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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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Taiwan is planning a partnership with Singapore and London to establish an offshore renminbi bond issuing and trading platform to promote its CNH bond market, as well as its offshore renminbi hub status, said Soushan Wu, chairman of the Gretai Securities Market, in an interview with GlobalRMB. -
The risk weights for securitization have been halved, again, in the latest version of Solvency II. Naturally the market is pleased to be further out of the regulatory dog house, but the way risk weights (and therefore careers, businesses and economies) can be slashed at the stroke of a pen ought to give pause for thought.
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The European Banking Authority’s effort to improve transparency on balance sheet encumbrance has come to nothing. The draft guideline, which will be finalised by June, is practically useless because it doesn’t include emergency central bank liquidity, which is the largest and most important source of encumbrance. But that’s probably just as well, for if this disclosure became public knowledge, it would create just the sort of negative feedback loop that brought down the UK’s Northern Rock.
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The US Commodity Futures Trading Commission has extended its temporary no-action relief for swaps trading on multilateral trading facilities in European Union member states, following calls from MTFs for more time.
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The capital charges for insurers to hold securitizations have been halved again, according to the latest draft of Solvency II circulated privately from March 14.
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In this week’s round-up of offshore renminbi news, the New Zealand dollar and the Chinese yuan were given approval to begin direct foreign exchange trading this week, Westpac received a NZD/CNY marketmaker licence in China, and the Chinese authorities relaxed rules to allow more foreign participation in its main stock market.
