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December
Although the final MiFID rules won’t come in until 2016, firms need to start reviewing their business plans in 2012, according to regulatory consultants.
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Bad press about synthetic exchange traded funds in Europe this year is distracting attention from their benefits, according to State Street Global Advisors
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Industry participants expect the United Arab Emirates (UAE) will be upgraded from frontier to emerging market status this week, while Qatar will be left behind
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November
The large US pension fund has hired a head of the new investment compliance function
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The UK government says that certain parts of the draft short selling proposals go against European legal rules
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State Street has hired a head of compliance in Ireland
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New hire will support the Asian equity and fixed income teams
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The Securities and Exchange Commission's plan to apply a floating net asset value to money market funds would undermine their purpose and increase risk, according to fund providers. Annabelle Palmer reports.
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The co-chief executive of Barclays Capital will be the new chair for 2012
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Form PF has been called an ineffcient use of regulators' time, however some industry participants believe it is manageable and will support investors’ demand for increased transparency. Annabelle Palmer reports
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Daniel Gallagher used to be the deputy director of trading and markets
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The MF Global collapse illustrates need for stronger enforcement of risky activities among banks and brokerage firms, including the implementation of the Volker Rule, lawyers argue. Annabelle Palmer reports
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Brian Bussey has been named associate director for derivatives policy and trading practices
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October
A strong economy and a rapidly expanding middle class make Mexico a good news story for asset managers. But only if a conservative investment culture can be overcome. Annabelle Palmer reports
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As a result violations, millions of short sale orders were mismarked or placed to the market without ensuring securities could be borrowed and delivered
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A report from the International Organisation of Securities Commissions lays out several recommendations for regulators in light of concerns over high frequency and algorithmic trading
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The desire to increase regulation of banks has seen a torrent of supervisory initiatives hit the asset management and servicing industries. Global Investor/ISF brings you a guide to the 12 most important.
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Intended as a populist sop against tax evasion, Facta is unlikely to meet even modest revenue earning targets for the Inland Revenue Service – and risks affecting whole swathes of the global asset management industry. Annabelle Palmer reports
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The Hong Kong Securities and Futures Commission chief executive said it will soon introduce a reporting regime to increase short selling transparency, reports
Stephanie Baxter
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An increased focus on transparency in the securities lending sector has ironically led to greater opacity. Annabelle Palmer reports
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Following news that a number of EU member states still have not transposed the Ucits IV directive into national law, the European Securities and Markets Association has proposed practical arrangements for cross-border operations
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JPMorgan's move to three-way trade matching will increase market transparency for cash investors, a key Tri-Party Repo Market Infrastructure Reform Task Force objective
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Industry figures are concerned that CCPs may be unsuitable for the securities finance sector. Annabelle Palmer reports.
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CalSTRS joins other lenders in support for an intiative that would allow them to retain their shareholder voting rights for stocks out on loan and could be a driver for securities lending supply
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Collateral management is taking centre stage in securities finance as a tool to help mitigate risk, manage liquidity and lower costs, according to SunGard.
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September
Central counterparties are intended to reduce risk in the financial system but according to Morgan Stanley they could be the next entity to be too important to let fail. Annabelle Palmer reports
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The firm also introduces a settlement and custody product
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The Alternative Investment Management Association responds to the Alternative Investment Fund Managers Directive consultation
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The enhancements facilitates the entire margin call and collateralisation process
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The Depository Trust & Clearing Corporation and Clearstream have established a collateral management strategic partnership
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The Federal Deposit Insurance Corporation has approved a rule that requires large banks to periodically report to regulators on their failure resolution plans
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State Street Corporation expands its futures commission merchant activities
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As a series of regulatory developments start to affect the securities lending, the Risk Management Association’s director of securities lending and market risk, Christopher Kunkle, explains how the sector will cope. Annabelle Palmer reports
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Global Investor/isf is marking its 25th anniversary with 25 CEO interviews, here Mohamed El-Erian, CEO and Co-CIO of Pimco, explains the need for more regulatory clarity, and why banks will play a smaller role in the future asset management industry
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John Nugee, head of State Street Global Advisors official institutions group, explains what made the Asian Financial Crisis so important, and why ATMs are a lesson for the financial sector
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August
BNY Mellon Clearing joins CME Group for OTC clearing and Eurex Clearing launches protection services
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New model will increase ability to meet regulatory scrutiny
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Rewriting the rule book - Asian regulators may apply lessons from the US and Europe when developing their clearing and settlement infrastructure. Or they could go their own way, writes Alastair O'Dell
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Srivastava tells Global Investor/isf about his development strategy of diversification and attracting international investment
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Inclusion in MSCI's emerging markets index would provide a huge benefits to countries in the region. Some are closer than others
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A Global Investor/isf expert panel discusses a maturing Middle East that has more to offer than previously recognised
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The opportunities for international managers vary greatly across the region
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Submissions for Global Investor/isf's second annual Middle East awards close on Friday
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More countries in Europe have joined Greece’s move to temporarily ban short selling
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The latest issue of Global Investor/isf is now online
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Exchange-traded funds have been targeted by authorities on both sides of the Atlantic for their supposed potential to introduce systematic risk into markets. Alastair O’Dell considers the evidence
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Financial institutions claiming refunds of Swiss withholding tax on dividends have only received further requests for information. This has led to anxiety and reduced market values, writes Charles Hermann, tax partner at KPMG Zurich and Geneva
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Greece has put a ban on the short-selling of shares on the Athens Stock Exchange and South Korea could follow, reports Annabelle Palmer
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The Federal Reserve has confirmed that it will continue to accept treasuries as collateral but knock-on effects may still be felt for banks, reports Annabelle Palmer
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Nigerian stock exchange CEO identifies the challenges still to be overcome and outlines likely restrictions, Alastair O’Dell reports
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After a challenging few years in the Middle East, both local and international asset managers are increasing their presence in the region
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Goldman Sachs International has launched its first third party manager UCITS fund platform
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The second Global Investor/isf Synthetic Finance Summit in London saw discussion of how synthetic products are adapting to new geographies and a changing regulatory environment
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July
New SEC rule will impact large traders and their broker-dealers
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The danger is that even the most well-intentioned measures may result in adverse consequences, according to the Investment Management Association
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Check out Global Investor/isf's exclusive International Securities Lending Association supplement online now
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Deutsche Bank was the first to feel the effect of more muscular Korean regulation but the wider market must now adapt to the change, says Elliot Wilson
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Fund management association says change in the law makes specialised investment funds perfectly designed to benefit from AIFMD
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SGSS wins mandate for eight venture capital funds and Friesland Bank becomes the first SwapClear client to clear over-the-counter interest rate swap transactions in the Netherlands
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No let-up in EC’s drive to increase financial market regulation
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US regulatory reform is an opportunity to improve operational efficiency argue vendors, reports Annabelle Palmer
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The opportunities for international managers vary greatly across the region
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ISLA chief executive also warns against sudden rule changes, reports Aaron Woolner
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Asian markets to provide strong growth for UCITS-compliant funds, reports Annabelle Palmer
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Confusion still abounds in the asset management and securities finance industries as Dodd-Frank reaches its first anniversary, writes Annabelle Palmer
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Citi warns that official inaction has allowed crisis to spread to the ‘soft core’ economies, reports Alastair O'Dell
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The investment bank will return $51.2m to affected municipalities or conduit borrowers, while $177m will be used for settling federal and state charges
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The US Tri-Party Repo Infrastructure Reform Task Force has issued a progress report on reforms addressing infrastructure weaknesses
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AIMA states no hedge fund firm today should be designated a systemically important financial institution by regulatory authorities
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Issues affecting the Canadian securities lending market are considered
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New role responds to a changing collateral management regulatory environment
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Trade associations have called for international cooperation on the harmful effects of extra-territoriality
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Local government debt in China amounted CNY10.7trn at the end of 2010, out of which bank loans comprised 79%
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The commission has also appointed a managing executive for the division
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June
Deal could result in investors filing similar suits against other mortgage lenders
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The SEC recovered the money from Francisco Illarramendi and his firm Highview Point Partners
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New product responds to shifts in the basis markets and regulatory requirements for OTC clearing and associated margins
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The document will allow investors to obtain standardised information about the main characteristics of UCITS funds
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Following the settlement, Morgan Keegan’s parent regions financial hired Goldman Sachs to conduct a strategic review of its investment banking division.
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Asset managers can manage research, analysis and compliance tasks across the spectrum of ESG factors
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SEC commissioners voted in favour of requiring private-fund advisers to register with the agency
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The settlement is being offered by Capita Financial Managers, BNY Mellon Trust & Depository and HSBC
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Report looks to identify concerns and future trends across custody, securities lending and collateral management
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The settlement will also see the J.P. Morgan affiliate entirely reimburse the harmed investors
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Standard Life has launched of a series of free online training tutorials to help UK intermediaries
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The trend is expected to continue in the medium term as the government continues to raise funds at relatively attractively yields
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Rule chance should strengthen the audits of broker-dealers as well as the SEC’s oversight
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The new requirements will not come into effect on July 16
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Watchdog voiced concern at Global Investor/isf Synthetic Finance Summit II in London
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The latest issue of Global Investor/isf is now online!
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George Osborne, the UK's Chancellor of the Exchequer has called for the ring-fencing of banks from their investment banking arms
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Data Explorers has written an interesting note on the CCP debate in securities lending, considering the issue from the eyes of five different bodies
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The move comes as the government of the debt-stricken state looks to its budget deficit and finance growth
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The proposed exemptions would facilitate the clearing of such security-based swaps under Dodd-Frank
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The desk will remove the $750 million issue-specific limit
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The Irish fund will receive $62.5 million from HSBC
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Reporting will facilitate compliance with SEC rule 17A-13
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UCITS funds have become increasingly sophisticated in recent years. Could managers be taking on too much risk?
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The new appointment will be based in Washington DC
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The commission has also appointed a managing executive for the division
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The Depository Trust & Clearing Corporation and the Centre for the Study of Financial Innovation have hosted an industry debate
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May
Provision could undermine regulators’ ability to see unfragmented view of market data
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Austria’s Financial Market Authority has extended the temporary prohibition on naked short selling
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Proposed new regulations for over-the-counter derivatives could cause barriers to entry for international clearing
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Direct Edge hires a former Barclays Capital executive
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The principles establish that pre- and post-trade transparency are central to promoting the efficiency of the market
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Kinetic hires a qualified specialist in transaction reporting and market surveillance
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EU Parliament expected to drop push for naked short selling ban
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The Securities and Exchange Commission is reviewing U.S. stock-offering rules
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The US Federal Deposit Insurance Corporation has rolled out new foreign exchange rules for retail clients
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Australian Securities and Investments Commission is seeking to tighten over-the-counter derivative rules
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The European Union member states’ national regulators will have foreign clearing house authorisation power
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Banks are opposing a derivatives accounting proposal that could inflate their balance sheets
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European pension schemes have been excluded from new derivatives trading rules
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US private equity firms and a Chinese growth investor have received yuan fund approval
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Long-term impact of regulation on competitiveness, operational efficiency and investment performance is uncertain
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Euroclear Bank and Clearstream have developed a new securities industry framework
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Many hope the Financial Reporting Council’s Stewardship Code will translate into real improvements in corporate governance in the UK – they may be disappointed
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Investigation will look into special pricing deals
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Top official suggests move may come this summer
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The US Treasury has granted exemption of foreign exchange swaps from new derivatives rules
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April
The latest edition of Global Investor/isf is now online
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Proposed rules will exempt insurance from swaps regulations
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Legal & General Investment Management has appointed a director of corporate governance
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The Eurozone has been plagued by a sovereign debt crisis for more than a year. Now that the long-term arrangements have been agreed and Portugal has at last sought EU help, Global Investor/isf asks whether a cure has been found
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Ceilings expected to be cut by one fifth
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The Bank of England releases the Securities Lending and Repo Committee meeting minutes from March
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Authorities add six months to restrictions
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Appointments respond to market regulatory pressure and need for global standardisation
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Jersey is working to deliver a fully AIFMD compliant regime
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International securities regulators will seek to tighten regulation for agricultural and other commodities markets
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Delay could stall progress on legislation for 18 months
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Report recommends CCPs and collateral conversion trades as a way to hedge risk
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The Association for Financial Markets in Europe responds to new FX regulation requirements
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J.P. Morgan Asset Management has made its fund range available in the Fund Processing Passport standard
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SEC may extend private fund registration deadline
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Portfolio will invest in UCITS III-compliant funds
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Association jointly submits plan to global supervisors
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Financial services practitioners in favour of splitting bonus pools across entire workforce, finds survey
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The attractiveness of Jersey as a domicile location has been increased as a result of law changes which offer investors maximum flexibility, according to Jersey Finance
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Mechanism proposed to prevent repeat of May 6 2010 'flash crash'
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The UK’s Financial Services Authority and HM Treasury hope to increase the appeal of UK covered bonds
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The Commodity Futures Trading Commission and The Federal Deposit Insurance Corporation will consider margin requirements for swaps
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The digital version of Global Investor/isf's latest issue is now live
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The southern division of the Salvation Army has filed a lawsuit against BNY Mellon
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The International Swaps and Derivatives Association has named CDS industry decision makers
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March
Trades demonstrate platform's preparedness for Dodds-Frank Act requirements
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The need for prudent oversight and appropriate alignment of risk as a result of new regulation is considerable, according to J.P. Morgan
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Sweden is concerned that European efforts to limit short selling may affect debt markets in smaller countries
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Republican Barney Frank has proposed a new bill that will tax hedge funds and other financial firms
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Two committees are working jointly to revise supervisory guidance for managing settlement risk in foreign exchange transactions
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The chairman of the Financial Services Authority argues that further reforms are needed to make the financial system stable
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US regulators are nearing finalising new rules meant to prevent financial utilities from posing a risk to the economy
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Two US government bodies have drafted reports on securities lending effects on 401(k) plans
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Many European Union member states are opposing a permanent ban on the sale of some derivatives
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State Street Corporation has extended its relationship with an investment manager to provide end-to-end production and servicing for the Key Investor Information Document
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China’s banking regulator has provided Bank of New York Mellon a licence to conduct yuan business in Shanghai
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Ireland explains implementation process for new funds directive
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Denmark may eliminate a ban on the short selling of shares in listed Danish banks
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European Union lawmakers have backed strict new regulations for short selling
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The Securities and Exchange Commission is considering new regulations to restrict the ability of algorithms to disrupt markets
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The Securities and Exchange Commission has approved a proposed joint clearing house
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The US Treasury Department may exempt some foreign-exchange instruments from new rules governing derivatives
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Anello Asset Management eyes the US as it registers with the Commodity Futures Trading Commission and becomes a member of the National Futures Association
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Trades demonstrate Bloomberg's preparedness for Dodds-Frank Act requirements
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February
The China Securities Regulatory Commission is set to amend the country’s law governing the fund management industry
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Deutsche Bank’s Seoul branch has been barred from proprietary trading
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The effects of the new Basel rules on the banking industry are investigated
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While US regulators are hammering out the finer details of Dodd-Frank, banks have already started to scale back or exit the business as their traders look towards greener pastures.
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UAE market regulator, the Securities and Commodities Authority (SCA), will introduce new regulations around short selling
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Eurozone finance ministers to set up permanent bailout fund
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GLG launches North America Ucits fund
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BNP Paribas is considering starting a derivatives clearing service for buy-side clients
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State Street has been sued by an Arkansas public pension fund
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The California State Controller is sponsoring two new bills for CalSTRS and CalPERS
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The Securities and Exchange Commission is investigating whether traders are disguising insider trading with the use of exchange-traded funds
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The Financial Industry Regulatory Authority has urged brokerage firms to prepare for new disclosure rules
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A former London Stock Exchange CEO will head a UK government study into high-frequency trading
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Four hedge fund employees, including two portfolio managers at SAC Capital, have had criminal fraud charges filed against them
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Derivatives markets participants have opposed the public reporting of large swap transactions within 15 minutes
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Proposals for public disclosure of net short positions in European equity markets are beginning to lead to changes in asset allocation strategies
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The Securities and Exchange Commission has appointed a new general counsel
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The European Union has proposed restrictions on commodities derivatives markets to lower volatility and improve access
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Hedge funds will oppose proposed rules that will force them to reveal more data about their trading positions
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The Securities and Exchange Commission has drafted rules that define security-based swap execution facilities
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China will permit banks to trade foreign currency swaps for corporate clients from March 1
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An independent study reveals that the EU proposal for public disclosure of short positions would be ineffective
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January
The global hedge fund industry is not 'un-regulated' or lightly-regulated, claims the Alternative Investment Management Association
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State Street Corporation has partnered with F&C Investments to provide an environmental, social and governance reporting service
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The Commodity Futures Trading Commission has filed complaints against 14 firms for allegedly breaking new foreign-exchange regulations
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France will unveil new rules on net short positions of stocks
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The China Securities Regulatory Commission will let foreign investors trade stock index futures
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Peru’s banking regulator has imposed a limit on the size of holdings of US dollar-denominated forwards
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The Securities and Exchange Commission is planning new rules around report information
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The China Securities Regulatory Commission is proposing a separate channel to approve passive equity index fund products
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Japan extends short selling ban until April
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Romanian CSD has secured a contract with the European Central Bank (ECB)
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The depressing economic outcome of financial markets in a post-crisis recovery is not an assured destiny provided major policy mistakes are avoided
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The US Securities and Exchange Commission approves new rules regulating Asset-Backed Securities
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The Commodity Futures Trading Commission (CFTC) is drafting a new hedge fund rule
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The recent changes in Brazil's IOF tax is investigated
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The US Securities and Exchange Commission is investigating whether banks and private equity firms violated bribery laws in their dealings with sovereign-wealth funds
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The US Securities and Exchange Commission has proposed new rules for swap trade documentation
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US regulators have postponed a vote on new swap rules
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South Korea has rolled out a set of checks around equity derivatives
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The digital versions of the Sub Custody Guide, Securities Finance Asia Pacific and December January main issue are now live on the website
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A group of pension funds have demanded four major US banks open investigations into their own mortgage foreclosing practices
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US federal regulators are investigating whether California violated securities laws and failed to provide adequate disclosure about its pension fund
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The US Financial Stability Oversight Council has circulated draft guidelines for defining the limits of banks using their own funds to trade
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Swiss regulator, FINMA, has granted branch licences to a French institutional futures and options brokerage firm
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The Lazio region in Italy has sued 11 domestic and foreign banks for allegedly hiding costs in derivatives they purchased
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The Brazilian central bank has placed curbs on short selling
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China has issued new guidelines on FX market makers, is now allowing banks to sell currency forwards to their clients and for foreign private equity fund managers to convert money raised abroad into yuan
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India’s central bank has unveiled new norms on over-the-counter foreign exchange derivatives and overseas hedging of commodity and freight prices
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The US Department of Justice has asked financial regulators to toughen ownership restrictions of new derivatives exchanges
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Taiwan’s Financial Supervisory Commission has approved three new investment funds launched by Morgan Stanley
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PIMCO is paying $92 million to settle a private class action lawsuit
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Fondo Italiano di Investimento per le Piccole e Medie Imprese has appointed Societe Generale Securities Services to act as its depository bank
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Singapore Exchange may allow foreign brokers to trade securities
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The Swiss National Bank is not accepting Irish government bonds as collateral for its repo operations
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Taiwan’s central bank will reduce access to derivatives in bid to curb speculation on currency
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The Financial Services Agency of Japan will stop purchases of newly issued shares by those who short-sell shares
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South Korean authorities are considering tightening a cap on banks’ FX forward positions further this month
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Bermuda has made changes to its 2006 Investment Funds Act to include auditors appointed to a fund in the definition of service
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The Brazilian government has reduced taxes on foreign investments in private equity funds and some stock investments
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The Hong Kong Monetary Authority will permit banks to clear electronic transactions using yuan from mid-March