Asia Risk/News
Singapore to miss out on first wave of Mifid equivalence
New Esma guidance could still allow EU firms to trade Singapore stocks
China bond sell-off makes case for options market
Current hedging tools inadequate, but regulators reluctant to liberalise derivatives markets
People moves: StanChart shuffles senior execs in Asia
Also: Ramachandran’s permanent role at Westpac; UOB hires in structured finance; SSGA adds Yung for strategy; and others
Mifid II research unbundling hits Japan’s asset managers
Japanese and European investors may face different payment models for investment research
People moves: new Asia-Pacific chief for Goldman Sachs
Also: Reid Marsh moves at Barclays; Citi’s new Apac capital markets origination head; and others
SGX, HKEX expect to be among first wave of Mifid II equivalence
Hong Kong should also benefit from acceleration in process of allowing trading on non-EU venues
Hong Kong regulator to monitor investor IDs on Stock Connect
SFC move designed to clamp down on misconduct and promote city as China risk management hub
Asia clearing surge raises concerns over eligible collateral
Scarcity of high-quality liquid assets gives rise to liquidity risk worries, say banks
Basel’s Tsuiki: review of bank rules no free-for-all
Evaluation of new framework by Basel Committee will not be excuse for tweaking pre-agreed rules
People moves: UBS hires new Apac investment bank vice-chair
Also: Commerzbank’s trade finance Asia head; Blackstone nabs JPM Japan chief; and others
Asia warned of LEI crunch over Mifid II deadline
Tens of thousands more Asian LEIs needed to avoid European trading lock-out in January
Asia investors eye fund-linked structures amid US rate rises
Principal-protected fund-linked products on the rise as fixed-income investors seek safety
Japanese banks eye phased CVA introduction
Working group reports “growing need” for valuation adjustment but cherry-picking fears persist
Ashurst non-netting opinion on China splits lawyers
EU banks using opinion for margin exemption, at possible cost of capital savings
People moves: Hsu swaps HSBC for StanChart
Also: Instinet hires Asia-Pacific CEO, China chief for Citi, IDFC Bank names new chief exec; and others
Lawyers divided over Isda’s China netting memo
New legal guidance spells out how close-out netting may be achieved, but critics say it’s impractical
People moves: ANZ makes senior changes in Apac
Also: Priestley leaves JPM; Hong Kong’s Insurance Authority staffs up; ABN Amro hires Simon Wood; and others
Japan seeks speedy margin rule equivalence decisions
The country has equivalence agreements with Canada and the US, but not Europe
Australia’s bank levy could squeeze TLAC drive
Issuing Tier 2 and senior unsecured debt will become more expensive for the top four banks in the country
Surprise RMB strengthening prompts unwinds
“A lot of long [US$] positions were unsustainable and had to be re-evaluated,” says forex structuring head
Banks worry FRTB will fracture Asian trading desks
Rules could produce “lots of little country desks”, warns StanChart market risk head
BAML and Morgan Stanley shift Indian P-notes to Europe
Tax changes trigger move out of Mauritius and Singapore
Bail-in ambiguity hands funding advantage to Japanese G-Sibs
Financial Stability Board wants Japan to clarify the conditions under which it can use its resolution powers
People moves: Citi promotes Bacon to Apac investments head
Also: Natixis adds Kenneth Lee; Yin joins HSBC Private Bank; JP Morgan nabs three from Goldmans for Aus/NZ; and others