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HKFE Announces Revised Margins For Futures Contracts

Date 28/04/2020

Please be advised that pursuant to Exchange Rule 617(d) and HKCC Rule 402, the Exchange and the Clearing House have determined that with effect from the commencement of trading on Monday, 4 May 2020 (including the mandatory intra-day variation adjustment and margin call, if applicable), the margin levels1 of the following Futures Contracts shall be as follows:
Making Every Effort To Carry Out ChiNext Board Reform And Pilot The Registration-Based System--The CPC Committee Of SShenzhen Stock Exchange Earnestly Studies And Implements The Guiding Principles Of 13th Meeting Of The Central Commission For Comprehensively Deepening Reform

Date 28/04/2020

On 27 April 2020, the CPC Committee of SZSE held a special meeting to study and implement the guiding principles of the 13th meeting of the Central Commission for Comprehensively Deepening Reform, and work on ChiNext Board reform and pilot the registration-based system. The CPC Committee of SZSE recognizes that promoting the reform of ChiNext Board and piloting the registration-based system are crucial arrangements for thoroughly implementing Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, deepening capital market reforms, optimizing the capital market’s basic system, and improving capital market functions. They are also major moves to actively support the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and the pilot demonstration area of socialism with Chinese characteristics, and of great significance to give full play to the decisive role of the market in resource allocation and to build a regulated, transparent, open, dynamic and resilient capital market.
Securities Commission Malaysia And Bursa Extend Temporary Short Selling Suspension Amid Covid-19 Volatility

Date 28/04/2020

The Securities Commission Malaysia (SC) and Bursa Malaysia Berhad (Bursa Malaysia) have extended the temporary suspension of short-selling to 30 June 2020.
New Zealand Financial Markets Authority: WorkSafe Guidelines For Financial Services Businesses And Staff Under COVID-19 Alert Level 3

Date 28/04/2020

Under Level 3, financial services businesses and staff who can operate from home must continue to do so. Workplaces may be reopened if the work cannot be done from home and the workplace can operate consistently within public health guidance and ensure the appropriate protections for workers and where applicable customers. If you are unsure about what activities you can undertake, please contact the FMA or RBNZ.
SGX And CITIC Securities Seal Wide-Ranging Agreement To Collaborate Across FICC, REITs And Capital Raising

Date 28/04/2020

Singapore Exchange Limited (SGX) and CITIC Securities Company Limited (CITIC Securities) yesterday signed a wide-ranging strategic cooperation agreement to collaborate across multiple areas, including fixed income, currencies and commodities (FICC), real estate investment trusts (REITs), as well as equity, debt capital markets and more.

New Zealand Financial Markets Authority: Exemptions Grant Temporary Relief From Some Reporting Deadlines

Date 28/04/2020

FMA has granted two class exemption notices to provide market participants with an additional two months to provide their audited financial statements and comply with certain other regulatory requirements. Due to the disruption caused by COVID-19, the FMA is taking appropriate steps to provide regulatory relief.
Shenzhen Stock Exchange Market Bulletin - April 20-April 24, 2020 (Issue10)

Date 28/04/2020

The China Securities Regulatory Commission (CSRC), recently issued the 2020 work Plan outlining four tasks: First, to implement the newly-amended Securities Law.Second, to formulate three supporting rules for the registration based IPO system reform of the ChiNext Market, which is expected to be rolled out within the year. Third, to strengthen the rule of law and law-based administration. Fourth, to further develop the capital market and regulate the behaviors of market entities. The CSRC said that it would promulgate regulations this year ordering firms that committed fraudulent listing to buy back the shares floated in the market. Regulatory scrutiny is set to gather pace. Market statistics indicate that the CSRC has initiated at least seven investigations against information disclosure violations since last month.
US Department Of Justice: Eighth Circuit Upholds Determination That Wells Fargo Is Liable For Penalties For Engaging In Abusive Tax Shelter Scheme

Date 27/04/2020

The Eighth Circuit Court of Appeals issued a precedential opinion on Friday, April 24, 2020, affirming a district court decision that a transaction designed to generate massive foreign tax credits (referred to as the STARS tax shelter) lacked economic substance and business purpose and was subject to the accuracy-related penalty for negligence, announced Principal Deputy Assistant Attorney General Richard E. Zuckerman and Deputy Assistant Attorney General Joshua Wu of the Justice Department’s Tax Division.
ISDA derivatiViews: A Pro-Cyclical Problem

Date 27/04/2020

Regulators have typically tried to avoid putting in place measures that are explicitly pro-cyclical, but the recent bout of coronavirus-related volatility is resulting in a significant increase in trading book capital requirements that could impede the ability of banks to deploy capital in support of the economy.
Federal Reserve Board Announces An Expansion Of The Scope And Duration Of The Municipal Liquidity Facility

Date 27/04/2020

The Federal Reserve Board on Monday announced an expansion of the scope and duration of the Municipal Liquidity Facility (MLF). The facility, which was announced on April 9 as part of an initiative to provide up to $2.3 trillion in loans to support U.S. households, businesses, and communities, will offer up to $500 billion in lending to states and municipalities to help manage cash flow stresses caused by the coronavirus pandemic.