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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 this week’s round-up of offshore renminbi news, Standard Chartered’s RMB Globalization Index rose to 1,475 in January, up 8.5% from the previous month. The bank has also included New York as the fifth centre in the index. Meanwhile, the Hong Kong exchange is to enhance its RMB currency futures offering with after-hours trading. -
Haitong International Securities Group listed its first Renminbi Qualified Foreign Institutional Investor (RQFII) Exchange Traded Fund (ETF) today on the Hong Kong Stock Exchange. The product is the first RQFII ETF from a securities house.
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The European Banking Authority’s preparations for Basel III show big banks still struggling to meet their liquidity requirements, though they are doing much better on capital. At the end of June, the last monitoring date, only 24 of the 41 big banks the EBA examined had met their liquidity requirements, while one, unnamed, bank had a liquidity coverage ratio of less than 60%, when it needs 100%.
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Bahrain’s central bank Waqf Fund is to form a committee to oversee external Shariah auditing of Islamic banks and financial institutions – an initiative that authorities hope will reposition the Kingdom as a hub for Islamic finance.
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The US Department of the Treasury is to give relief from the application of proposed regulations under Internal Revenue Code section 871(m) to equity-linked derivative transactions. Instead of applying to equity-linked derivatives acquired before March 5, the new rules will only apply to equity-linked derivatives issued more than 90 days after the new regulations are finalised.
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The renminbi’s dramatic plunge during recent days came as a nasty shock to the consensus opinion to hold a long position in the currency.
