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  • Bursa Malaysia Organises Inaugural Shariah Investing Forum 2017

    Date 18/04/2017

    Bursa Malaysia Berhad’s (“Bursa Malaysia” or “the Exchange”) inaugural Shariah Investing Forum 2017 was held yesterday, 17 April 2017, where Shariah scholars, advisers and Islamic capital market and finance practitioners gathered to participate in industry-leading conversations that will pave the future direction of Malaysia’s Islamic capital market. The one-day forum attracted more than 300 participants. 

  • 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

    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.