Jane Street Deposits $564M to Comply With India Order
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Bloomberg
31 minutes ago
- Bloomberg
Countdown to Compliance: Getting Ready for the September Rewrite
The upcoming HKMA/SFC OTC Derivatives Reporting Rewrite builds on the global foundation of regulatory reporting reforms. The objective is clear: to ensure reported data is not only accurate, but also actionable and meaningful for both regulators and market participants. With fewer than 12 weeks remaining, now is the time to ensure you have the right tools and technology partnerships in place to meet this challenge—and come out ahead. Join regulatory representatives and industry experts as we explore: The current state of readiness across the industry: how various firms are approaching the rewrite and what trends are emerging Evolving regulatory expectations: what regulators aim to achieve through the changes Tools and solutions available in the market to support compliance and efficiency Lessons learned: tips and best practices drawn from previous global regulatory rewrites This in-person seminar will conclude with a networking session and refreshments. Speakers Bing Li Head of Asia Pacific Bloomberg L.P. Bing Li oversees Bloomberg's financial information and enterprise business across the Asia Pacific region. Based in Hong Kong, he is responsible for the firm's business and product strategy, including the Bloomberg Terminal, the world's most trusted source of financial data, news and analytics for global investors, leading financial institutions and corporations. Mr. Li has decades of experience in global bond markets and is a frequent commentator on investing in Greater China's financial markets. Mr. Li was previously Head of Greater China at Bloomberg (a role he still retains), leading the team to provide customers with best-in-class data, analytics, trading tools and market connectivity. He has also driven a number of strategic partnerships with key regulators and leading financial institutions to advance the region's financial market development. Under Mr. Li's leadership, the Greater China region has been the fastest growing market for the company. Prior to joining Bloomberg, Mr. Li was head of Fixed Income at Bank of China (Hong Kong), responsible for sales, trading and research. Mr. Li joined the bank from Tandem Global Partners, a New York based Fixed Income asset manager, where he was a partner and portfolio manager covering the Asia Pacific region. Before Tandem, Mr. Li served as Vice President at Deutsche Bank in Hong Kong and was a core team member of the Equity Derivatives department. Mr. Li worked for HSBC and then JP Morgan in the early years of his career, where he traded bonds and fixed income derivatives. Mr. Li earned his B.A. from Rutgers University. Ronald Lau Manager Hong Kong Trade Repository (HKTR) Ronald Lau is a Manager at the HKMA's Financial Market Infrastructures – Trade Repository. He is an experienced central banking professional with over 16 years at the HKMA, including more than 13 years with the Hong Kong Trade Repository. He has been instrumental in overseeing the development and implementation of the Hong Kong Trade Repository (HKTR) system. With over a decade of experience in financial market infrastructure, Ronald has played a pivotal role in ensuring the system's stability and reliability, whilst also driving alignment with evolving international standards. His work has been crucial in assisting the industry in fulfilling requirements under the OTC Regulatory Regime by leveraging the HKTR's Trade Reporting Service. Ronald holds a Masters degree in Information System Management from the City University of Hong Kong and earned his from the University of British Columbia. Emma Kalliomaki Managing Director, Association of National Numbering Agencies (ANNA) Managing Director of the Derivatives Service Bureau (DSB) Emma Kalliomaki is a Managing Director of ANNA as well as the Managing Director of the Derivatives Service Bureau (DSB), an organisation originally founded by ANNA, working in collaboration with the industry as the fully automated global generator of ISINs, CFIs, FISNs and UPIs for Over the Counter (OTC) derivatives. Emma leads the work of ANNA and the DSB boards in delivering on their mandates to develop and implement international standards that foster market transparency, stability and efficiency, and help organisations meet regulatory requirements. Emma is a sought-after industry speaker and a leading industry commentator, spearheading collaborative work programmes with regulators, market participants and infrastructure service providers. Emma has 20 years of experience in financial data, standards and regulation. Prior to ANNA and the DSB, Emma spent more than a decade working at the London Stock Exchange Group, where she was head of the London Stock Exchange's reference data operations which included the launch of their Legal Entity Identifier solution and leading ISO standardisation related activities. Emma also represents ANNA as a liaison organisation to ISO TC68 (Financial Services) and SC8 (Reference data for financial services) and is an appointed member of the UK Transforming Data Collection Industry Standards Data Committee, which is a joint initiative of the Bank of England and FCA. Xiangjing Ng Senior Director of Public Policy, Asia Pacific International Swaps and Derivatives Association (ISDA) Ng Xiangjing is the Senior Director of Public Policy for Asia Pacific at the International Swaps and Derivatives Association (ISDA), where he leads the organization's public policy efforts in the region. He is an experienced public policy professional with over 18 years of experience in financial markets development and regulatory reforms. Prior to joining ISDA, Xiangjing spent over 15 years at the Monetary Authority of Singapore, where he held various roles. He spearheaded a team to drive the development of Singapore's derivatives and equities market, such as establishing Singapore as a preeminent global FX electronic trading hub, and facilitating launch of new derivative products such as FX futures. Xiangjing also played a key role in shaping regulatory policies in the financial industry. He was involved in the implementation of G20 OTC derivatives regulatory reforms in Singapore, including trade reporting, clearing, and trading, and was instrumental in the set-up of the trade repository in Singapore. Josh (Lemuel) Reyes Associate Director HSBC's Markets and Securities Services Lemuel Reyes (for most people he is known by his nickname, Josh) is an Associate Director at HSBC's Markets and Securities Services – Market Operations, Regulatory Response and Oversight. He's been in the financial industry for 20+ years where 10+ years of that is on regulatory reporting particularly on ASP over-the-counter derivatives. He has been involved in the implementation of various ASP rewrites i.e. Japan, Australia and Singapore and now working on the Hong Kong rewrite. Josh was also involved in the implementation of the HKMA Risk Mitigation Standards and HKMA Granular Data Reporting. Josh is from the Philippines and has moved to Hong Kong in 2011. Satish Vyamajala Head of G20 Regulatory Reporting Product Bloomberg Satish Vyamajala is the Head of G20 regulatory reporting product at Bloomberg. He has more than 18 years of experience in financial services industry and has spent over 10 years implementing regulatory solutions across both buy side and sell side firms. His domain expertise spans across all G20 regs – CFTC, EMIR, MAS, ASIC, HKMA etc. Satish has a Masters degree in Finance and IT systems from T A Pai Management Institute, India and Bachelors in Mechanical Engineering from J N T University, Hyderabad, India. VICKY CHENG Head of Government and Regulatory Affairs, APAC BLOOMBERG L.P. Vicky Cheng is Head of Government and Regulatory Affairs Asia Pacific, overseeing government relations and regulatory developments impacting Bloomberg and its clients in the region. Before joining Bloomberg, Vicky worked in both the public and private sectors. Her focus has been policy and regulatory development, advising senior management on related requirements and implementations. Vicky drove advocacy and public affairs programmes for various organizations including global corporates and financial institutions. During her time with an international law firm, Vicky led business development and thought leadership strategies for the Financial Services Regulatory and Dispute Resolution practices. She began her career with a Government providing policy analysis and communications.
Yahoo
32 minutes ago
- Yahoo
India orders airlines to check fuel switches on Boeing jets
India's aviation regulator has ordered the country's airlines to inspect fuel control switches in Boeing aeroplanes, after their reported involvement in a fatal Air India crash that killed 260 people in June. The Directorate General of Civil Aviation (DGCA) said the order comes follows Indian and international airlines already starting to carry out their own checks. It comes after the US Federal Aviation Administration said on Monday that the fuel control switches in Boeing aeroplanes are safe. The safety of the switches has become a key point of concern after a preliminary report on the disaster found fuel to the engines of the plane involved cut off moments after take-off. The disaster involving London-bound Flight 171, a Boeing 787 Dreamliner, was one of the worst aviation incidents globally in almost a decade. Since the publication of the preliminary report on Saturday a number of different stakeholders, both in India and internationally have taken action and issued statements in response to it. What we know so far about Air India crash investigation In its order, India's aviation regulator has asked for checks to be carried out by 21 July, noting that "strict adherence to the timeline is essential to ensure continued airworthiness and safety of operations". The checks being requested are in line with a 2018 advisory by the Federal Aviation Administration (FAA), the US's aviation authority, which was referenced in the preliminary report. The 2018 advisory urged - but did not mandate - operators of Boeing models to inspect the locking feature of the fuel cut-off switches to ensure they could not be moved by accident. Air India had not carried out those inspections because they were not mandatory, the AAIB said in its preliminary investigation. The DGCA has now ordered airlines to carry out the checks and report back. In its response to the report, the FAA said the 2018 advisory was "was based on reports that the fuel control switches were installed with the locking feature disengaged" - but added that it does not believe this makes the planes unsafe. Boeing fuel switches safe, regulator says after Air India crash Separately on Monday, a group representing Indian airline pilots defended the flight's crew. The Indian Commercial Pilots' Association said staff on board had "acted in line with their training and responsibilities under challenging conditions and the pilots shouldn't be vilified based on conjecture". The preliminary report, published by the India Aircraft Accident Investigation Branch (AAIB) on Saturday, said the switches on Flight 171 controlling fuel flow to the jet's engines had been moved from "run" to the "cut-off" position, hampering the thrust of the plane. In recovered cockpit voice recordings, the report said one of the pilots can be heard asking "why did you cut off?" - to which the other pilot replied he "did not do so". The preliminary report states its role is "not to apportion blame or liability". Also on Monday, the Reuters news agency reported that South Korea was waiting to order all airlines in the country which operate Boeing jets to examine fuel switches.
Yahoo
an hour ago
- Yahoo
India orders its airlines to check fuel switches on Boeing jets
By Abhijith Ganapavaram NEW DELHI (Reuters) -India on Monday ordered its airlines to examine fuel switches on several Boeing models, while South Korea said it would order a similar measure, as scrutiny intensified of fuel switch locks at the centre of an investigation into a deadly Air India crash. The moves by India and South Korea came despite the planemaker and the U.S. Federal Aviation Administration telling airlines and regulators in recent days that the fuel switch locks on Boeing jets are safe. The locks have come under scrutiny following last month's crash of an Air India jet, which killed 260 people. A preliminary report found that the switches had almost simultaneously flipped from run position to cutoff shortly after takeoff. The report noted a 2018 advisory from the U.S. Federal Aviation Administration (FAA), which recommended, but did not mandate, operators of several Boeing models including the 787 to inspect the locking feature of fuel cutoff switches to ensure they could not be moved accidentally. India's Directorate General of Civil Aviation said it had issued an order to investigate locks on several Boeing models including 787s and 737s, after several Indian and international airlines began making their own inspections of fuel switches. The regulator oversees the world's third-largest and fastest-growing aviation market and its move raises the stakes for Boeing, whose aircraft are used by three of the country's four largest airlines. A spokesperson for the South Korean transport ministry said checks there were in line with the 2018 advisory from the FAA, but did not give a timeline for them. Boeing referred Reuters' questions to the FAA, which was not immediately available to comment outside regular hours. The company's shares were up 1.4% in U.S. premarket trading. Some other global airlines were weighing their own inspections or had begun their own checks. In a statement, Japan's JAL said safety was its top priority, adding, "We are closely monitoring the investigation into the incident and will implement any necessary inspections based on its findings." Over the weekend, Air India Group started checking the locking mechanism on the fuel switches of its Boeing 787 and 737 fleets and has discovered no problems yet, a source familiar with the matter told Reuters. About half the group's 787s have been inspected and nearly all its 737s, the source added, speaking on condition of anonymity. Inspections were set to be completed in the next day or two. On Sunday, citing a document and sources, Reuters reported that the planemaker and the FAA had privately issued notifications to airlines and regulators that the fuel switch locks on Boeing planes were safe and checks were not required. The Air India crash preliminary report said the airline had not carried out the FAA's suggested inspections as the FAA's 2018 advisory was not a mandate. It also said maintenance records showed that the throttle control module, which includes the fuel switches, was replaced in 2019 and 2023 on the plane involved in the crash. In an internal memo on Monday, Air India CEO Campbell Wilson said the investigation into the crash was far from over and it was unwise to jump to premature conclusions, following the release of the preliminary report. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
