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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 US Commodity Futures Trading Commission has issued an order filing and settling charges against broker-dealer Merrill Lynch for allegedly failing to diligently supervise its officers', employees', and agents' processing of futures exchange and clearing fees charged to its customers. The Commission’s order requires the firm pays a $1.2mn civil monetary penalty. -
In this round-up, the People’s Bank of China renewed a currency swap agreement for Rmb15bn ($2.4bn) with the Bank of Mongolia, Macau RMB deposits reached Rmb128.9bn in June while monthly cross border RMB trade fell 21%, Taiwan RMB monthly deposits inch up 0.1% and Singapore confirmed it will join the Asian Infrastructure Investment Bank as one of the founding members.
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The mutual market access (MMA) equity trading scheme that is expected to launch in October, also known as the Hong Kong-Shanghai Stock Connect and the Through Train, is likely to catalyse financial reform in the areas of RMB internationalisation and capital account opening, according to a report published on August 19 by CLSA and CITIC Securities (CITICS).
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The European Banking Authority has published the disclosure templates it will provide when it releases the results of its stress tests in October. Meanwhile, banks still have huge teams devoted to prepping for the test, and the ECB’s accompanying assessment, the Asset Quality Review.
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Bank of China Paris Branch (BoC Paris) has expanded its RMB offering drastically over the past year. With rumours of a clearing bank appointment coming in September, and rising interest among corporates and investors for RMB products, the investment by the Chinese bank could be set to pay off.
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Bank of America has reached a record $17bn settlement with the US Department of Justice, federal agencies and six states, showing the extent to which litigation risk still dominates bank performance. The settlement comes hot on the heels of Citigroup’s $7bn settlement last month and the $9bn fine paid by BNP Paribas over sanctions violations.
