Tuesday 21st October 2014
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TUESDAY TICKER: OCTOBER 21ST 2014: The governor of the Bank of England, Mark Carney, has launched a probe into the causes of yesterday’s disruption to Real-time gross settlement (RTGS), the bank's system for settling high value payments - A major loophole in the UK’s criminal records checking system means that IT staff, including those working in critical functions within financial services firms are not permitted to be vetted for fraud, says Simon Culhane, Chartered FCSI and chief executive officer of the Chartered Institute for Securities & Investment (CISI) - Employment in financial and related professional services in London reached a record high of 703,900 in June 2014– 11%, according to TheCityUK’s October 2014 London Employment Survey - LSE-backed multilateral trading facility Turquoise has launched Block Discovery, a new service designed to allow users within the Turquoise Midpoint Dark Book to trade larger block orders by matching block indications - Dominic Wheatley will take up the job of chief executive of Guernsey Finance as of December 1st. Wheatley will replace Fiona Le Poidevin, whose resignation was announced in July and who will head up the Channel Islands Stock Exchange.
Middle East and Africa Regulation

Florida based MEA Risk, a risk and country stability assessment firm issues today a report that discusses the latest developments on ISIS in North Africa and in the Sahel, with the conclusion that an offensive is under way.

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South Africa's Reserve Bank (SARB) has placed African Bank Limited under external supervision and announced plans for a capital injection underwritten by local lenders.

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In 2013, a number of concerns were raised about the integrity of foreign exchange (FX) rate benchmarks. These concerns stemmed particularly from the incentives for potential market malpractice linked to the structure of trading around the benchmark fixings. As a result, the FSB Plenary formed a working group chaired by Guy Debelle of the Reserve Bank of Australia and Paul Fisher of the Bank of England to focus on foreign exchange benchmarks. The group was given a mandate to undertake analysis of the FX market structure and incentives that may promote particular types of trading activity around the benchmark fixings. The group was tasked to propose possible remedies to address these adverse incentives as well as to examine whether there is a need and scope to improve the construction of the benchmarks themselves.

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The positive outlook for global economic growth has increased in the last year among Middle East intermediaries, according to the latest poll, carried out by Invesco Asset Management, however their biggest concern for global financial markets is emerging market monetary tightening. 

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Monday, 02 September 2013

DIFC reports 7% business uptick

The number of companies operating in the Dubai International Financial Centre is on the rise again. The DIFC reports a 7% uptick in registrations reflecting a return to confidence in the emirate follow a number of fallow years.

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The International Monetary Fund says the near-term outlook for Sub-Saharan Africa remains broadly positive, with growth projected to accelerate to around 5.5% in 2013-14, following a year of strong growth in 2012. In its May 2013 Regional Economic Outlook, Building Momentum in a Multi-Speed World, the IMF says that these favourable prospects partly reflect the gradually improving outlook for the global economy, while locally, investment in export-oriented sectors is an important driver of growth for the future.

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EFG Hermes and QInvest have terminated their joint venture proposal after the Egyptian Financial Supervisory Authority (EFSA) failed to approve the deal.

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Wednesday, 24 April 2013

G20 meeting outcome: the PBOC view

The People's Bank of China has issued its summary of the G20 meeting attended by the world's central bank governors and finance ministers. China was represented by Governor Zhou Xiaochuan and Finance Minister Lou Jiwei.

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