Hong Kong Monetary Authority (HKMA)
CFTC cross-border guidance a threat to ‘systemic stability’, say Asian regulators
Leading regulators from across Asia complain of the potentially negative impact of the US regulator’s latest proposals
HKMA offers banks RMB repo facility
RMB repo facility established as part of continuing process to internationalise currency and deepen RMB markets
HKMA focuses on offshore renminbi: Norman Chan interview
Proximity and tradeflows have seen Hong Kong emerge as the default centre for offshore renminbi trading. Norman Chan, chief executive of the Hong Kong Monetary Authority, explains how his organisation aims to facilitate the market’s further development
Banks spend 25% of compliance budget on overseas regulation
New research finds banks face steep extraterritorial compliance costs
Hong Kong regulator to allow foreign currency liquid assets to make up LCR shortfall
HKMA backs foreign currency option for local banks struggling to meet Basel III’s liquidity coverage ratio
HKMA strikes a cautious note on territory’s banking sector
Hong Kong Monetary Authority concerned about continued credit expansion in the territory and contagion risk from the European sovereign debt crisis
Cross-border confusion between domestic clearing houses
Cross-border confusion
Use of PIT model neutralises impact of counter-cyclical capital buffer
Banks using a PIT model instead of a TTC model may receive a capital saving for the Basel III counter-cyclical capital buffer but such an approach might not be viewed as within the spirit of the rules by regulators
Trade repositories consider connectivity options
With multiple trade repositories appearing in a number of asset classes, including foreign exchange, market participants are considering how competing repositories should collaborate to avoid data inconsistency
Buy-side firms in Asia gear up for clearing
Gearing up for clearing
Countdown to the G-20 deadline
Just 12 months to go until all standardised OTC derivatives are supposed to be cleared through CCPs – but meeting that deadline everywhere looks unlikely
HK OTC rules add to cross-border concerns
The Securities and Futures Commission and Hong Kong Monetary Authority released a joint consultation on their plans to overhaul OTC derivatives regulation in October. But how will the rules fit with the patchwork of legislation drawn up elsewhere? And…
HK margin rules on uncleared swaps should include exemptions, say market participants
HK margin rules on uncleared swaps should include exemptions, say market participants
SFC: wrestling with local versus international
The comment period for the joint Securities and Futures Commission (SFC) and Hong Kong Monetary Authority (HKMA) consultation paper on the regulatory regime for OTC derivatives closed on November 30. SFC chief executive Ashley Alder and executive…
Work needed to ensure regulations mesh, says SFC’s Alder
Further international co-ordination is needed if the G-20 deadline for central clearing of standardised OTC derivatives is to be met, says new SFC chief executive
Regulators plan co-ops as answer to OTC fragmentation
CLS Bank-style regulatory council could be applied to trade repositories and CCPs to avert market fragmentation, but French regulators are not convinced
HK regulator clarifies extraterritorial impact of OTC derivatives rules
A senior official at the Hong Kong securities watchdog says some exceptions are likely to be made to proposed new extraterritoriality rules on mandatory clearing and reporting OTC derivatives in Hong Kong
Hong Kong to start OTC derivatives clearing and reporting in January 2013 – HKMA's Lau
Hong Kong will “tentatively” introduce centralised clearing and reporting for OTC derivatives in January 2013, said Edmond Lau, HKMA executive director, at the Isda Asia-Pacific Conference 2011
‘No way’ Asia can meet CCP deadline; probably the same for Europe
Panellists speaking at a derivatives industry event in Hong Kong believe Asia is unlikely to meet its obligations to have full mandatory clearing in 14 months – the deadline established in the 2009 G-20 agreement. They say a lack of regulatory clarity is…
State-sponsored money and the new market order
Sovereign wealth of nations
India’s CCIL set to become currency options trade repository
The Clearing Corporation of India is already well ahead of rivals in Asia when it comes to receiving OTC interest rate derivatives data. It now looks set to become the country’s trade repository for non-rupee currency derivatives, as the clearer moves to…
Renminbi internationalisation poses potentially fatal risks
Restraining the risks
Offshore CNY deliverable forwards in Hong Kong to outgrow NDFs
Rising offshore renminbi interbank rates in Hong Kong have made its deliverable forwards market the cheapest forum compared with NDFs and onshore forwards for corporates to hedge, bankers say
Citi reverses stance on Lehman notes offering $136m group repurchase settlement
Citi has become the final major bank to reach a repurchase agreement with Hong Kong regulators on Lehman Brothers related structured products. But Lehman-related enforcement action is expected to rumble on.