May pledges "bold offer" to Parliament on Brexit | Chinese regulator permits insurers' use of credit derivatives | Moody's positive on Singapore banks under Basel III
May 20, 2019
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May pledges "bold offer" to Parliament on Brexit
UK Prime Minister Theresa May says the Brexit proposal she will bring to Parliament in early June is a "bold offer." Cabinet minister Rory Stewart says he hopes provisions protecting workers' rights will attract support from the opposition Labour Party, but party leader Jeremy Corbyn says it will oppose the measure.
BBC (5/19),  The Sunday Times (London) (tiered subscription model) (5/19) 
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Chinese regulator permits insurers' use of credit derivatives
The China Banking and Insurance Regulatory Commission is letting insurers use credit derivatives for risk hedging. The regulator says firms must comply with trading rules and must file monthly, quarterly and annual reports.
Xinhua News Agency (China) (5/19) 
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Industry News and Trends
Moody's positive on Singapore banks under Basel III
The final Basel III package should be "credit positive for Singapore banks," according to Moody's Investors Service. Strong capital ratios should be maintained, Moody's says.
The Business Times (Singapore) (free content) (5/14) 
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Repo exposure increases at US G-SIBs
Global systemically important banks in the US increased repo exposure in the first quarter by 11% compared with Q1 of 2018 and by 4% compared with Q4.
Risk (subscription required) (5/17) 
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Regulatory Roundup
Luxembourg, Ireland to examine letterbox entities
UK and US asset managers running a delegated model in Ireland or Luxembourg after Brexit will face regulatory scrutiny regarding whether their presence is justifiable.
Financial Times (subscription required) (5/18) 
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US lawmaker: Regulators should monitor Facebook cryptocurrency
US financial regulators should pay attention to whether Facebook's proposed cryptocurrency system would comply with rules on consumer protection and privacy, Sen. Mike Crapo says.
MLex (subscription required) (5/17) 
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ISDA News and Events
ISDA's Annual Legal Forum is back in NYC -- June 11 with remarks from CFTC Commissioner Dawn Stump
ISDA's Annual Legal Forum is back in NYC -- June 11 with remarks from CFTC Commissioner Dawn Stump
ISDA's Annual Legal Forum is back in New York, bringing the latest on the most important legal and regulatory issues facing derivatives markets today. The forum will cover Phase 5 Initial Margin Implementation, Benchmark Reform, the Future of Industry Documentation and developments in CFTC & SEC Enforcement. REGISTER: ISDA Annual Legal Forum, June 11 in New York
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Trading Book Capital Conferences: London & New York -- June 2019
Trading Book Capital Conferences: London & New York -- June 2019
ISDA is offering conferences in London and New York with discussion on the significant changes FRTB and Counterparty Risk capital have undergone, impacting the way market risk capital is measured, and managed for trading businesses. Networking Drinks will follow immediately after the discussion. REGISTER: June 13 in London and June 20 in New York
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