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Search resuls for: "Securities Industry"


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☆ China's State Council shakeup aims to counter rising US tech restrictions and financial risks
  + stars: | 2023-03-08 | by ( Laura He | ) edition.cnn.com   time to read: +6 min
“These proposed institutional changes reflect key focus areas of Chinese policymakers in the next few years, namely improving financial regulation coordination to enhance financial stability,” Goldman Sachs analysts said on Wednesday. Among the changes announced Tuesday during the annual gathering of the National People’s Congress, Beijing will set up a new powerful financial regulator: the National Financial Regulatory Administration (NFRA). VCG/Getty ImagesA super regulatorChina’s financial system has traditionally been jointly overseen by the People’s Bank of China, the CBIRC and the China Securities Regulatory Commission (CSRC). The new regulator is meant to “better manage risks” in the financial system and strengthen the supervision of “institutions, behaviors, and functions,” the government proposal said. The move comes as risks to the stability of China’s financial system are rising amid a housing market slump and economic slowdown.
☆ China plans to revamp finance, tech oversight
  + stars: | 2023-03-08 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +6 min
Lintao Zhang | Getty Images News | Getty ImagesBEIJING — China plans to overhaul its financial regulatory system by consolidating aspects of the central bank and securities regulator under a new entity, while doing away with the existing banking regulator. The moves also come as Beijing has increased regulation on parts of the economy that had developed quickly, with little oversight. The latest plan calls for the establishment of a National Financial Regulatory Administration, which replaces the China Banking and Insurance Regulatory Commission and expands its role. watch nowThe China Securities Regulatory Commission's investor protection responsibilities are set to shift to the new financial regulator. "China's consolidated financial regulatory body is [a] paradigm shift to ramp up oversight of its vast financial system," said Winston Ma, adjunct professor of law at New York University.
☆ Ghana govt and capital market operators agree on domestic debt exchange terms
  + stars: | 2023-01-28 | by ( ) www.reuters.com   time to read: +1 min
ACCRA, Jan 27 (Reuters) - Ghana's government and the Ghana Securities Industry Association (GSIA) have reached an understanding on the terms of participation by capital market operators in the country's domestic debt exchange (DDE) programme, they said on Friday. Under the new agreement, capital market operators will participate in the exchange programme on the same "improved terms" agreed with banks earlier this week. "GSIA believes this agreement is necessary to restore market normalcy and confidence in the economy," the statement said. Ghana needs around 80% of bondholders to sign up for the DDE program. Reporting by Cooper Inveen Writing by Sofia Christensen Editing by Louise Heavens, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.
☆ Americanas' billionaire shareholders say they were unaware of accounting problems
  + stars: | 2023-01-23 | by ( Tatiana Bautzer | ) www.reuters.com   time to read: +2 min
SAO PAULO, Jan 23 (Reuters) - Americanas SA (AMER3.SA) three largest shareholders, the billionaire founders of 3G Capital, said on Sunday they had not known of $4 billion in accounting 'inconsistencies' at the Brazilian retailer. "We didn't know of and would never allow any accounting manipulation in the company", the statement said. It said Americanas had been audited by PwC and that the retailer's "banks and auditors never reported any problems". Securities industry regulator CVM has also launched probes into Americanas, which has seen its stock lose more than 90% of its value since the news of the accounting problems emerged. 3G Capital itself has no stake in Americanas.
☆ New York AG accuses Celsius ex-CEO of defrauding crypto investors
  + stars: | 2023-01-05 | by ( Rohan Goswami | ) www.cnbc.com   time to read: +3 min
New York Attorney General Letitia James sued former Celsius Network CEO Alex Mashinsky on Thursday, alleging that Mashinsky defrauded hundreds of thousands of investors at his now-bankrupt crypto exchange. At one point, deposits at the crypto exchange were valued at $20 billion, according to the complaint. But Mashinsky's statements were false, James alleges, and became part of the former Celsius CEO's efforts to hide deep losses on risky crypto-lending investments. Celsius investors were left bereft and so despondent that some considered suicide, CNBC previously reported. Celsius entered bankruptcy proceedings with only $1.75 billion in crypto assets, a far cry from the $4.7 billion it owed users.
☆ SEC Chair Gary Gensler tees up changes to how the stock market operates
  + stars: | 2022-12-13 | by ( Bob Pisani | ) www.cnbc.com   time to read: +8 min
These wholesalers may send the orders to exchanges, but often match the orders against their own internal order flow. However, Gensler has claimed that pension funds and other institutional investors are not able to interact with that retail order flow. Execution quality disclosure Market participants are required to submit monthly reports indicating how well they are executing client orders. Gensler has said investors today need a better understanding of how well their trading orders are being executed. Gensler's broad agenda The proposals on market structure are part of a broad agenda Gensler has undertaken this year.
☆ Wall Street bonuses to plunge 22% this year - NY state comptroller
  + stars: | 2022-10-25 | by ( Lananh Nguyen Niket Nishant | Lananh Nguyen | Niket Nishant | ) www.reuters.com   time to read: +3 min
NEW YORK, Oct 25 (Reuters) - Wall Street bonuses in 2022 are expected to fall 22% or more from last year's bumper payouts, according to a report from New York State Comptroller Thomas DiNapoli, as tough economic conditions choked off demand for deals. Across Wall Street, investment-banking fees plunged from their 2021 records as the markets for mergers, acquisitions and initial public offerings dried up. Wall Street firms have set aside 6.5% less for compensation in the first half of 2022 as pretax profits halved to $13.5 billion, DiNapoli said. Wall Street workers remain an important force in New York City, accounting for 16% of its economic activity. The comptroller's annual report on 2022 Wall Street bonuses will be released in March.
☆ 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.
☆ Goldman Sachs lays off 25 bankers in Asia, Bloomberg reports
  + stars: | 2022-09-20 | by ( ) www.reuters.com   time to read: +2 min
Register now for FREE unlimited access to Reuters.com RegisterThe Goldman Sachs company logo is on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 13, 2021. REUTERS/Brendan McDermidSept 20 (Reuters) - Goldman Sachs (GS.N) has laid off at least 25 bankers in Asia, Bloomberg News reported on Tuesday citing people familiar with the matter, as volatility in capital markets stifles dealmaking across sectors. The job cuts, which span across the bank's equity capital markets, health care, and telecommunication, media and technology teams in Asia mostly impacted junior level bankers involved in deals in Greater China, the Bloomberg report said. "Every year globally we conduct a strategic assessment of our resources and calibrate headcount to the current operating environment," a Goldman spokesperson said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Mehnaz Yasmin in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.
☆ U.S. SEC's crypto guidelines push up costs for lenders, disrupting projects
  + stars: | 2022-09-16 | by ( Hannah Lang Michelle Price | Hannah Lang | Michelle Price | ) www.reuters.com   time to read: +7 min
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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