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  • Editor’s Picks / 21 July 2016 at 0:06 GMT

    HSBC officials snared in currency-rigging probe

    Two senior bankers at HSBC have been arrested in connection with a case involving currency benchmark rigging, according to reports. Mark Johnson, the bank's global head of foreign-exchange cash trading, was arrested on Tuesday at JFK International Airport, according to multiple reports. He faces charges following a three-year investigation into currency trading practices at multiple global banks, according to the reports. In addition, Stuart Scott, former head of cash trading for Europe, the Middle East and Africa, also faces wire fraud conspiracy charges, though he has not been arrested yet.
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  • Editor’s Picks / 15 March 2016 at 22:39 GMT

    Politics will decide if China can dodge the middle income trap

    South China Morning Post
    A free market is a precondition for developing an innovation-driven, and productivity- and efficiency-based economy. To accomplish this goal, the government must privatise state-owned enterprises, as the state-centric economy is a big obstacle to fully embracing the marketplace. However, China's leadership has rejected such reforms, with statements that Beijing would seek to “consolidate and develop the public sector” and “maintain its mainstay status and its leading role” in the economy. The most daunting challenge is political, as reform to build democratic institutions and a society governed by the rule of law is also a prerequisite for an economy to move to a high-income level. The experiences of Japan, South Korea and Taiwan attest to this.
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  • Article / 14 March 2016 at 11:00 GMT

    Chinese stocks soar on regulatory retreat

    Saxo Capital Markets China
    Chinese stocks soar on regulatory retreat
    China stock market soared on Monday on expectation that the reform of IPO registration system will come later than previously expected and will only be implemented gradually and slowly. The Growth Enterprise Market Indexsurged by 4.56%. The benchmark Shanghai Composite Index rose 1.75% to close at 2859.5.
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  • Editor’s Picks / 07 March 2016 at 16:28 GMT

    Defusing derivatives spotlights clearing-house risks

    Global regulators are turning their attention to an important matter of unfinished business: ensuring that bad bets on derivatives can't upset the entire financial system, Bloomberg View editors say in an opinion column. And they are focusing on the risks related to clearing houses. "The 2008 financial crisis proved that derivatives had gotten out of control," the editors say. Clearing houses will play an increasingly important role in containing systemic risk, setting limits on leverage for banks, hedge funds and other investors, they say. "The clearing houses are too important to fail, and the current rules governing their risk management are too lax...Greater transparency and specific capital requirements would be a good start." Regulators should publicly stress-test clearing houses as they do banks, and should require them to disclose enough information to assess the quality of their risk management, the Bloomberg View ediorial board says.
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  • Editor’s Picks / 08 February 2016 at 0:01 GMT

    ANZ Bank cooperating with interest-rate benchmark probe

    Australia & New Zealand Banking Group said it’s continuing to cooperate with a probe into possible manipulation of Australia’s interest-rate benchmark, amid a report the regulator is on the verge of taking legal action against the bank. The Australian Securities and Investments Commission is expected to file a civil action against ANZ Bank in relation to breaches of the law relating to the bank-bill swap rate between 2007 and 2013, the Australian Financial Review reported on Monday, without citing sources. An announcement is expected in the next few weeks, the newspaper said.
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