News 

Corruption Currents: South Africa Enters Crisis Amid Power Struggle

“The banking regulation known as the Fundamental Review of the Trading Book represents a significant update to the market risk capital requirements for financial institutions” writes Samuel Rubenfeld for wsj.com. The impact of the regulations likely will be felt beyond the risk management function, with the front office, finance and IT significantly affected. Learn several key components of the requirements—including the new standardized approach—as well as potential compliance, management and board issues that could emerge as institutions prepare to implement the rules. Source: wsj.com Share This:

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Crypto News 

No Crypto Ban in Thailand, but Banks Restricted

“It was reported in local media that banks in the Kingdom are prohibited from investing or trading in cryptocurrency, offering cryptocurrency exchanges, and creating platforms for cryptocurrency trading” writes Southeast Asia Based for newsbtc.com. This week the central bank in Thailand asked financial institutions in the country not to get involved in crypto.Contrary to reports in the mainstream media Thailand has not cracked down on crypto but has taken a stance similar to South Korea and intends to regulate it to prevent use for criminal activities.The Bank of Thailand (BoT)…

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Crypto News 

Nigerians Continue to Turn to Bitcoin When Established Financial Institutions Won’t Help

“Case in point: To send money from France to Mali incurs a 5% fee, a quarter of what it costs to send money from Nigeria to Mali” reports newsbtc.com. This affinity with Bitcoin is related to the fact that blockchain-based payment systems drastically improve the ease of doing business in the country, helping liberate Nigerians sidelined by the global financial system. Bitcoin is technology that allows financial inclusion.”. Sub-Saharan Africa has some of the highest remittance costs in the world, certainly the most expensive fees seen within the continent. Source: newsbtc.com…

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Markets News Stocks 

An unlikely class of investors is riding the Indian stock market

“I saw no other avenue to grow my money as I am going to be retiring soon,” the man, Chandramouli Kumar, told CNBC. The changing habits of the formerly risk averse middle class in India, far from the financial capital of Mumbai, have caused quite a rally in the country’s stock market: Its benchmark Sensex index soared 28 percent year on year in 2017″ writes unknown author for cnbc.com. Domestic institutions, armed with funds from small and medium investors, have also spent almost 80 percent more on Indian stocks in…

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News 

Why government-endorsed prepaid cards for students should come with a warning

“A government plan to partner with financial institutions to issue students a prepaid card with some of their loan dollars has consumer advocates concerned” writes Jillian Berman for marketwatch.com. Many students struggle to stretch their student-loan dollars Despite anecdotes of borrowers spending student loan money on spring break trips, the reality is that many students actually struggle to stretch their student-loan dollars to cover their expenses.If students choose other financial products, “that will be an adult decision on their part,” Johnson said.The Department, he said, is trying to encourage responsible…

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News 

Edelman surveyed Americans about trust. The findings are disturbing, but not in the way you might think.

“Among the informed public, the trust crash is even steeper, with trust declining 23 points, dropping the U.S. from sixth to last place out of the 28 countries surveyed” reports washingtonpost.com. Their 2018 report was released earlier this week, and it is safe to say that Americans’ trust in institutions is no longer eroding. Source: washingtonpost.com Share This:

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China tightens bond trading rules in deleveraging campaign: Sources

“The PBOC did not immediately respond to faxed questions about the rules, which was distributed to financial institutions on Dec. 29” writes unknown author for cnbc.com. Under the new rules, a copy of which was seen by Reuters and confirmed by three sources, institutions must sign written deals when conducting bond repurchase or bond forward transactions.The new rules order financial institutions to report financial data to regulators if their outstanding repurchase agreements, known as repos, and reverse repo volumes exceed a certain limit.China’s financial authorities have published new rules to…

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News 

Apple Will Waive Developer Membership Fee for Some Nonprofits, Educational Institutions, Government Entities

“Apple announced Wednesday that it will waive its US$99 annual membership fee for the Apple Developer Program for some nonprofits, educational institutions, and government entities” writes Bryan Chaffin for macobserver.com. This program is specifically for those organizations who only free apps on the App Store.You can request to have the 99 USD annual membership fee waived if you’re a nonprofit organization, accredited educational institution, or government entity based in the United States that will distribute only free apps on the App Store. Source: macobserver.com Share This:

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Markets News 

$26 billion in fines and 28 jail sentences: How global regulators are cracking down on financial crime

“Continuing malpractice is partly due to a lack of information among financial institutions about risks, according to regulatory advisor Peter Oakes” writes Camilla Hodgson for businessinsider.com. Although many financial institutions have put programmes in place to address the culture that often leads to bad behaviour and market conduct issues.”. LONDON — Global financial regulators have levied over $26.4 billion (£19.5 billion) in market conduct fines since 2012 and intensified their crackdown on malpractice in 2017, according to new research by risk analysis firm Corlytics. 2015 was the peak year for…

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