News Centre

LCH Group Services: 2023 Highlights

Date 31/01/2024

LCH SwapClear

Key highlights and achievements across the LCH SwapClear service in 2023 include: 

• In May2023, LCH completed its conversion of ~600,000 USD LIBOR contracts into SOFR equivalents, by far the largest conversion undertaken to-date with an aggregate notional value of $45 trillion. LCH also completed the conversion events for SGD SOR & THB THBFIX in June. The global programme remains ongoing, with CAD CDOR the next major benchmark set for conversion in June 2024, with an aggregate notional of $7trillion (C$9trillion).
• In August 2023, LCH SwapClear extended its operating times to 24 hours a day, 5 days a week to better support the growing regional demand for longer time periods to access clearing for OTC swaps. 
• In Q3 2023, LCH SwapClear supported the onboarding of Singaporean local bank OCBC (Oversea-Chines Banking Corporation) as SwapClear’s global offering grows and expands across the APAC region. The onboarding of UOB (United Overseas Bank) to membership marks the completion of all Singapore local banking groups as direct members of SwapClear. 
• In September 2023, LCH SwapClear launched PLN WIRON and ILS SHIR clearing eligibility.

Solactive Announces The Ongoing Collaboration With Global X By Launching An ETF In Japan Tracking The Solactive 1-3 Month US T-Bill Index

Date 31/01/2024

Solactive is proud that Global X continues to leverage its fixed-income expertise for new ETF strategies. This time, tailored to Japanese investors, Global X Japan has launched the Global X Ultra Short-Term T-Bill ETF, tracking the Solactive 1-3 Month US T-Bill Index.

MNI Indicators: MNI China Liquidity Index™ – January Liquidity High

Date 31/01/2024

Key Points – January Report

China's interbank liquidity eased in January to the most relaxed conditions since December 2022, as the central bank made MLF and OMO adjustments, while unexpectedly cutting the RRR to support sentiment, the latest MNI China Liquidity Index showed.

ASIC: Court Declares Westpac Engaged In Unconscionable Conduct For Interest Rate Swap, Maximum Penalty Applied

Date 31/01/2024

The Federal Court has declared Westpac Banking Corporation (Westpac) engaged in unconscionable conduct in October 2016 when executing a $12 billion interest rate swap transaction, the largest of its kind in Australian financial market history.

Bursa Malaysia Reports RM252.4 Million Profit After Tax, Zakat And Minority Interest For Financial Year Ended 31 December 2023

Date 31/01/2024

Bursa Malaysia Berhad (“Bursa Malaysia” or the “Exchange”) recorded a Profit After Tax, Minority Interest and Zakat (“PATAMI”) of RM252.4 million for the financial year ended 31 December 2023 (“FY2023”), a 11.4% increase from the RM226.6 million reported in the previous financial year ended 31 December 2022 (“FY2022”). The growth in PATAMI is attributed to higher operating revenue by 1.3% to RM592.8 million from RM585.3 million in FY2022. Meanwhile, total operating expenses saw a 0.6% marginal increase to RM294.5 million from RM292.7 million in FY2022.

SGX Securities Debuts First Active ETF

Date 31/01/2024

• SGX marks new milestone with first active ETF
• Underscores commitment to pioneer new financial instruments catering to the evolving market landscape

ASIC Releases Summary Document For Indigenous Financial Services Framework Workshop

Date 31/01/2024

KEY POINTS

• ASIC has published a summary document on Understanding and Responding to Identification Challenges for First Nations Consumers following a November workshop.
• The workshop canvassed real life consumer experiences and highlighted projects and initiatives that could be broadly adopted.
• Access the summary document from ASIC’s virtual workshop on identification challenges.

Speech By Samantha Barrass, Chief Executive, New Zealand Financial Markets Authority, To The Financial Services Council Outlook 2024

Date 31/01/2024

This is my third FSC outlook event. There is, as I’m sure you’ve all now realised, much to cover in thirty minutes. Before I do that, I want to pause, and acknowledge the work of everyone at the FSC, including Rob Flanagan. The work of the FSC, from the Board to its staff, to members whose staff contribute to its committees, is vital in our engagement-led approach.  

We're Not There Yet: Current Regulation Around AI May Not Be Sufficient - Keynote Address By ASIC Chair Joe Longo At The At UTS Human Technology Institute Shaping Our Future Symposium, 31 January 2024

Date 31/01/2024

KEY POINTS

• ASIC Chair Joe Longo spoke at the UTS Human Technology Institute Shaping Our Future Symposium on the current and future state of AI regulation and governance.
• All participants in the financial system have a duty to balance innovation with the responsible, safe, and ethical use of emerging technologies – and existing obligations around good governance and the provision of financial services don’t change with new technology.
• ASIC will continue to act, within our remit, to deter bad behaviour whenever appropriate and however caused. Our focus is – and will always be – the safety and integrity of the financial system and positive outcomes for consumers and investors.

NZX Full Year 2023 Shareholder Metrics

Date 31/01/2024

Please see attached NZX Limited Full Year 2023 Shareholder Metrics.