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In a filing on Thurday, JD.com said it would continue to hold a stake of more than 50% in the units, JD Industrials and JD Property, upon completion of the proposed spin-off. JD.com said the size and structure of its units' initial public offerings had not yet been finalised. Two sources with knowledge of the floats said the two JD units are seeking to raise $1 billion each in the IPO. In their listing prospectuses filed later on Thursday, JD Industrials and JD Property disclosed annual revenues of 14.1 billion yuan ($2.05 billion) and 2.3 billion yuan, respectively. UBS and Citic Securities are the financial advisers for JD Industrials, while UBS is the financial adviser for JD Property.

☆ Take Five: And let there be calm
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +5 min

LONDON, March 23 (Reuters) - At the incredible end to the first quarter for financial markets, rattled by bank turmoil, some stability will be much hoped for in coming days. SNB chief Thomas Jordan reckons the next two weeks will be vital to securing UBS's Credit Suisse takeover. Market cap of US regional banks included in the S&P 500 regional bank index3/ DID YOU SAY AT1? Potential legal action is also possible after Swiss authorities ruled that holders of Credit Suisse AT1 bonds would get nothing in the deal. And U.S. and European banks turmoil show how quickly a crisis can surface, giving Ueda even more reason for caution.

LONDON, March 23 (Reuters) - Credit Suisse (CSGN.S) bondholders are seeking legal advice after the Swiss regulator ordered 16 billion Swiss francs ($17.5 billion) of Additional Tier-1 (AT1) debt to be wiped out under its rescue takeover by UBS (UBSG.S). Not only did bondholders expect protection, but UBS is paying $3.23 billion to Credit Suisse shareholders. One Paris-based manager of a debt fund that held Credit Suisse AT1s said he had been "spammed" with emails from lawyers. Facing any challenge could be Credit Suisse, its new owner UBS, Swiss regulator FINMA or the Swiss government. It also cited an emergency March 19 ordinance which it said authorised FINMA to instruct Credit Suisse to write off the bonds.

LONDON, March 21 (Reuters) - Distressed debt investors and large hedge funds are buying up Credit Suisse (CSGN.S) additional tier-1 bonds at rock-bottom prices after they were written down to zero in the Swiss bank's rescue by cross-town rival UBS (UBSG.S). AT1 bonds issued by other European banks tumbled on Monday as the treatment of Credit Suisse AT1 bondholders highlighted the risks of this type of debt. Buyers have included a mixture of hedge funds and deep distressed debt funds, which Southey expected would need to hold the bonds for an extended period before they paid off. Some of those buyers intend to join groups that would litigate to improve odds on cashing in on the bonds, Southey said. "It's quite possible that we will see demand from buyers of subordinated bank debt to have more explicit protections written into these bond prospectuses in the future."

☆ UK sets out financial regulation reforms, including review of accountability rules
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +1 min

LONDON, Dec 9 (Reuters) - Britain's finance ministry on Friday set out plans to overhaul the financial sector including a review of rules to make bankers accountable for their decisions and easing capital requirements on smaller lenders. The City has been largely cut off from the European Union by Brexit, putting pressure on the government to ease rules as Amsterdam overtook London to become Europe's top share trading centre. "The government’s approach to reforming the financial services regulatory landscape recognises and protects the foundations on which the UK’s success as a financial services hub is built: agility, consistently high regulatory standards, and openness," the finance ministry said in a statement. The batch of planned reforms also include a review of short-selling rules, overhauling prospectuses issued by companies when they list, and a plan for repealing and reforming rules that were introduced when Britain was in the EU. Reporting by Huw Jones, writing by William James; Editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: UK sets out financial sector reforms
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +1 min

LONDON, Dec 9 (Reuters) - Britain on Friday set out plans to overhaul the financial sector including a review of rules to make bankers accountable for their decisions and easing capital requirements on smaller lenders. Here are some of the measures announced:- Reforming the Ring-FencingRegime for Banks- Issuing new remit letters for the PRA and FCA with clear, targeted recommendations on growth and international competitiveness- Reforming securitisation regulation- Launching a Call for Evidence on reforming the Short Selling Regulation- Welcoming the PRA consultation on removing rules for the capital deduction of certain non-performing exposures held by banks- Overhauling the UK’s regulation of prospectuses- Committing to establish the independent Investment Research Review- Committing to having a regime for a UK consolidated tape in place by 2024- Consulting on reform to the VAT treatment of fund management- Consulting in Q1 2023 on bringing Environmental, Social, and Governance ratings providers into the regulatory perimeter- Consulting on a UK retail central bank digital currency alongside the Bank of England in the coming weeks- Publishing a response to the consultation on expanding the Investment Manager Exemption to include cryptoassets- Laying regulations in early 2023 to remove well-designed performance fees from the pensions regulatory charge capReporting by William JamesOur Standards: The Thomson Reuters Trust Principles.

☆ Explainer: How Britain is exploiting Brexit to reform finance?
▼ + stars: | 2022-12-09 | by ( Huw Jones | ) www.reuters.com time to read: +5 min

Britain has already announced an easing of capital rules for insurers and is now turning to banks. Rules on prospectuses that companies give to investors when they list on an exchange will be overhauled, along with a reform of rules for securitisation. The government will act on recommendations from a review into improving how listed companies tap investors for fresh funds. The ratings are widely used by investors for picking companies which tout 'green' credentials, but they are not regulated. Prime Minister Rishi Sunak, when he was finance minister, called for a "Britcoin" or digital pound for faster payments.

☆ EU ramps up moves to limit financial link with post-Brexit London
▼ + stars: | 2022-12-07 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

Britain's departure from the EU has forced the bloc to review its reliance on London for clearing trillions of euros in derivatives, EU financial services commissioner Mairead McGuinness said. The draft laws form the latest package in the bloc's efforts to build a capital markets union. The portion that must shift would be decided by EU regulators, but the relocation would be "gradual" and "with the grain" of the market to cut excessive rather than all reliance on London, an EU official said. Banks pushed back against voluntary attempts to relocate euro clearing from London to Frankfurt, leaving the EU with little choice but to mandate the shift. The third draft law seeks to simplify how companies list to save about 100 million euros annually in compliance fees.

☆ Atlantia exit highlights Milan's battle to retain market heavyweights
▼ + stars: | 2022-11-25 | by ( Elisa Anzolin | Hadeel Al Sayegh | ) www.reuters.com time to read: +4 min

snapshotFEW NEWCOMERSOn the plus side, four companies joined the main Euronext Milan market this year, including truckmaker Iveco (IVG.MI), which was the result of a spin off. The situation is healthier for Euronext Growth Milan itself, a market dedicated to small and medium-sized enterprises with minimum access requirements. Over the past 20 years, the main market has lost 268 listed companies and gained only 185, according to Intermonte research published in March. In contrast, the less regulated SME market has attracted 263 listed companies and seen 68 delistings. CULTURAL ISSUEThe fact that there are relatively few listed companies has its roots in the country's history, said Andrea Beltratti, professor of Political Economy at Milan's Bocconi University.

☆ As families and 'Parrotheads' flock to campgrounds and RV parks, institutional real-estate investors see their next big score
▼ + stars: | 2022-05-23 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +13 min

Investors are eyeing profits in campgrounds and RV parks as Americans flock to the great outdoors. Camp Margaritaville RV Resort and Cabana Cabins Auburndale, Central FloridaThe trend is also driven by demographics. Sam Zell's Equity Lifestyle Properties, another large REIT that invests in RV parks alongside mobile homes, has also been busy. While it's not clear how much big investors have thrown into RV campgrounds, manufactured housing communities as a whole have seen a burst of Wall Street financing. After looking hard at multifamily and industrial, he settled with RV parks.

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