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Reforms should focus on banks' access to liquidity, not capital
Conditions support capital issuance, even though European Commission's report gave no clarity on the future of AT1s
IPO pipeline strong, but timetables slipping as markets await clarity on tax, growth and defence funding
State-owned bank Spuerkeess has not indicated when it will issue its first bond
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The Central Bank of the United Arab Emirates is cracking down on retail structured products but has done so in a fashion that is confusing to bankers and lawyers. -
A coalition of trade groups is floating the idea of restricting the re-use of collateral posted in derivatives transactions. The idea comes in response to concern from buysiders reeling after Lehman Brothers collapsed and they had difficulty recovering their money. The group plans to release its proposals by November.
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The U.S. Bankruptcy Court for the Southern District of New York today agreed in principle to the concept of non-binding mediation between Lehman Brothers and counterparties on its in-the-money derivatives. A formal order was adjourned to Sept. 15, the next omnibus hearing date.
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Goldman Sachs is offering to replace users’ non-standardized credit default swaps featuring ‘modified restructuring’ with the new ones bearing ‘no restructuring’ trading conventions. It believes contracts on the old format hold secondary market value, but on the other side buysiders need to get out of Mod R contracts, since they are no longer liquid.
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South African regulators are looking at over-the-counter derivatives, focusing on contracts-for-difference as well as credit default swaps.
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Korea’s Financial Supervisory Service is looking into additional regulation of equity-linked notes after receiving allegations of manipulation.
