In a filing with The Bermuda Stock Exchange (“BSX”), HSBC Holdings plc (Ticker: HSBC.BH) announces HSBC Finance Corp reaches agreement to resolve 14- year shareholder class action. The full filing stated:
read more...HSBC Finance Corp Reaches Agreement To Resolve 14- Year Shareholder Class Action
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ESM Board Of Directors Approves â¬7.5 Billion Disbursement To Greece
The Board of Directors of the European Stability Mechanism (ESM) today authorised the second tranche of €10.3 billion of ESM financial assistance to Greece. The Board also authorised the first disbursement of this second tranche of €7.5 billion to Greece. The country will use the €7.5 billion to meet debt servicing obligations and to help clear domestic arrears. The Board of Directors’ decisions follow the Greek government’s completion of all prior actions.
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Moscow Exchange: Final Settlement Price Determined For Copper Futures
On 16 June 2016, the final settlement price was determined for the copper futures contracts:
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The Collapse of FOMC Expectations
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Tokyo Stock Exchange: Appointment Of Independent Directors By TSE-Listed Companies [Preliminary Figures]
Tokyo Stock Exchange, Inc. has published “Appointment of Independent Directors by TSE-Listed Companies”.
[Summary]
ã»77.9% of the 1st Section appoint two or more independent directors. (increased by 612 companies (29.5%) from the previous year)
ã»96.2% of the 1st Section appoint independent directors. (increased by 242 companies (9.2%) from the previous year)
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Enabling The FinTech transformation: Revolution, Restoration, Or Reformation? - Speech By Mark Carney, Governor Of The Bank Of England
The Bank of England is today launching a FinTech Accelerator to work in partnership with FinTech firms on challenges that we, as a central bank, uniquely face. The Accelerator will work with new technology firms to help us harness FinTech innovations for central banking.
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SFC And HKEX Issue Joint Consultation On Listing Regulation
The Securities and Futures Commission (SFC) and Hong Kong Exchanges and Clearing Limited (HKEX) today jointly issued a consultation on proposed enhancements to The Stock Exchange of Hong Kong Limited’s (Exchange) decision-making and governance structure for listing regulation (Note 1).
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Thai Bourse Discloses SET Indices Semi-Annual Review Results For The Second Half Of 2016
The Stock Exchange of Thailand (SET) has announced the semi-annual index review results for the SET50, SET100 and SETHD indices to be used in the second half of 2016 (July 1 - December 31). There will be 4 additions to SET50 index, 9 additions to SET100 index and 8 additions to SETHD index.
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Deutsche Börse Cash Market: ETF Securities Smart Beta Bond Index ETF Launched On Xetra - ETF Provides Access To Sovereign Bonds Of OECD Member States / Weighting Based On Fundamental Factors
ETF Securities has offered its first smart beta bond index ETF on Xetra and Börse Frankfurt since Friday.
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Thai Bourse And Cambodia Securities Exchange Extend MoU As Part Of Plan To Strengthen Regional Competitiveness
The Stock Exchange of Thailand (SET) and Cambodia Securities Exchange (CSX) today have signed the extension of the Memorandum of Understanding (MoU) to promote development of capital markets in Cambodia and Thailand.
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Deutsche Börse: Nine New Boost Products Launched On Xetra - ETCs and ETNs Offer Access To Performance Of WTI And Brent Oil And S&P 500 VIX And Emerging Markets With A Leverage Factor Of Up To Three
Five ETCs and three ETNs from issuer Boost Issuer Plc have been tradable on Xetra and Börse Frankfurt since Friday.
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UK Payment Systems Regulator Responds To Bank Of England Plans To Extend Access To Central Bank Money To Non-Banks
The Bank of England has today announced plans to increase access to settlement accounts for all payment and e-money institutions.
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Malawi Stock Exchange Weekly Trading Report - 17 June, 2016
Click here to download Malawi Stock Exchange's weekly trading report for the week ending 17 June, 2016.
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ICE To Acquire Majority Equity Interest In MERS And Build Updated Mortgage Registry Infrastructure
MERSCORP Holdings, Inc. and Intercontinental Exchange (NYSE: ICE), today announced that ICE will acquire a majority equity position in MERSCORP Holdings, Inc., owner of Mortgage Electronic Registrations Systems, Inc. (collectively “MERS”). In addition, ICE and MERS have entered into a software development agreement to modernize and enhance the MERS® System.
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US Federal Agencies Issue Joint Statement On New Accounting Standard On Financial Instruments â Credit Losses
The four federal financial institution regulatory agencies today issued a joint statement regarding the new accounting standard, Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, issued by the Financial Accounting Standards Board. The joint statement also provides initial supervisory views regarding the standard's implementation.
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Weekly Top 5 Papers â June 17, 2016
1. Behavioral Economics: Past, Present and Future by Richard Thaler (University of Chicago – Booth School of Business; National Bureau of Economic Research (NBER))
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TOM MTF Statistics Week 24, 2016
Click here to download the weekly statistics update of TOM MTF for week 24, 2016.
In week 24 a total of 624.171 equity and index option contracts were traded resulting in a TOM MTF market share versus Euronext of 39%
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Do Credit Card Companies Screen for Behavioral Biases? -- by Hong Ru, Antoinette Schoar
We look at the supply side of the credit card market to analyze the pricing and marketing strategies of credit card offers. First, we show that card issuers target less-educated customers with more steeply back-loaded fees (e.g., lower introductory APRs but higher late and over-limit fees) compared offers made to educated customers. Second, issuers use rewards programs to screen for unobservable borrower types. Conditional on the same borrower type, cards with rewards, such as low introductory APR programs, also have more steeply backloaded fees. In contrast, cards with mileage programs, which are offered mainly to the most-educated consumers, rely much less on back-loaded fees. Finally, using shocks to the credit risk of customers via increases in state-level unemployment insurance, we show that card issuers rely more heavily on back-loaded and hidden fees when customers are less exposed to negative cash flow shocks. These findings are in line with the recent behavioral contract theory literature.
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Optimal Automatic Stabilizers -- by Alisdair McKay, Ricardo Reis
Should the generosity of unemployment benefits and the progressivity of income taxes depend on the presence of business cycles? This paper proposes a tractable model where there is a role for social insurance against uninsurable shocks to income and unemployment, as well as inefficient business cycles driven by aggregate shocks through matching frictions and nominal rigidities. We derive an augmented Baily-Chetty formula showing that the optimal generosity and progressivity depend on a macroeconomic stabilization term. Using a series of analytical examples, we show that this term typically pushes for an increase in generosity and progressivity as long as slack is more responsive to social programs in recessions. A calibration to the U.S. economy shows that taking concerns for macroeconomic stabilization into account raises the optimal unemployment benefits replacement rate by 13 percentage points but has a negligible impact on the optimal progressivity of the income tax. More generally, the role of social insurance programs as automatic stabilizers affects their optimal design.
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New Innovations in Payments -- by Marc Rysman, Scott Schuh
We discuss prospects for innovation in consumer payment instruments. We discuss recent research into consumer payments and what can be learned about consumer behavior towards new payment options. We consider three new innovations in payments: mobile payments, faster payments and digital currencies. For each, we describe prospects and impediments to adoption.
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