A decision by European legislators earlier this year to ignore a Basel III capital charge on credit valuation adjustment (CVA) for some trades was lauded by the continent’s banks as a victory for common sense. Asia’s financial institutions saw it a little differently. Hong Kong, Japan and Singapore were among the 11 territories to begin their roll-out of Basel III on schedule at the start of 2013. The US and European Union (EU) were not – and there is still no clear timetable on when they will.
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