Enforcement

Australian Court Orders A$3.3mn Penalty for Westpac BBSW Misconduct

11/11/2018

The penalty is far less than the combined A$125mn that NAB, ANZ and CBA paid to settle their own BBSW cases with ASIC out of court.

Market Infrastructure

ESMA Proposes Relief from EMIR Clearing Obligation in No-Deal Brexit

09/11/2018

In a no-deal Brexit, ESMA’s proposal would give EU firms 12 months to replace UK counterparties in legacy derivative contracts without triggering the EMIR clearing obligation.

Capital / Liquidity

APRA Proposes Higher Capital Requirements for Big Four Banks

08/11/2018

The banking regulator is seeking feedback on a proposal to increase the Total Capital requirement for Australia’s D-SIBs by 4-5% of risk-weighted assets by 2023.

Market Infrastructure

DTCC Enters Test Phase on DLT Project for Credit Derivatives

08/11/2018

The initiative to re-platform DTCC’s Trade Information Warehouse will “revolutionise the derivative industry’s credit market infrastructure”, says DTCC’s Chris Childs.

Big Picture

US-China Trade Dispute Poses Risk for Singapore Banks – Moody’s

07/11/2018

Singapore banks face greater asset risk in 2019, with both Moody’s and Fitch expecting loan growth to moderate amid worsening global conditions.

Securities / Derivatives

Shanghai Stock Exchange to Launch New Technology Board

06/11/2018

Announced by President Xi Jinping, the new science and technology board will subject innovative enterprises to different profitability and ownership requirements.

Market Infrastructure

NZ Banking Conduct, Culture Review Finds ‘Significant Weaknesses’

05/11/2018

But conduct and culture issues do not appear to be widespread at banks in New Zealand, the FMA and RBNZ said, citing only ‘a small number of issues’ related to poor conduct by bank staff.

Enforcement

APRA Gets A$60mn in New Funding, Byres 5-Year Reappointment

05/11/2018

Following Royal Commission findings that APRA never took a financial institution to court, the agency said it needed more funding to take a more aggressive enforcement approach.

Crypto / Digital Assets

Hong Kong Targets Investor Protection in New Approach to Crypto Regulation

02/11/2018

The SFC will bring crypto-asset portfolio managers, fund distributors and eventually exchanges under its regulatory net, said Ashley Alder at Hong Kong Fintech Week.