Hiromi Yamaji, the new president and CEO of the Tokyo Stock Exchange, aims to build trust in the market by preventing disruptions like an outage that shut down the exchange in October. "Restoring confidence and ensuring stable market operations are major issues for the time being," Yamaji says.
Japan's Norinchukin Bank, previously the biggest buyer of collateralised loan obligations, was largely absent from the market last year but has started exploring deals again, sources say. Several banks have returned to the market or increased purchases.
The International Monetary Fund and the World Bank are working on a proposal for "green debt swaps", which could simultaneously improve the climate and debt crises, IMF Managing Director Kristalina Georgieva says. "When we are faced with this dual crisis -- the debt pressures on countries and the climate crisis, to which many low-income countries are highly, highly vulnerable -- it makes sense to seek this unity of purpose," Georgieva says.
About 400,000 Refinitiv customers were affected Thursday by a five-hour outage that took down some platforms of the trading and data provider. Refinitiv continues to investigate the cause of the outage and says, "We understand and regret the inconvenience caused by this incident to you personally and to your organisation."
The UK remains behind other countries in issuing a sovereign green bond, but a plan to design such a product for retail investors sets it apart from competitors. "This is going to be the real shining moment for the UK because, up until now, there hasn't been any issuance in government level that has catered to the retail market, which I think is really important," says Justine Leigh-Bell, deputy CEO at nonprofit Climate Bonds Initiative.
US Treasury Secretary Janet Yellen has told the International Monetary Fund and the World Bank major economies must continue fiscal support if they want a strong recovery from the coronavirus pandemic. "The job is not yet done, given high uncertainty and the risk of permanent scarring," Yellen says.
Eurozone governments must continue fiscal support to get the economy through the coronavirus pandemic, European Central Bank President Christine Lagarde says. "An ambitious and coordinated fiscal stance remains crucial, as a premature withdrawal of fiscal support would risk delaying the recovery and amplifying the longer-term scarring effects," Lagarde says.
The European Commission is worried it might have created an uneven playing field for market participants by granting several transparency exemptions to systematic internalisers. The issue is likely to come under scrutiny in a review of the revised Markets in Financial Instruments Directive, experts say.
The Federal Reserve will continue easy-money policy until recovery is felt more widely across the US economy, Chair Jerome Powell says. Powell says he expects temporary price pressure as the economy reopens but sees little risk of inflation getting out of control.
XTX Markets, an electronic market maker that has been building a presence in Europe, has created a dark pool for US equity trading. The XTX Direct single-dealer platform delivers liquidity to users through brokers including Barclays.
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