17 jul: Test
24 jul: Bobler fra dybet fik hammerslag på rekordpriser ved nyligt afhold..
19-07-2012 12:42:00

UPDATE: RBS to Stop Submitting Reference Rates to Hong Kong Interbank Rate Panel - Sources

Relateret indhold

-- Royal Bank of Scotland Group to pull out from Hong Kong interbank rate-setting panel, sources say.

-- RBS also decides not to submit reference rates for offshore yuan interbank lending market, a source says.

-- Bank already pulled out from Singapore, Japan amid global regulatory scrutiny after Libor scandal.

(Adds details on RBS dropping plan to submit data for offshore yuan rate-setting mechanism in 2nd, 3rd, 12th paragraphs, comment from RBS in 4th paragraph.)

By Fiona Law

HONG KONG--The Royal Bank of Scotland Group PLC (RBS.LN) plans to stop submitting reference rates to the Hong Kong-dollar interbank lending panel, following its decision to withdraw from interbank rate-setting mechanisms in Singapore and Japan, people familiar with the situation said Thursday.

The U.K.-based lender also won't submit data for an upcoming offshore yuan interbank lending rate-setting mechanism, which will likely serve as a benchmark for funding costs between banks as early as the end of this year, the people said. This is despite increasing efforts by RBS to invest in the offshore yuan business, one of the fastest-growing markets in recent years.

In April, RBS sent a letter to the Hong Kong Association of Banks, the provider of Hong Kong interbank offered rates, or Hibor, asking to withdraw from the panel, the people said. The move will likely become effective later this year, one person said.

An RBS spokeswoman said the bank has decided to stop contributing to a number of such panels and to focus only on a few markets, "as part of the bank's effort to optimise its markets businesses," following a plan in January to review its priorities amid an evolving regulatory environment and deteriorating market conditions.

The Hibor is fixed at 11 a.m. local time each business day, based on quotations from 20 banks designated by the Hong Kong Association of Banks.

Under increased global regulatory scrutiny due to recent allegations of banks' collusion in interbank rate-fixing, RBS, which is 82% owned by the U.K. government, decided to pull out as a contributing bank because "there's unlimited downside to the bank's liability," one of the people said.

The person said the only "upside" to being a contributing bank was a reputation boost, "because only prime banks are qualified to submit reference rates for Hibor fixing."

On Monday, RBS said it stopped submitting data to Singapore's interbank lending panel. That followed its decision early this month to quit contributing to the Tokyo Interbank Offered Rate panel.

Regulators in countries including the U.S. and Japan are investigating various financial institutions over the alleged manipulation of key benchmark interbank rates, notably the Libor. The Hong Kong Monetary Authority said Wednesday the Hong Kong Association of Banks would review the mechanism for fixing the Hibor.

In Hong Kong, another banking association, the Treasury Markets Association, has stepped up efforts to launch a benchmark rate for offshore yuan lending by the end of 2012, in a bid to help the development of products and loans offered in yuan.

It plans to expand the number of contributing banks to 15 in August from eight currently, and has invited lenders who are actively involved in the offshore yuan business to participate in the submission of data.

But RBS, which is one of most active dim sum bond underwriters, has in recent months dropped its plan to join that panel, a person familiar with the matter said.

According to data provider Dealogic, the lender ranks No.7 in underwriting offshore yuan-denominated bonds, or dim sum bonds. It sold a total of $228 million of such paper so far this year.

Write to Fiona Law at fiona.law@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

July 19, 2012 06:42 ET (10:42 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

Opret kommentar

Relateret debat

  • 1 uge
  • 1 måned
  • 1 År
Ingen indlæg

Fondsbørsmeddelelser

Novo: Lægemiddelkomité anbefaler godkendelse af Ozempic i Europa - NY2

15-12-2017 13:19:21
Novo Nordisk har fået en vigtig anbefaling fra en lægemiddelkomité under de europæiske sundhedsmyndigheder, EMA, der anbefaler GLP-1-håbet Semaglutid godkendt på det europæiske marked.Semaglutid, der skal markedsføres under navnet Ozempic, skal først officielt godkendes af EMA og EU-Kommissionen, før midlet kan ryge på markedet, men en positiv anbefaling fra lægemiddelkomitéen er som oftest også l..

Aktier/middag: H+H til tops mens C20 går i rødt

15-12-2017 11:41:22
Humøret er vrissent på børserne i Europa fredag, og ved middagstid er det danske C20 Cap-indeks ingen undtagelse, da det falder 0,9 pct. til 1121,34 - især trukket ned af Novo Nordisk.Uden for eliteindekset belønnes H+H International dog pænt for et virksomhedsopkøb til 800 mio. kr., der vil løfte selskabets omsætning med en halv milliard.USA SPREDER DÅRLIG STEMNINGDen generelle nedturen følger i ..

Aktier/tendens: H+H køber sig til hovedrolle fra åbningen

15-12-2017 08:23:48
Et stort opkøb fra H+H International kan få opmærksomhed fra åbningen af det danske aktiemarked fredag, hvor investorerne også skal fordøje en sænket anbefaling af Novo Nordisk.Nyhederne falder i et marked, der meget vel kan falde lidt fra åbningen. I USA lukkede S&P 500-indekset torsdag 0,4 pct. lavere efter at have ligget marginalt positivt ved dansk børslukketid.Nedturen, der også viser sig i e..

Mest læste nyheder

  • 24 timer
  • 48 timer
  • 1 uge
1
Torsdagens aktier: Vestas overstrålede alle i grønt eliteindeks
2
Novo/DZ: Sænker anbefaling til "sælg" fra "hold"
3
Vestas/Senator: Aftale afskærmer stort set også vind fra Beat-skat
4
Genmab/Jyske: Kursmålet trimmes til 1600 kr. - NY
5
Novo: Lægemiddelkomité anbefaler godkendelse af Ozempic i Europa - NY2

Relaterede aktiekurser

Køb- og salgsanbefalinger

  • Trend
  • Pengemaskinen

Copyright Euroinvestor A/S 2017  Disclaimer Privatlivspolitik
Aktieinformation leveres af Morningstar.
Data er forsinket 15-20 minutter iht. de enkelte børsers regler om videredistribution.
 
15. december 2017 16:58:10
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20171124.1 - EUROWEB1 - 2017-12-15 16:58:10 - 2017-12-15 16:58:10 - 1 - Website: OKAY