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SHANGHAI/HONG KONG, June 27 (Reuters) - China should allow cross-border sharing of information by financial firms operating in the country, a leading financial lobby group said, as authorities tighten control of data generated within its borders in a national security drive. Last July, China unveiled cross-border data review measures that require a security review for "important" offshore data transfers - a move that triggered confusion and concern among foreign financial firms operating in the country. The financial sector lobby group said cross-border transfer of data such as investment outlooks, portfolio analysis, shareholding information and anti-money laundering information should be allowed. However, ASIFMA said the data security rules have made operating in China "very painful" for some of its members. One major complaint from firms operating in China is that Chinese data rules are ambiguous, the lobby group said.

Persons: Alice Law, Lyndon Chao, ASIFMA, Chao, Neuberger Berman, They've, Law, Samuel Shen, Selena Li, Sumeet Chatterjee, Sonali Paul Organizations: Asia Securities Industry, Financial Markets Association, BlackRock, Fidelity International, Thomson Locations: SHANGHAI, HONG KONG, China, Beijing, U.S

NEW YORK/WASHINGTON, May 15 (Reuters) - As talks over raising the U.S. government's $31.4 trillion debt ceiling intensify, Wall Street banks and asset managers have begun preparing for fallout from a potential default. Citigroup (C.N) CEO Jane Fraser said this debate on the debt ceiling is "more worrying" than previous ones. U.S. government bonds underpin the global financial system so it is difficult to fully gauge the damage a default would create, but executives expect massive volatility across equity, debt and other markets. Banks, brokers and trading platforms are prepping for disruption to the Treasury market, as well as broader volatility. Bond trading platform Tradeweb said it was in discussions with clients, industry groups, and other market participants about contingency plans.

☆ U.S. financial regulators to tighten rules on non-banks, systemic risks
▼ + stars: | 2023-04-21 | by ( David Lawder | ) www.reuters.com time to read: +4 min

WASHINGTON, April 21 (Reuters) - Top U.S. regulators on Friday proposed new rules to speed the assessment of financial stability risks and make it easier to designate non-bank institutions as systemically important, subjecting them to Federal Reserve supervision. The multi-regulator Financial Stability Oversight Council released the proposals for public comment just over a month after two regional bank failures sparked the biggest financial system contagion threat since the 2008 financial crisis. U.S. Treasury Secretary Janet Yellen has raised concerns about non-bank financial institutions, including hedge funds, because of their lack of supervision and the potential for systemic spillovers from firms in distress. NOT USHedge fund, mutual fund and asset manager trade groups responded by saying that regulators should look elsewhere for threats to financial stability. The new framework also specifies vulnerabilities that FSOC and member regulators would consider when evaluating potential stability risks.

☆ Wall Street lines up against SEC chair Gary Gensler on one of his most controversial proposals
▼ + stars: | 2023-03-31 | by ( Bob Pisani | ) www.cnbc.com time to read: +15 min

However, Gensler has claimed that pension funds and other institutional investors are not able to interact with that retail order flow. Auctions: the industry lines up against it The auction proposal has generated a large volume of comment letters to the SEC. He has said investors today need a better understanding of how well their trading orders are being executed. Theoretically, the SEC could vote on any or all of the four proposals in a shorter time period. This is just the start This is just the start of many proposals in front of the SEC.

☆ Main Street investors pressure SEC, confront Wall Street on stock plan
▼ + stars: | 2023-03-10 | by ( John Mccrank | ) www.reuters.com time to read: +4 min

NEW YORK, March 10 (Reuters) - Main Street investors are facing off against Wall Street in an attempt to sway the U.S. Securities and Exchange Commission in its proposed revamp of stock trading. The collective voice of individual investors has grown as their numbers surged, a lasting legacy from the so-called "meme stock" saga of early 2021. "A lot of folks are angry," said Dave Lauer, cofounder of We The Investors, a retail investor-focused advocacy group. Individual investors jumped into stock trading after big retail brokers eliminated commissions in late 2019. With weeks to go until the March 31 deadline for comment letters on the SEC proposals, Lauer said he was just starting his organization's comment letter campaign.

ECB Governing Council member Ignazio Visco, who is also the Bank of Italy's governor, warned that an excessive tightening would have "serious implications" for economic activity and financial stability. He reiterated that he saw this as a risk that carried the same weight as the danger of a too gradual tightening. "The policy tightening can now continue with the due caution, carefully assessing the implications for the economy and inflation prospects of the measures that have already been adopted," Visco told the annual conference of Italy's Assiom-Forex financial markets association. The ECB has kept its options open about subsequent steps after March, raising doubts among investors about its resolve to keep raising rates to tame inflation. Banking supervisors are monitoring specifically credit risks but also liquidity and refinancing risks, Visco said, adding there was a danger that higher rates fed into banks' funding costs more rapidly than in the past.

☆ COP27: Regulators plan closer scrutiny of carbon markets
▼ + stars: | 2022-11-09 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

LONDON, Nov 9 (Reuters) - Global securities regulators proposed closer scrutiny of carbon trading on Wednesday to deepen liquidity and prevent greenwashing in markets used by companies to offset their emissions to drive the transition to a net-zero economy. The International Organization of Securities Commissions (IOSCO), which groups securities regulators from across the world, made recommendations to improve 'compliance' carbon markets, and asked whether regulators should be more involved in 'voluntary' carbon markets. Compliance refers to regulated markets for trading permits on exchanges like ICE and EEX with the EU emission trading scheme (ETS). The unregulated voluntary market refers to companies buying credits from emission reducing projects like renewable energy or planting trees to offset their own emissions. "Some vulnerabilities in voluntary carbon markets have thus far prevented these markets from scaling to their full potential, while others can be of concern for regulators in their efforts to counter the risk of greenwashing," IOSCO said.

☆ Yellen taking steps to enhance Treasury market, boost funds resilience
▼ + stars: | 2022-10-24 | by ( David Lawder | ) www.reuters.com time to read: +3 min

Oct 24 (Reuters) - The U.S. Treasury is taking steps to strengthen the resilience of the Treasury debt market and private money market and bond funds, but the U.S. financial system is functioning well despite elevated global volatility, Treasury Secretary Janet Yellen said on Monday. "Treasury is working with financial regulators to advance reforms that improve the Treasury market's ability to absorb shocks and disruptions, rather than to amplify them," Yellen said. MONEY MARKETS, BOND FUNDSHigher market volatility also could expose vulnerabilities in non-bank financial intermediation, Yellen said. She added that Treasury and financial regulators are working to better monitor leverage in private funds and to "develop policies to reduce the first-mover advantage that could lead to investor runs in money market funds and open-end bond funds." Yellen cited stresses in money market funds during the 2008 financial crisis and again in March 2020 as the reason for the Securities and Exchange Commission's new proposed rules to improve resilience and transparency in the $5 trillion money market sector.

☆ Yellen says taking steps to enhance Treasury market, funds resilience
▼ + stars: | 2022-10-24 | by ( David Lawder | ) www.reuters.com time to read: +2 min

Oct 24 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Monday the U.S. financial system remains resilient amid global volatility, but the Treasury is taking steps to mitigate potential risks in the Treasury market and private money market and bond funds. While we continue to watch for emerging risks, our system remains resilient and continues to operate well through uncertainties," Yellen said. But Yellen added that recent episodes of stress in the Treasury market pointed to the need to take steps to enhance its resilience. "Treasury is working with financial regulators to advance reforms that improve the Treasury market's ability to absorb shocks and disruptions, rather than to amplify them," Yellen said. Higher market volatility also could expose vulnerabilities in non-bank financial intermediation, Yellen said.

A spokesperson for BNY Mellon declined to comment on the status of its crypto custody project. “BNY Mellon believes digital assets are here to stay, and increasingly becoming part of the mainstream of finance," he added. Offering to hold clients' digital assets appeared the safest way to enter the market. read moreThe SEC guidance departed from that practice. At a conference last week, the SEC's acting chief accountant said that custodied crypto assets present "unique" risks which meet the definition of a liability under U.S. accounting standards.

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