China looks poised to claim ‘first mover advantage’ on digital currency: HSBC

HSBC said Thursday that a digital version of the Chinese yuan, which it suspects will launch soon, could improve China’s payment systems and put the nation at the forefront of digital currency development.

Initiative to reduce renewal premiums successful, British trade groups say

A two-year-old effort to increase parity between new customer premiums and renewal premiums in the British insurance industry has thus far been successful, two trade groups said Friday, nine months after a financial regulator expressed concerns about insurance pricing.

Legal & General urges UK to reduce building-related emissions in pandemic recovery

London-based financial and insurance firm Legal & General wants to see the U.K. implement stringent efficiency standards and emission targets for the country’s buildings during the country’s post-pandemic economic recovery.

Admiral offers travel insurance from UK as country lifts quarantine requirements

Admiral Insurance has begun selling travel insurance with specific provisions related to COVID-19, after a four-month hiatus in the business, as the United Kingdom eases quarantine requirements, making travel abroad less cumbersome.

Chinese new bank lending soars to record CNY 12.09T in first half of 2020

Chinese new bank lending soared to a record CNY 12.09 trillion ($1.72 trillion) in the first half of 2020 as China sought to recover from pandemic-related shutdowns, according to data released Friday by the country’s central bank.

Hong Kong exchange unveils inaugural swap clearing service using HIBOR alternative

Hong Kong Exchanges and Clearing has launched the first clearing service using an alternative to the Hong Kong Interbank Offered Rate, or HIBOR, reflecting local regulatory efforts to nudge banks away from the old reference rate regime.

HSBC Bank Canada provides country’s first green loan

HSBC Bank Canada has issued the country’s first green loan, the company said Thursday, converting an existing 71.5 million Canadian dollar (about $52.6 million) loan to Vancouver-based Concert Properties and building on HSBC’s sustainability goals.

EU to maintain limited access to UK derivatives clearers into 2021

The European Commission will adopt new provisions allowing the EU continued access to the U.K.'s financial industry and derivatives clearing houses after the post-Brexit transition period expires at the end of 2020.

Vanguard to launch its first ESG corporate bond fund for US investors

Vanguard Asset Management, with an eye toward the voracious demand for environmental, social and governance-focused investing, will launch its first U.S.-based corporate bond fund screened for these values, it said Thursday.

Bank of China’s Malaysia arm adopts UnionPay QR code payments

The Bank of China’s Malaysian outpost has begun using a QR code payment option for customers around the world who use the bank’s app, reflecting the current high demand for digital services as well as the bank’s continued interest in the Southeast Asian country.

Nationwide, Bold Penguin test online insurance platform for independent agents

U.S. insurer Nationwide and insurtech Bold Penguin will begin testing a new digital portal designed to connect independent insurance agents and small-business owners while lockdowns force many customers to rely on online insurance shopping.

American Express, Discover, Mastercard and Visa commit to global expansion of online checkout system

American Express, Discover, Mastercard and Visa said on Wednesday that they are each starting technical preparations to expand the Click to Pay online checkout system globally, offering consumers a “streamlined experience across any digital checkout environment or network” as the pandemic has accelerated the shift to digital payments.

Ex-JPMorgan forex trader’s conviction upheld by New York judge

A federal judge on Monday upheld a former JPMorgan foreign exchange trader’s conviction for trying to manipulate emerging market currency prices, rejecting his request to set aside a jury’s findings.

HSBC to cut 38% of global banking jobs in France

London-based HSBC plans to cut 255 jobs from its French subsidiary’s struggling global and banking markets division, HSBC France’s Force Ouvrière union said Monday, marking the first time that HSBC France has seen economic layoffs.

Clearstream, LCH partner to streamline post-trade LSE equities contracts

Deutsche Börse Group’s international central securities depository Clearstream and LCH Group’s U.K.-based equities clearing service are seeking to capitalize on the popularity of global depository receipts and exchange-traded products on the London Stock Exchange by allowing equities contracts cleared by LCH to be settled through the subsidiary Clearstream Banking S.A.

UBS’ UK pension scheme enters into £1.4 billion longevity hedge

UBS U.K. Pension and Life Assurance Scheme has covered £1.4 billion ($1.8 billion) of defined benefit pensioner liabilities through a longevity swap with Zurich Assurance.

Beazley debuts online system for virtual broker meetings

In response to the growing demand for virtual meetings caused by the pandemic, specialist insurer Beazley said Tuesday it has created an online booking system to make it easier for brokers to arrange digital appointments and share necessary information with underwriters.

Aviva names Amanda Blanc as CEO as Tulloch exits

U.K. financial giant Aviva said Monday that Board Director Amanda Blanc has been named as its new CEO, effective immediately, as Maurice Tulloch relinquished his role the same day because of “family health reasons.”

Lloyds CEO to step down in 2021

Lloyds Banking Group said Monday its long-serving CEO, Antonio Horta-Osorio, who steered the bank back from the brink after the 2008 financial crisis, will step down next year.

Turkish exchange bans JPMorgan, Goldman Sachs, others from short selling

Turkey’s stock exchange barred six major banks from betting against its market on Monday, the latest restrictive measure taken in the country against investors looking to short sell.

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