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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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Heptagon Capital, a UK-based asset manager, has partnered with China's Harvest Global Investments to open fundraising for the first daily traded and actively managed China A shares UCITS fund. Meanwhile Ashmore Group, another UK fund manager, has announced three SICAV funds covering Chinese debt and equities. -
Hedge funds acting as clients of clearing members may delay clearing trades under the European Markets Infrastructure Regulation to allow the members to finanlise necessary documentation in a bid to save on costs.
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International Bank of Azerbaijan is looking at the possibility of setting up an Islamic banking unit in partnership with a Gulf Co-operation Council bank, an official at IBA told IFIS. And Azeri corporates could be ready to issue sukuk as early as 2015 as the country moves to finalise an Islamic banking law by the end of this year.
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Canada is stepping up its efforts to promote itself as a new renminbi trading hub and secure a leading position in RMB settlement in the Americas. The Toronto Financial Services Alliance (TFSA) and AdvantageBC, a lobby group for British Columbia, said this week that they are working with officials from the federal and provincial governments, as well as the financial industry, to put the country on the RMB map.
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China's State Administration for Foreign Exchange (Safe) approved Rmb21bn ($3.4bn) of new Renminbi Qualified Foreign Institutional Investor (RQFII) quotas in August, according to data just published by Safe. Of the 18 entities receiving quotas, nine were getting their first, including UK arms of HSBC and BlackRock, who got the two biggest approvals of the latest batch.
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Taiwan is to introduce a local benchmark interbank rate denominated in renminbi, effective from 1 September. The move aims to further expand RMB business in Taiwan as local RMB deposits continue to accumulate, the central bank of Taiwan said on August 28. It could also begin to erode Hong Kong's dominant position.
