Supervision & Enforcement

ASIC Commences Proceedings Against Cigno, BHF Solutions

01/10/2020

Both companies have been providing credit to a large number of consumers and charging “substantial fees”, without holding an Australian credit licence.

Market Abuse

US Authorities Settle JP Morgan Spoofing Charges for $920m

01/10/2020

The settlement will fully resolve investigations carried out by the DOJ, CFTC and SEC into trades made over nearly ten years.

Trading & Investment

SONIA Quoting Conventions to be Adopted in UK Swaps Market

01/10/2020

Interdealer brokers should base quotes in the sterling swaps market on SONIA rather than LIBOR from 27 October, the FCA and BOE say.

Trading & Investment

DBS, ICBC Issue First Club Loan Pegged to SORA

01/10/2020

The SORA-pegged club loan coupled with a cross-currency swap, which provides added certainty on interest rates and swap SGD proceeds into USD.

Conduct, Culture & Accountability

SFC Sets Minimum Period for Client Access to Trade Documents

01/10/2020

Intermediaries have one year to align the minimum online retrieval period of their posted trade documents with the new requirements.

Clearing & Post-Trade

DTCC Outlines Steps to Fully Dematerialise US Securities Market

01/10/2020

DTCC believes that the industry can achieve full dematerialisation of over 98 percent of all US physical certificates in the next three years.

Resolution & Recovery

China Issues G-SIB TLAC Rules for Consultation

30/09/2020

Under the rules, China’s G-SIBs must have loss-absorbing capacity amounting to at least 16 percent of risk-weighted assets starting from 1 January 2025.

Capital Adequacy

PBOC Enhances Policy Toolbox with CCyB Implementation

30/09/2020

The initial countercyclical capital buffer ratio will be set at zero, meaning capital requirements of banks have not been increased.

Conduct, Culture & Accountability

Japan FSA Demands Explanation for Miscounted Shareholder Votes

30/09/2020

Sumitomo Mitsui Trust and Mizuho Trust could face business improvement orders, depending on their explanations and the measures they have planned to prevent recurrence.