Singapore is poised to take the next step in transitioning its interest rate benchmark in April with a ban on issuing swap offer rates (SOR) cash products, as the city-state also sticks to its target to transition most SOR derivatives by end of the third quarter, 2021 - a plan which the country’s leading bank says “is aggressive but achievable”.
Financial Markets
Administrators progress in removal of Ibors from sterling and yen financial products
Efforts towards permanently expunging the tarnished interbank offered rates (Ibor) from the financial system are progressing as they are no longer allowed for some UK cash products, while moves are being made to end their use for euroyen products.
Moody’s predicts more consolation among regional banks
The US banking system is likely to see greater concentration in the coming years with Moody’s Investors Service predicting accelerated merger activity among the country’s regional banks as they seek to stay competitive.
Tough legacy contracts slow transition away from Libor
Letting go of “the world’s most important number” – Libor – is proving harder than regulators had hoped, and new draft laws designed to settle “tough legacy” contracts are no panacea.
SEC moves to beef up regulatory powers after meme stock trading frenzy
The SEC is scrambling to beef up its regulatory prowess after criticisms of its oversight of trading platforms like Robinhood during the GameStop saga.
Lord Hill proposes radical shake-up of UK’s listing regime to boost competitiveness
A review of the listing regime by former EU financial services commissioner Lord Jonathan Hill, along with the annual budget, have important implications for the competitiveness of the City of London.
SEC considering driving more transparency around short selling
The US Securities and Exchange Commission (SEC) is pondering on whether to introduce new rules to drive greater transparency around the short selling of stocks.
UK banks fret over operational risks relating to negative interest rates
The threat of negative interest rates continues to hover over the UK banking system, with the topic once again being raised in the Bank of England’s monetary policy committee minutes of February 4 an unwelcome reminder for banks already struggling with a tough economic environment.
Luxembourg makes inroads into sustainable finance
Five new banks, 11 new management companies, four new investment firms and four reinsurers chose Luxembourg as a location while assets under management hit €5tn for the first time at the end of 2020, according to Luxembourg for Finance with sustainable finance being a notable highlight.
Bank of England resurrects market maker of last resort concept
Suggestions by a Bank of England official that central banks could become market makers of last resort due to structural market changes have triggered mixed reactions with some embracing the idea, while others see potential moral hazard and yet another group thinks it is essentially a regulatory problem.
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