About 10 local banks received funds from Westpac
ABOUT 10 LOCAL commercial banks were recipients of funds from scandal-hit Westpac Banking Corp. channeled through the Bank of the Philippine Islands (BPI), the local partner of the Australian bank’s remittance arm, a senior Bangko Sentral ng Pilipinas (BSP) official said.
BSP Deputy Governor Chuchi G. Fonacier said BPI has already submitted findings from their initial report which showed that funds involved were of small value and are lower than those required to be flagged and looked into under the country’s anti-money laundering regulations. READ MORE
Asian financial firms face ‘benchmark-aggedon’ as tough EU rules take effect
HONG KONG — Banks and asset managers that use Asian benchmarks like the Hang Seng or Nikkei indices face a “perfect storm,” with two major regulatory changes slated to take effect the same day, a financial industry group said on Tuesday.
Financial contracts worth billions of dollars are based on the performance of certain benchmarks, while investment funds often track or hope to beat a benchmark’s performance.
However, global authorities, particularly those in Europe, are now seeking to regulate benchmarks more tightly. READ MORE
- Market will buy rumours and sell
- Volatility is expected today
- Bargain Hunting as the Price falls to Support
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