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  • Shanghai Stock Exchange: Q&A On Revision To Some Articles On Collateralized Repo Of Bonds

    Date 18/04/2017

    Q: Today (14 April), the Shanghai Stock Exchange (SSE) announced the revisions to the “SSE Trading Rules” and the “SSE Detailed Rules for Implementation of Bond Trading”. What are the amendments and the main concerns?

    A: In order to improve the management of the exchange-traded bond repo business, with the approval of the China Securities Regulatory Commission (CSRC), the SSE has made amendments to the “SSE Trading Rules” and the “SSE Detailed Rules for Implementation of Bond Trading”, and the new rules will come into force on May 22, 2017. The adjustments to the new rules mainly involve two aspects: the first is revising the interest-bearing rule for the collateralized repo, as the number of the interest-bearing days is changed from the nominal days of the repo term to the actual days of the outstanding funds, so as to eliminate the drastic volatility of the repo rates caused by the factor of holidays and weekends under the rule of the number of nominal interest-bearing days, and at the same time the number of interest-bearing days in a year is shifted from 360 days to 365 days; the second is modifying the calculation method of the closing price for collateralized repo, as it is altered from the volume weighted average price of all transactions in one minute before the last transaction on the very day to that in one hour, in a bid to improve the stability of the closing prices of repos.

  • SIFMA Comment Letters Critical Of DOL Fiduciary Rule - Calls For Further Extension, Suggests Path Forward For New Secretary

    Date 18/04/2017

    SIFMA today submitted a comment letter to the Department of Labor regarding the Department’s proposed delay and reconsideration of its fiduciary regulation. SIFMA AMG submitted a separate comment letter. In both cases, SIFMA and SIFMA AMG call for the DOL to delay the applicability of the rule beyond June 09, 2017 in order to allow for a proper review of the rule, consistent with the President’s February 3, 2017 memorandum.   

  • NZX Joins UN Sustainable Stock Exchange Initiative

    Date 17/04/2017

    NZX today announced that it has joined the United Nations Sustainable Stock Exchange (SSE) initiative as a partner exchange.

  • Monetary Policy Expectations And Surprises, Federal Reserve Vice Chairman Stanley Fischer, At The Columbia University School Of International And Public Affairs, New York, New York

    Date 17/04/2017

    Watch Live

    I will address the topic of central bank communications, with a particular emphasis on those times when financial markets and the central bank have different expectations about what a central bank decision will be. Such situations lead to surprises and often to market volatility.

    Of course, not all surprises are equal. For one, communications that shift or solidify expectations that are diffuse or not strongly held are less likely to be disruptive than communications that run counter to strongly held market beliefs. Further, there are worse things than surprises. The central bank must provide its views regarding the likely evolution of monetary policy, even when this view is not shared by market participants. A concern for surprising the market should not be a constraint on following or communicating the appropriate path of monetary policy. That said, there are good reasons to avoid unintended surprises in the conduct of policy.

  • SWIFT - Media FAQ: Shadow Brokers - Allegations Surrounding Attempts To Gain Unauthorised Access To Data At Two Service Bureaux

    Date 17/04/2017

    Key Facts:

    • SWIFT has no indication to suggest that our network or core messaging services have been compromised.
    • The allegations, which date back to 2013, suggest that two service bureaux may have been targeted to gain the attackers unauthorised access to their bank customers’ data.
    • Service Bureaux are third-party providers that operate the connection to SWIFT for firms that wish to connect to SWIFT but who want to outsource the day-to-day operation of their SWIFT connection to a third party. Users are free to select a service bureau of their choosing, and remain responsible for all operations they decide to outsource to their selected service bureau.
    • SWIFT is in close contact with the service bureaux concerned to verify that they are aware of the allegations and have appropriate preventative measures in place.
    • Security is paramount, which is why we have been working with the Community through the Customer Security Programme (CSP) to raise awareness and provide tools and guidance around security.
    • Customers should pay close attention their own security and take security into consideration when selecting a service bureau and working with other third party providers.
    • Securing software and systems by immediately installing security updates, patches and software is key to protecting against exploits such as these. SWIFT regularly releases security updates reinforcing our products, thereby protecting against known exploits and vulnerabilities.
    • The CSP aims to help customer and service providers in reinforcing the security of their operating environments (including their Windows or other operating systems) and ensuring the multiple lines of defence that will help protect against compromises. Applying the latest security patches is one of the 16 mandatory controls in the recently published CSP Security Controls Framework: taken together these controls should also significantly mitigate the impact of any such vulnerabilities.

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