Hong Kong has just closed a consultation on its over-the-counter derivatives regime and though it will have a marginal impact on global firms, it is nonetheless important so the jurisdiction stays in line with global norms.
Financial Markets
IOSCO final bond trading report has echoes of MiFID II
IOSCO’s final report on secondary corporate bond markets was widely welcomed by the industry and is seen as a good template for creating more harmonised regimes around the world
New York Fed fixes ‘mistakes’ in SOFR benchmark
New York Fed finds that forward-settling overnight Treasury repo transactions were inadvertently included in SOFR benchmark.
CFTC promotes changes to swaps rules to include internal models
The CFTC recommends making significant changes to the US regulatory regime governing swaps and derivatives, even allowing for the use of internal models
Bank of England confirms reforms of Sonia interest rate benchmark
After some final tweaks, the Bank of England has declared its reforms of the Sonia sterling interest rate benchmark as complete.
Three months on real impact of MiFID II yet to be felt
Given the huge fanfare in the build up to MiFID II going live, it may come as a surprise to some that three months in nothing much has changed in Europe’s markets, according to a recent roundtable discussion. However, some potential trends are emerging, which could impact market liquidity and transparency
Hong Kong: tackling risks key to better competitiveness
A forum hosted by Hong Kong’s Securities and Futures Commission looked at how the autonomous territory can maintain competitiveness in the face of emerging market risks and growing market connectivity. Justin Pugsley reports.
SFC sounds more warnings over cryptocurrencies
The SFC makes further warnings on cryptocurrencies and writes to exchanges and ICO issuers to ensure they are compliant with Hong Kong’s rules.
Switzerland refines regulatory approach to ICOs
Switzerland has refined its approach to ICOs and will judge each one individually before deciding the body of rules they should be subject to.
Data issues continue to bug MiFID II compliance
Regulators have shown some leniency towards the industry over complying with some of MiFID II’s reporting and data requirements. However, regulators’ patience is far from infinite and the onus really is on the industry to ensure that it is fully compliant soon. By Stuart Campbell, director at Protiviti.
