The dollar and the US-centric financial system rule supreme for now, but the freezing of Russia’s foreign exchange reserves held in G7 countries due to its invasion of Ukraine will accelerate a “messy” shift to alternatives, says a prominent investment strategist.
Russia faces banking crisis as sanctions bite
Following some of the harshest sanctions ever imposed on a country, Russia could face a banking crisis within a year as its economy braces for the worst contraction in nearly three decades.
Five Western banks face direct losses from Russia-Ukraine conflict
Five Western banks have significant operations in Russia, and though they face losses as that country’s economy wilts under a barrage of international sanctions, the damage to the parent companies should be relatively limited, according to rating agencies.
Russian-owned bank failures overshadow EU resolution review
The winding down of the European operations of Russian banks could end up costing EU banks and may also influence the current review of the bloc’s bank resolution framework.
Hong Kong takes next steps towards building its carbon market
The next steps to transform Hong Kong into a high-quality voluntary carbon market have been signed off, the Securities and Futures Commission (SFC) said in a statement on March 30.
Resolution planning by Swiss banks improves, but gaps remain
Resolution and recovery planning by Swiss banks has shown improvement, said the Swiss Financial Market Supervisory Authority (FINMA) while also approving for the first time the plans of the central counterparty clearing house (CCP) and central depository arms of the SIX exchange.
ASIC spells out legal obligations for social media influencers impacting investor behaviour
Social media influencers and firms involved in securities markets have been reminded by the Australian Securities and Investments Commission (ASIC) about their legal obligations.
IOSCO consults on implications of recent innovations for retail investor trends
Trends such as gamification and self-directed trading among retail investors has led to the International Organization of Securities Commissions (IOSCO) to consult on a regulatory toolkit to address emerging conduct issues.
Big jump seen in corporate demand for market instrument identifiers
Corporate demand for identifiers for market instruments rose strongly in February while take up in international equity and debt markets was mixed, according to a survey by CUSIP Global Services.
FDIC consults on climate framework for banks
Large banks in the US will soon come under a high level framework to help them manage climate-related financial risks, which the Federal Deposit Insurance Corporation (FDIC) is seeking comment on.
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