Hong Kong Monetary Authority Fines DBS Bank $1.28m LeapRate

July 09, 2024 BY Elizabeth Anderson

Hong Kong Monetary Authority Fines DBS Bank $1.28m

The HKMA investigated alleged control failures at DBS Bank between April 2012 and April 2019. The financial watchdog conducted an investigation under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615 of the Laws of Hong Kong). The HKMA identified control discrepancies such as the inconsistent monitoring of business relationships, lapses in evaluating high-risk events,…

June 26, 2018 BY Valentina Kirilova

ADGM and Hong Kong Monetary Authority sign FinTech co-operation agreement

Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and the Hong Kong Monetary Authority have announced that they have signed a co-operation agreement today to jointly promote and enable financial services innovation, and accelerate cross-border FinTech business opportunities in Hong Kong and the United Arab Emirates (UAE). With this agreement, ADGM…

March 27, 2018 BY Valentina Kirilova

Hong Kong regulators to enhance the OTC derivatives regulatory regime

The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) have issued a joint consultation on further enhancements to the over-the-counter (OTC) derivatives regulatory regime in Hong Kong, including a proposal to mandate the use of the Legal Entity Identifier (LEI) for the reporting obligation. To align with global standards, all entities…

May 16, 2017 BY Valentina Kirilova

CFETS and HKEX set to establish Bond Connect

The People's Bank of China (PBC) and the Hong Kong Monetary Authority (HKMA) today jointly announced plans to establish a mutual market access scheme to connect the Mainland China and Hong Kong bond markets (Bond Connect). Through the bridging of related Mainland and Hong Kong financial infrastructure institutions, investors in one market will be able…

April 27, 2017 BY Valentina Kirilova

SFC issues a joint HKMA-SFC consultation on the OTC derivatives regulatory regime

The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) today issued a joint consultation on the prescription of additional markets and clearing houses, and the prescription of Delta One Warrants, for the purpose of the over-the-counter (OTC) derivatives regulatory regime. This consultation is in response to a recent request from market…

December 07, 2016 BY Valentina Kirilova

FCA and Hong Kong Monetary Authority sign cooperation agreement

The UK’s Financial Conduct Authority (FCA) and the Hong Kong Monetary Authority (HKMA) have entered into a Co-operation Agreement (Agreement) to foster collaboration between the two regulatory authorities in promoting financial innovation. According to the Agreement, the FCA and the HKMA will closely collaborate on a number of initiatives such as referrals of innovative firms,…

February 08, 2016 BY Mike Fox

Hong Kong regulators release conclusions on introducing mandatory clearing and reporting for OTC derivatives market

There were concerns about the lack of explicit guidance as to what constitutes an OTC derivative for FX, and clarification was sought as to whether it captured all FX forwards (including FX security conversions), FX NDFs, FX swaps and FX options, in all currencies. The Hong Kong financial regulators also received a request to exclude FX…

November 03, 2014 BY Mike Fox

Hong Kong Monetary Authority designates seven CNH Primary Liquidity Providers

The Hong Kong Monetary Authority (HKMA) announced today that it has designated seven banks as Primary Liquidity Providers (PLPs) for the offshore renminbi (CNH) market in Hong Kong. These designated PLPs have pledged to expand their market-making activities in Hong Kong for various CNH instruments, and use the Hong Kong platform in promoting their global…

January 17, 2014 BY Gerald Segal

ADS Securities expands its Far East presence with a Hong Kong office

With its existing office in Singapore and Ex-GFT Asia CEO Desmond Yeo a foothold in the region is almost certain The Middle East brokerage powerhouse originally from the United Arab Emirates is expanding its presence in the Far East side of Asia with an office opening in Hong Kong. The company already has established a…

October 17, 2013 BY Gerald Segal

Hong Kong financial regulator now involved in 4pm fix manipulation investigation

...and the UK's FCA is looking at IMs and chatroom activity of JP Morgan's Chief FX Dealer in London. As we have recently reported, several financial regulators across the globe, later joined by the FBI, have started regulatory and criminal probes into currency rates manipulation around the daily 4pm London fix of FX rates. Reports…

Tag: Hong Kong Monetary Authority