Branch, the official renminbi clearing bank for Taiwan, has been approved to participate in China’s interbank lending market and has agreed to help Taiwan banks’ mainland China branches and subsidiaries with interbank RMB funding, the central bank of Taiwan said this week.
