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The ratings review finished with both upgrades and downgrades linked to senior bonds now being subordinated to regular deposits
Public pension schemes have sold shares in coal, oil and gas companies but are still funding expansion of the gas industry through infrastructure funds
Key points of contention include the investor sanctions regime and the definition of 'resilience'
European and other regulators are working on reforms to make covered bond funding more efficient
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In a blow to London's ambitions, Frankfurt has become the first renminbi payment hub in Europe, with the People's Bank of China (PBoC) and the Bundesbank signing a memorandum of understanding on RMB clearing and settlement late last Friday (March 28). -
The delayed implementation of Basel III by the Reserve Bank of India could give state owned banks facing capital pressures some much needed breathing space, according to Fitch.
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Paris has joined London as the second city in Europe to be given access to the Renminbi Qualified Foreign Institutional Investor (RQFII) scheme. The Rmb80bn ($12.9bn) quota enhances the city’s status as an offshore renminbi hub and opens to door to RMB clearing and settlement in the French capital.
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The agreement this week between the UK and Chinese central banks on renminbi clearing and settlement in London has set the market alight with antipication of the appointment of a renminbi clearing bank for the City. The frontrunners for the appointment, which UK chancellor George Osborne said would take place soon, are thought to be three of the Big Four Chinese banks.
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The US Securities and Exchange Commission (SEC) is deadlocked over changes that will let many money market funds keep their stable net asset value, rather than floating their asset value to make it clear that MMFs are investments, not deposits.
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The Hong Kong Monetary Authority is asking banks to review and improve their procedures for selling high yield bonds after recent onsite inspections identified a number of cases where its guidelines were not being met.
