GLOBAL CUSTODIAN
World Record! NSE handles 1,971 crore transactions in a single trading session on Wednesday
The trading volumes shot up today as markets found their nerve following a disastrous Tuesday session with the headline index Nifty settling at 21,884.50, down by 1,379.40 points or 5.93%.
The US can't be protectionist and world leader
US President Joe Biden's economic nationalism challenges the Pax Americana legacy. The Smoot-Hawley Tariff Act of 1930 symbolises a protectionist era leading to global conflict.
Four European Union banks seek RBI nod for clearing model
"There was a meeting last month between the heads of four European banks and top RBI officials. The banks have sought the RBI's approval on the proposed third-party model because there is no established rulebook for this kind of arrangement," a source aware of the developments said.
Most clients set up to trade in Indian bonds before index inclusion: JP Morgan
India's upcoming inclusion in JP Morgan's GBI-EM Global Index Suite involves positive market feedback and enhanced accessibility for FPIs through Fully Accessible Route bonds, leading to increased interest from investors globally.
JPMorgan says India index inclusion on track, most clients ready
“Based on the annual Index Governance Consultation process, market feedback so far has been largely positive, with the majority of our index clients already set up to trade in the IGB market,” managing director Gloria Kim said in an emailed reply to questions.
GIFT City may see India’s first regulated global realty, infra-asset tokenisation platform
India's first regulated real estate and infrastructure asset tokenisation platform at GIFT City aims to provide fractional ownership opportunities to small investors using blockchain technology. IFSCA has approved entities like Realdom India Pvt Ltd to commence operations on the platform.
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Will keep India on review for Global Aggregate Index: Nick Gendron, Bloomberg Index Services
Speaking to ET a day after Bloomberg announced India's inclusion in the EM index, Gendron said operational factors being watched closely included repatriation of funds, the time taken to open accounts and the current system of trading hours. Edited excerpts:
Unsecured retail loans building up stress in financial system
Indian banks are facing a hidden threat in their unsecured credit portfolios, with banks like IndusInd Bank, Bandhan Bank, and Yes Bank showing signs of stress. Despite strong earnings and reduced bad loans, the increase in unsecured loans could lead to a rise in bad loans in the future. The RBI has taken measures to control this, including increasing risk weights for unsecured loans. However, these loans can be highly profitable if done with proper underwriting, even though deposit growth in Indian banks lags behind credit growth.
Banks ask RBI to permit foreign ETPs to execute g-sec trades
Ahead of Indian sovereign debt’s inclusion in global bond indices, some banks have on behalf of their overseas clients requested the Reserve Bank of India to permit international electronic trading platforms to execute trades in domestic government securities in order to ease market access.
FPI custodians finalise disclosure exemption rules
Determining the global AUM is significant because a 'regulated' fund whose exposure to an Indian business group and to the Indian equity market is below 25% and 50% respectively of its global AUM is spared of the granular disclosure rules laid down by the Securities and Exchange Board of India (Sebi).
From consumer to custodian: The changing face of wealth management for India’s elite
For instance, in 2009, SEBI struck down the entry loads on mutual funds, forcing distributors to change their business models, and the value chain over the next decade became more manufacturer-oriented. The excesses in the system in terms of commissions to distributors or manufacturers normalised over the years. With the role of passive and factor-based strategies coming in and the sheer size growing, net returns of manufacturers did not get affected, but the economies of scale passed on to the investors, reducing their cost of investing even further, to 0.75-0.8% for the same AUM.
ETMarkets AIF Talk: See debt AIFs becoming a core allocation for HNIs in 2024: Vivriti Asset Management
"We are also underweight on lending based on event risks such as IPOs/PE equity infusion etc. So, you will typically not see start-ups/bridge to equity etc be any significant part of our portfolios. The converse to this is partly true too – we are constructive on industries catering to domestic demand and those which benefit from government-led capex allocations."
94 per cent Indian CFOs optimistic about nation's economic future: Survey
The report titled 'The next set of imperatives for CFOs in the Asia-Pacific region', demonstrates the business imperatives facing organisations of 276 leading CFOs in the region. It highlights CFOs' responses to the near-term business landscape marked by economic fluctuations, slowing growth, surging inflation, and elevated interest rates.
CXO Roundtable: Insights from Top Customer Experience Officers
The role of Chief Experience Officer (CXO) has become increasingly important in today's competitive business landscape. CXOs are responsible for delivering exceptional customer experiences and driving growth. In a roundtable discussion, top CXOs shared their insights on the evolving challenges and opportunities in the field of customer experience.
RBI, CCIL may extend trade time for overseas players
"There will be an increase in bond volumes as we head near the JP Morgan index inclusion in June," a source aware of the matter said. "There could be a need for authorities to see if it is necessary for foreign trade reporting time or trade time on the Clearing Corporation of India (CCIL) to be extended."
Citi becomes first digital custodian on BondbloX Bond Exchange
The recent partnership is an extension to Citi being initially chosen by BBX in 2021 to act as a custodian for the underlying bonds issued and traded on its exchange as fractionalized assets.
Sebi exempts select global hedge funds from tighter disclosures
SEBI's proposals for increased disclosures for offshore funds followed allegations from U.S. shortseller Hindenburg Research that the Adani group used such funds to violate India's minimum public shareholding rules. The group has denied these allegations.
Custodians pitch ownership factor for FPI disclosures
According to the recommendations of a consultation paper, which are soon expected to be transformed into regulations by the Securities and Exchange Board of India (Sebi), a foreign portfolio investor (FPI) which deploys 50% or more of its money in the stocks of a single corporate group will have to reveal the ultimate beneficial owners (UBOs) - down to the last natural persons - behind every investor in the fund pool.
View: The insights from NTRS 2023 on boosting exports
n keeping with the trend over the last few years, there has been further improvement in ART, measured by the time taken from the arrival of cargo at the customs station to its clearance for the domestic market in case of imports, and departure of the conveyance in case of export through seaports, dry ports or inland container depots (ICDs), air cargo and integrated check posts (ICPs).
Crypto investors step up risk management after last year's meltdowns
Cryptocurrency investors are becoming more cautious about working with firms, following losses from sudden collapses of Celsius Network, Voyager Digital, FTX and other exchanges. Also, a regulatory crackdown expected to pressure the remaining companies is raising concerns among the investors. This has encouraged institutional crypto investors to switch to exchanges that offer stronger asset protectionmand boost due diligence on trading partners
Actor Ryan Reynolds and Rob McElhenney's Wrexham clinches dramatic victory against Notts County, read details
'That was unlike anything I’ve ever seen before', cheered Ryan Reynold as Wrexham beat Notts County 3-2. Continue to read for more details.
PM Modi calls for providing “stability, confidence and growth to the global economy”
Addressing the G20 finance ministers and central bank governors at their first meeting under India’s presidency here, he said the grouping must focus on the world's most vulnerable with an inclusive agenda to win back the confidence of the world.
How Budget can help increase MSMEs' contribution to global trade
The world is now looking at India as a hot investment destination, especially in manufacturing and production–the twin pillars for trade and trade-related growth.
Deutsche ready to be NPS custodian for just Rs 100/year
In an ultra-aggressive bid, Deutsche Bank is willing to accept a fee of just ₹100 a year for being the custodian of India's pension fund which has total assets under custody of more than ₹6 lakh crore across various schemes. The existing custodian, Stock Holding Corporation of India, a large depository participant owned by public financial institutions, charges close to ₹19 crore for the job.
Deutsche Bank ready to be NPS custodian for just Rs 100 per year
The existing custodian, Stock Holding Corporation of India, a large depository participant owned by public financial institutions, charges close to ₹19 crore for the job. Other institutions in the race for the custody mandate of the National Pension Scheme (NPS) have quoted fees of more than ₹1crore.
Custodians ask Sebi to postpone T+1 till April next year
Custodian banks, both local and overseas, have reached out to the Security and Exchange Board of India (Sebi) seeking a delay in implementing new rules until April next year in one last ditch effort to resolve the trade plus one day, or T+1, transition issue.
Clearing companies to ask Sebi to defer T+1 settlement
The clearing corporations of stock exchanges could approach the Securities and Exchange Board of India (Sebi) seeking an extension in the implementation of the T+1 settlement cycle by a few months from the existing launch date of January 1, said two people with direct knowledge of the matter.
Global custodians seek more time for trade confirmations
Global custodians, handling over 70% of the trades by foreign portfolio investors (FPIs), have proposed a way to overcome concerns that the planned T-plus-one (T+1) settlement in the stock market, and the tighter deadline it imposes, could sharply increase the number of 'failed
LIC shuns MNC banks as custodians
For years, Stockholding Corporation of India (SCIL), which is owned by various financial institutions including LIC, served as the custodian of the life insurer.
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