UBS has been fined £29.7m by the UK watchdog for "significant control breakdowns" that allowed a rogue trader to lose $2.3bn in 2011.
The Financial Services Authority handed out the third largest fine in its history. It criticised the bank for having ineffective computer risk controls and"poorly executed and ineffective supervision" thatallowed Kweku Adoboli repeatedly to breach risk limits and book fictitious trades.
Read more: 7 years in prison for former UBS trader Adoboli in fraud case
Mr Adoboli was convicted of fraud last week and sentenced to seven years in jail.
The failings took place in the London branch of UBS,so the FSA and the Swiss regulator Finma investigated jointly and announced the results on Monday morning.
Monday, 26 November 2012
Standard Chartered Bank (China) has secured approval for a yuan-denominated loan quota on behalf of an American multi-national company,
Standard Chartered Bank (China) said on Monday it had secured approval for a yuan-denominated loan quota on behalf of an American multi-national company, becoming the first foreign bank to get such a cross-border quotafor a client.
The quota is part of a pilotprogramme that supports foreign and local multi-national companies which have plans to channel surplus yuan from mainland China to fund activities overseas.
Standard Chartered obtained a 3.3 billion yuan ($530 million) lending quota from the People's Bank of China Shanghai branch for an American client that specialises in global manufacturing and technology, the bank said in a statement.
It did not name the company.
This scheme has transformed the lending of yuan between companies from one based on a traditional entrustment loan - with banks as intermediary agents - to one where twoparties sign lending agreements directly, it added.
The quota is expected to support the company's Chinese office to lend yuan to its overseas parentor other related companies which can in turn settle yuan-denominated invoices.
"RMB cross-border lending brings huge flexibility of corporate treasury management," said Anthony Lin, Standard Chartered (China)'s head of Transaction Banking.
"It allows corporations to negotiate lending frequency and rate according to their actual needs. It also enables corporations to transfer onshore RMB surplus to their global cash pools for central deployment and use."
China has a tight grip overits capital account, but plans to fully liberalise it by 2020 and make the yuan one of the world's major currencies to reduce its reliance on the U.S. dollar.
The country has introduced various schemes to increase the global use of its currency, including yuan cross-border trade settlment, yuan overseas direct investment (ODI) and foreign direct investment (FDI).
The quota is part of a pilotprogramme that supports foreign and local multi-national companies which have plans to channel surplus yuan from mainland China to fund activities overseas.
Standard Chartered obtained a 3.3 billion yuan ($530 million) lending quota from the People's Bank of China Shanghai branch for an American client that specialises in global manufacturing and technology, the bank said in a statement.
It did not name the company.
This scheme has transformed the lending of yuan between companies from one based on a traditional entrustment loan - with banks as intermediary agents - to one where twoparties sign lending agreements directly, it added.
The quota is expected to support the company's Chinese office to lend yuan to its overseas parentor other related companies which can in turn settle yuan-denominated invoices.
"RMB cross-border lending brings huge flexibility of corporate treasury management," said Anthony Lin, Standard Chartered (China)'s head of Transaction Banking.
"It allows corporations to negotiate lending frequency and rate according to their actual needs. It also enables corporations to transfer onshore RMB surplus to their global cash pools for central deployment and use."
China has a tight grip overits capital account, but plans to fully liberalise it by 2020 and make the yuan one of the world's major currencies to reduce its reliance on the U.S. dollar.
The country has introduced various schemes to increase the global use of its currency, including yuan cross-border trade settlment, yuan overseas direct investment (ODI) and foreign direct investment (FDI).
Standard Chartered Bank (China) has secured approval for a yuan-denominated loan quota on behalf of an American multi-national company,
Standard Chartered Bank (China) said on Monday it had secured approval for a yuan-denominated loan quota on behalf of an American multi-national company, becoming the first foreign bank to get such a cross-border quotafor a client.
The quota is part of a pilotprogramme that supports foreign and local multi-national companies which have plans to channel surplus yuan from mainland China to fund activities overseas.
Standard Chartered obtained a 3.3 billion yuan ($530 million) lending quota from the People's Bank of China Shanghai branch for an American client that specialises in global manufacturing and technology, the bank said in a statement.
It did not name the company.
This scheme has transformed the lending of yuan between companies from one based on a traditional entrustment loan - with banks as intermediary agents - to one where twoparties sign lending agreements directly, it added.
The quota is expected to support the company's Chinese office to lend yuan to its overseas parentor other related companies which can in turn settle yuan-denominated invoices.
"RMB cross-border lending brings huge flexibility of corporate treasury management," said Anthony Lin, Standard Chartered (China)'s head of Transaction Banking.
"It allows corporations to negotiate lending frequency and rate according to their actual needs. It also enables corporations to transfer onshore RMB surplus to their global cash pools for central deployment and use."
China has a tight grip overits capital account, but plans to fully liberalise it by 2020 and make the yuan one of the world's major currencies to reduce its reliance on the U.S. dollar.
The country has introduced various schemes to increase the global use of its currency, including yuan cross-border trade settlment, yuan overseas direct investment (ODI) and foreign direct investment (FDI).
The quota is part of a pilotprogramme that supports foreign and local multi-national companies which have plans to channel surplus yuan from mainland China to fund activities overseas.
Standard Chartered obtained a 3.3 billion yuan ($530 million) lending quota from the People's Bank of China Shanghai branch for an American client that specialises in global manufacturing and technology, the bank said in a statement.
It did not name the company.
This scheme has transformed the lending of yuan between companies from one based on a traditional entrustment loan - with banks as intermediary agents - to one where twoparties sign lending agreements directly, it added.
The quota is expected to support the company's Chinese office to lend yuan to its overseas parentor other related companies which can in turn settle yuan-denominated invoices.
"RMB cross-border lending brings huge flexibility of corporate treasury management," said Anthony Lin, Standard Chartered (China)'s head of Transaction Banking.
"It allows corporations to negotiate lending frequency and rate according to their actual needs. It also enables corporations to transfer onshore RMB surplus to their global cash pools for central deployment and use."
China has a tight grip overits capital account, but plans to fully liberalise it by 2020 and make the yuan one of the world's major currencies to reduce its reliance on the U.S. dollar.
The country has introduced various schemes to increase the global use of its currency, including yuan cross-border trade settlment, yuan overseas direct investment (ODI) and foreign direct investment (FDI).
Saturday, 24 November 2012
Capitalization Change
Any change in the issued and outstanding listed securities of an issuer. This change may involve the issuance, repurchase, or cancellation of listed securities or listed securities that are issuable upon conversion or exchange of other securities of an issuer
Capital Trust
A form of financial trust that differs from other trusts in that it looks more like a fixed income instrument than an equity issue. Capital trusts are generally issued by banks or other financial intermediaries. These investment vehicles trade like a debt instrument with$1,000 face value and trade with accrued interest.
The business objective of capital trusts is to acquire and hold assets that will generate net income for distribution to unit holders. The trust's assets may consistof residential mortgages, mortgage co-ownership interests, mortgage-backed securities, other eligible investments, and other qualified debt obligations. Capital trust assets are usually acquired from and serviced by the issuing institution and/or its affiliates.
The business objective of capital trusts is to acquire and hold assets that will generate net income for distribution to unit holders. The trust's assets may consistof residential mortgages, mortgage co-ownership interests, mortgage-backed securities, other eligible investments, and other qualified debt obligations. Capital trust assets are usually acquired from and serviced by the issuing institution and/or its affiliates.
Capital Gain or Loss
Profit or loss resulting from the sale of certain assets classified under the federal income tax legislation as capital assets. This includes stocks and other investments such as investment property.
Canadian Securities Institute(CSI)
The national educational organization of the securitiesindustry sponsored by the Investment Dealers Association of Canada, Toronto Stock Exchange, theBourse de Montréal and TSX Venture Exchange.
Canadian Investor Protection Fund (CIPF)
A fund established to protect customers in the event of insolvency of a member of any of the following sponsoring self-regulatory organizations: the Bourse deMontréal, Toronto Stock Exchange, TSX Venture Exchange and the Investment Dealers Association of Canada
Canadian Derivatives Clearing Corporation (CDCC)
The designated central clearing corporation for options and futures trading on the Bourse de Montréal. Previously known as Trans Canada Options Inc. (TCO).
Canadian Depository for Securities Limited (CDS)
Canada's national securities depository, Canadian Depository for Securities Limited (CDS), provides clearing and settlement services in support of trading in equity, fixed income, and money markets.CDS is owned by major Canadian chartered banks, members of the Investment Dealers Association of Canada (IDA), and TSX Inc. CDS is regulated by the Ontario Securities Commission, L'Autorité des marchés financiers (the securities commission of Quebec), and the Bank of Canada.
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