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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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Hong Kong's and Shanghai’s stock exchanges and clearing houses finalised on Thursday an agreement to set up their Stock Connect mutual equity trading scheme. The pilot initiative will work alongside the successful RQFII quota programme to lay the foundation for the gradual opening of China’s capital account. -
Malaysian banks are working with Swift (Society for Worldwide Interbank Financial Telecommunication) to design new standards on Islamic finance messaging.
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The European Securities and Markets Authority said outstanding EU sovereign debt reached a new record high in the first quarter this year, hitting €11.5tr, or 88% of EU GDP. In the eurozone, the total was €9.1tr or 93.9% of GDP (against the 60% required under the Maastricht treaty), according to the regulator’s Trends and Vulnerabilities report.
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Swap documentation such as the International Swaps and Derivatives Association master agreements and credit support annexes — the contracts at the heart of so much wrangling between issuers and dealers in the supranational and agency bond market in recent years — are likely to be non-existent in the coming years for firms that only trade vanilla products. This is due to regulation that requires certain financial instruments to be cleared through central counterparty (CCP) clearing houses, writes Beth Shah.
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US regulatory agencies firmed up their large bank liquidity rules on Wednesday, tweaking the final version to allow privately traded corporate debt into liquidity buffers, but holding firm on restricting munis, ABS, covered bonds and non-US agencies, in stark contrast to European liquidity standards, which have been gradually diluted.
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The need for credit support annexes may be reduced due to regulation that requires some financial instruments to be cleared through clearinghouses and traded on swap execution facilities, according to market officials.
