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IOSCO consults on measures to reduce conflict of interests in debt capital raising
December 16, 2019--The Board of the International Organization of Securities Commissions (IOSCO) is requesting feedback on proposed guidance to help IOSCO members address potential conflicts of interest and associated conduct risks arising from the role of market intermediaries in the debt capital raising process.
Conflicts of interest and associated conduct risks can weaken investor confidence and undermine debt capital markets as an effective vehicle for issuers to raise funding. To help regulators identify and address these risks, IOSCO today published the consultation report Conflicts of interest and associated conduct risks during the debt capital raising process.
ESG controversies wipe $500bn off value of US companies
December 14, 2019--Environmental, social and governance funds hit the $1tn asset mark last year
Quarrels involving environmental, social and governance issues have wiped more than $500bn off the value of large US companies over the...
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Basel Committee invites comments on the design of a prudential treatment for crypto-assets
December 12, 2019--Today the Basel Committee on Banking Supervision is publishing a discussion paper on the design of a prudential treatment for crypto-assets.
The past few years have seen rapid growth in crypto-assets. While the crypto-asset market is still small relative to the size of the global financial system, and banks' exposures to crypto-assets are currently limited, the absolute size of the market is meaningful and there continue to be rapid developments, with increased attention from a broad range of stakeholders.
As previously indicated, the Committee is of the view that the growth of crypto-assets and related services has the potential to raise financial stability concerns and increase risks faced by banks. Crypto-assets are an immature asset class given the lack of standardisation and constant evolution. Certain crypto-assets have exhibited a high degree of volatility, and present risks for banks, including liquidity, credit, market, operational (including fraud and cyber), money laundering and terrorist financing, and legal and reputation risks.
Cboe buys EuroCCP to bolster Dutch EU base after Brexit
December 10, 2019--Cboe Global Markets (CBOE.Z) said on Tuesday it would take full control of EuroCCP, Europe's largest clearing house for stock trades, to bolster its post-Brexit base in Amsterdam and diversify into derivatives
It is the latest deal in a rapidly consolidating market where the Swiss Exchange has bid for its Madrid counterpart and the London Stock Exchange (LSE.L) is buying financial market data company Refinitiv.
Treating stablecoins like ETFs
December 9, 2019--We've often argued that a stablecoin is nothing more than a glorified exchange traded fund (ETF).
So when it comes to the fuss about how to regulate stablecoins like Libra, is it possible that most of the hard work has already been done on account of the regulatory environment that governs ETFs?
That's an idea being proposed by Luciano Somoza and Tammaro Terracciano, PhD candidates from the University of Lausanne and the University of Geneva respectively.
Easing trade tensions lift sentiment: BIS Quarterly Review
December 8, 2019--Easing trade tensions in mid-October triggered a risk-on phase in global financial markets. Equity prices rallied, reaching new highs in the United States in November. At the same time, credit spreads tightened, and yields on safe sovereign bonds edged higher. Nevertheless, the economic outlook remained tepid and inflation low, leading central banks to ease further.
The renewed risk appetite, coupled with loose financial conditions, sparked questions about the sustainability of asset valuations. Investors' compensation for bearing risk seems to hinge on the term premium; to the extent that the premium is unusually low, it may flatter valuations.
DIY stock indices pose challenge to investment heavyweights
December 5, 2019--In April the German exchange group bought Axioma, a New York-based analytics company, and merged it with its existing data and index business.
The new company, Qontigo-which owns some of the biggest European equity benchmarks such as Germany's Dax -has since rolled out a "do-it-yourself" platform that allows clients to design their own indices, and outsource the maintenance.
Putting a Price on Pollution
December 5, 2019--Carbon-pricing strategies could hold the key to meeting the world's climate stabilization goals
Without major and urgent efforts to slow accumulation of carbon dioxide (CO 2) and other greenhouse gases in the atmosphere, future generations will inherit a much warmer planet with risks of dangerous climate events, higher sea levels, and destruction of the natural world.
The international community's response is grounded in the 2015 Paris Agreement, which has the key objective of limiting future global warming to between 1.5 and 2˚C above pre-industrial levels.
Hedge fund billionaire vows to punish company directors for climate change inaction-Sir Christopher Hohn, who has donated to Extinction rebellion, steps up pressure on firms responsible for carbon emissions
December 4, 2019-A billionaire hedge fund manager and backer of Extinction Rebellion has warned he will begin taking action against companies that do not do enough to tackle the climate emergency.
Sir Christopher Hohn, founder of TCI Fund Management, which manages more than $28bn (£s;21bn) of assets, has sent letters to big companies in which it invests, including Google and Airbus.
The next generation of digital currencies: in search of stability
December 2, 2019--Recent developments have re-opened the debate on the future of money. This Policy Contribution discusses two aspects: the implications of the rise of global private stablecoins, such as Facebook's Libra, and the role that public central bank digital currencies could play.
Four major developments have challenged the status quo and reopened the debate on the forms that money will take in the future: 1) use of cash as a medium of exchange has declined; 2) distributed ledger technology (DLT) has led to the emergence of thousands of digital cryptocurrencies; 3) some global tech giants are planning to provide private digital currencies to their billions of users in the form of stablecoins; and 4) in turn, public authorities are thinking about providing their own digital currencies to the general public.