News

News

Crypto regulation must be comprehensive and coordinated globally, says IMF

Posted by Anton Murray Consulting on . Posted in Market Commentary

InvestorDaily

The IMF has called for a coordinated and comprehensive regulation of crypto-assets. A globally consistent approach to crypto regulation is “very important” because crypto is a global phenomenon, Tobias Adrian, the financial counsellor and director of the IMF’s Monetary and Capital Markets Department, said on a new IMF podcast series. “Ideally, every country in the world is aligned in terms of how they regulate crypto,” said Mr Adrian.

According to Mr Adrian, with just five firms controlling the vast majority of the market share globally – including the likes of Coinbase, FDX and Finance – the idea is to regulate those market infrastructures with data integrity, operational resilience and prudential oversight. “We understand how to regulate infrastructures and this knowledge can be applied to these entities,” he explained. Stablecoins, Mr Adrian noted, could be regulated like banks.

The rest of this article can be found at investordaily.com.au.

Study finds banks leading the carbon transition will reap greater profits

Posted by Anton Murray Consulting on . Posted in Investment Banking News

InvestorDaily

New research has examined the importance of measuring financed emissions and adopting a long-term strategy for the carbon transition. Banks that take a leadership position in the carbon transition could see their profits grow by up to 30 per cent, a new study by Bain & Company has found. For this profit boost to occur, the firm said that banks would need to prioritise the granular measurement of emissions associated with their lending and investment activity.

These financed emissions, Bain & Company said, represent at least 95 per cent of the overall carbon footprint of banks globally. “Many banks have the opportunity to build a more accurate baseline of emissions in their lending and other financed portfolios as there is a risk of over or underestimating financed emissions by up to double when using loan data that is not granular enough,” the firm said. “This critical but complex task of measuring financed emissions makes it challenging to understand where and when value will emerge in the carbon transition and which strategy is best for a bank to capitalise on it.”

The rest of this article can be found at investordaily.com.au.

Singapore lays out guidelines for inaugural sovereign green bond issuance

Posted by Anton Murray Consulting on . Posted in News

AsianInvestor

On June 9 Singapore introduced a set of guidelines for the issuance of sovereign green bonds – the first of which can be expected in the coming months – as part of the city state’s green transition plan. The Singapore Green Bond Framework, which sets out the guidelines for public sector issuers of green bonds, was announced by Indranee Rajah, second minister for finance and national development at the Singapore Sustainable Investing and Financing Conference at Ecosperity Week 2022.

A BOOST TO GREEN FINANCING

The move, yet another effort by the government to support the development of the green finance market in Singapore and accelerate sustainability financing, comes four months after its announcement to issue up to S$35 billion ($25.4 billion) of public sector green bonds by 2030 during the budget presentation in parliament in February. The framework is aligned with internationally recognised market principles, standards, and best practices, said Rajah.

“This ensures that the framework will serve as a benchmark for the corporate green bond market,” she said, adding that Sustainalytics – a sustainability rating and research agency – has assessed the framework to be credible and aligned with the ICMA Green Bond Principles and the ASEAN Green Bond Standards. The proceeds from the green bonds – the first of which can be expected to be issued in the coming months – will be deployed in eligible projects such as renewable energy, green buildings, clean transportation, wastewater management, and climate change transition, according to a joint press release by the Finance Ministry and Monetary Authority of Singapore yesterday.

The rest of this article can be found at asianinvestor.net.

NAB completes acquisition of Citi’s consumer business

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

The big four bank confirmed that the acquisition originally announced last year has now been completed. On Wednesday, NAB confirmed that its acquisition of Citigroup’s Australian consumer business has been completed after the two firms reached an agreement in August 2021. NAB said it had set up a dedicated integration team to manage the transition of Citi’s consumer business into its own personal banking division and the subsequent integration of both businesses which is expected to occur progressively over the next two to three years.

The acquisition worth approximately $1.2 billion includes Citi’s home lending portfolio, unsecured lending business, retail deposits business and private wealth management business. In a statement, NAB CEO Ross McEwan said that the acquisition supported the bank’s ambition to build a leading personal bank with a simpler, more digital experience. “We have good momentum in our personal banking division, driven by our aim to be simpler and more digital for customers and colleagues,” he said.

The rest of this article can be found at investordaily.com.au.

ASX promotes Helen Lofthouse to CEO

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

ASX has announced that Helen Lofthouse will replace Dominic Stevens as its CEO and MD beginning in August. Ms Lofthouse has more than 20 years of experience in cash equity and debt markets, listed and OTC derivatives, and clearing and settlement services, and was previously an MD at UBS in London and held various senior roles at JPMorgan. She joined ASX in September 2015 and currently serves as group executive markets with responsibility for cash and derivatives trading, including equities, interest rates, commodities and energy products, as well as its benchmarks business and international sales.

The appointment follows a comprehensive and competitive executive search led by the ASX board with assistance from executive search firm Egon Zehnder. “Given the high calibre of experienced candidates attracted to the position, we are delighted that the outstanding choice to lead ASX as its new CEO comes from within the organisation,” said ASX chairman Damian Roche. “It is testament to Helen’s qualities and highlights the strength within ASX’s executive ranks. It also reflects the board’s confidence in the strategy and performance of the company in recent years. We look forward to the fresh ideas and enthusiasm Helen will bring to the role as our new CEO.”

The rest of this article can be found at investordaily.com.au.

Two super funds tipped to reach $1tn by 2040

Posted by Anton Murray Consulting on . Posted in Funds Management News

InvestorDaily

KPMG has released the findings from a new review. At least two Australian super funds could have over $1 trillion in assets by 2040, according to KPMG. In its annual Super Insights review of the local sector, the firm has tipped AustralianSuper and Australian Retirement Trust (ART) – which have both quintupled in size from $200 billion since 2021 – as the two funds to first reach the trillion mark.

According to KPMG’s research, which used the latest data available from APRA and the ATO, the total value of funds grew from $2.4 trillion to $2.8 trillion from the 12 months to 30 June 2021. However, a reported 5 per cent decrease came in member numbers (down to 20.8 from 22 million) which has been attributed to the first stage closure of eligible rollover funds and the impact of the superannuation early release payments. Despite this, contribution levels increased by 13 per cent from members and 8 per cent from employers, with retail super funds having the biggest impact (44 per cent) followed by industry funds (19 per cent).

The rest of this article can be found at investordaily.com.au.

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