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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 European Commission intends to make the manipulation of the Libor and Euribor a criminal offence.
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The Commodity Futures Trading Commission has proposed rules that will require certain credit default swaps and interest rate swaps to go through clearinghouses.
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China’s National Association of Financial Market Institutional Investors has prepared and internally approved changes to its definitions of domestic fx and interest rate swaps, which could be instituted soon, according to lawyers.
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Registered financial institutions wanting to clear credit default and interest rate swaps in Japan should have a net market capitalization of not less than JPY100 billion (USD1.28 billion) and maintain a capital-to-risk ratio of between 200-and-250%, depending on credit rating, according to the Japan Securities Clearing Corp.
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The Bank of England has defended its role in the Libor scandal and has published a chain of e-mails between itself, the U.S. Federal Reserve and the British Bankers’ Association, which shows that the BoE put pressure on the association to reform the benchmark in 2008.
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On June 29, the U.S. Commodity Futures Trading Commission published a proposed policy statement and interpretive guidance addressing the extraterritorial reach of the swaps provisions of the Commodity Exchange Act that were enacted by Title VII of the Dodd-Frank Act.