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It has been another big year for the Single Resolution Board. For the first time, the public authority is giving out binding MREL requirements to the most important banks in Europe. Having a sufficient quantity and quality of MREL is seen as a key tool in making banks resolvable, so that they can face financial trouble without putting undue stress on the broader financial system and the taxpayer. But the SRB still has a way to go yet. It is updating its MREL policy for 2018 and wrestling with tough questions about what is the best possible design for a liability structure that can facilitate the proper use of the bail-in tool. GlobalCapital interviewed Dominique Laboureix, a member of the board and director of resolution planning and decisions at the SRB, about what he describes as “the journey to MREL”.

The Chinese president marks the fifth anniversary of the Belt and Road Initiative (BRI), the US finance minister says China’s support for the renminbi does not count as currency manipulation, and the State Council clarifies its tax collection policy for Bond Connect investors.

The Republic of Philippines plans a comeback deal in the onshore bond market, the second batch of MSCI A-shares inclusions goes live today, and China’s bourses get a boost as they close in on buying 25% of Dhaka Stock Exchange.

An unprecedented vote of confidence from the International Monetary Fund (IMF) and an unprecedented level of monetary tightening were not enough to arrest a slide in Argentine assets this week, leaving markets fearing the worst.

Undeterred by continued volatility in the region, Brazilian company Suzano Papel e Celulose will seek to break an extended hiatus in Latin American cross-border bond issuance next week. Market participants say it is the ideal credit to restart primary activity.

Impact investing — a specialist field, outside mainstream financial markets, in which investors seek environmental and social outcomes — is burgeoning, leading promoters to raise their targets for the market’s growth. But at the same time, more conventional investors are also laying claim to the term “impact”.

It is high time that the famously conservative Japanese market started embracing new practices. There are signs that modernisation is afoot.

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Dealer banks already entangled in a US antitrust case arising from the interest rate swaps market have filed to dismiss an amended complaint made by electronic trading platform provider TrueEX.

The role of rating agencies in contributing to the 2008 financial crisis should not be forgotten. Inflated ratings on securities that turned toxic played a major part in the build-up of the financial bubble that later burst with costly consequences.

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