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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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The Australian Securities and Investments Commission has found widespread client money handling weaknesses among contracts for difference and margin fx derivatives brokers.
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Australia-based funds may not be ready to comply with the Dodd-Frank Act when acting as a counterparty with U.S.-registered swap dealers, cutting off a significant market to U.S. firms, according to market officials.
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The South Korean government’s threat to intervene in its currency appreciation and limiting the fx derivative positions of local financial firms will have little impact on volatility in outstanding fx derivative contracts that reference the won, according to Robert Minikin, senior foreign exchange strategist at Standard Chartered in Hong Kong.
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E.U. short selling regulation that was introduced earlier this month is putting pressure on the compliance functions of some structured product issuers globally. According to lawyers, those under the most pressure are global financial institutions with multiple affiliates and branches, with it likely that new compliance units will have to be set up to track and match short and long positions across the entire group.
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It is difficult to predict whether E.U. regulation will be aligned with the U.S. in exempting fx forwards and swaps from the clearing obligation, Rodrigo Buenaventura, head of markets at the European Securities and Markets Authority, told DI.
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Proposals to ring-fence significant market-making activities of European banks would increase funding costs and restrict banks’ ability to offer cost-effective financing and risk management services to clients, according to a letter from the International Swaps and Derivatives Association and the Association for Financial Markets in Europe.