{"id":108362,"date":"2025-02-20T16:52:09","date_gmt":"2025-02-20T21:52:09","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/regulation\/february-global-regulatory-brief-trading-and-markets\/"},"modified":"2025-02-20T23:05:52","modified_gmt":"2025-02-21T04:05:52","slug":"february-global-regulatory-brief-trading-and-markets","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/regulation\/february-global-regulatory-brief-trading-and-markets\/","title":{"rendered":"February Global Regulatory Brief: Trading and markets"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6aa830d8c54fb]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6aa830d8c54fb'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/regulation\/\" rel=\"category tag\">\n                    Regulation\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/risk\/\" rel=\"category tag\">\n                    Risk\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">February Global Regulatory Brief: Trading and markets<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6aa830d8cbe42'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">February 20, 2025<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6aa830d8cec84'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>The Global Regulatory Brief provides monthly insights on the latest risk and regulatory developments. This brief was written by Bloomberg&#8217;s Regulatory Affairs Specialists.<\/em><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6aa830d8d0984'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Trading and markets regulatory developments<\/h2>\n<p><span style=\"font-weight: 400;\">Regulatory authorities continue to advance initiatives to improve the efficiency and sophistication of global market structure. The following market structure policy developments represent a sample of wider regulatory and policy coverage available to Bloomberg Terminal customers. Run REGS &lt;GO&gt; to find out more.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span class=\"TextRun MacChromeBold SCXW215298180 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW215298180 BCX0\"><b><span data-contrast=\"auto\">UK: <\/span><\/b><\/span><\/span>Accelerated Settlement Taskforce Technical Group releases T+1 transition report<\/li>\n<li style=\"font-weight: 400;\"><span class=\"TextRun MacChromeBold SCXW215298180 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW215298180 BCX0\"><b><span data-contrast=\"auto\">USA:<\/span><\/b><\/span><\/span> Additional firms charged in SEC off-channel communications sweep<\/li>\n<li style=\"font-weight: 400;\"><strong><span class=\"TextRun MacChromeBold SCXW215298180 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW215298180 BCX0\"><b><span data-contrast=\"auto\">Saudi Arabia<\/span><\/b><\/span><\/span>:<\/strong> Exchange launches fixed income market-making framework<\/li>\n<li><span class=\"TextRun SCXW46962096 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW46962096 BCX0\"><span class=\"TextRun MacChromeBold SCXW215298180 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW215298180 BCX0\"><b><span data-contrast=\"auto\">South Korea:<\/span><\/b><\/span><\/span> FSC introduces WGBI Inclusion to Promote Global Investors\u2019 Investment in KTBS<\/span><\/span><span class=\"EOP SCXW46962096 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6aa830d8d2726'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Explore the latest regulatory insights with our outlooks, webinars, research and analysis.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_8346640074156392364\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/regulatory-insights\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6aa830d8d6bce'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Accelerated Settlement Taskforce Technical Group releases T+1 transition report<\/h2>\n<p><span class=\"TextRun SCXW244157030 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW244157030 BCX0\">The Accelerated Settlement Taskforce Technical Group has <\/span><\/span><a class=\"Hyperlink SCXW244157030 BCX0\" href=\"https:\/\/www.gov.uk\/government\/publications\/accelerated-settlement-t1\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW244157030 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW244157030 BCX0\">released<\/span><\/span><\/a><span class=\"TextRun SCXW244157030 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"> <span class=\"NormalTextRun SCXW244157030 BCX0\">a comprehensive report outlining the UK&#8217;s implementation plan for the transition to T+1 settlement, which is set to begin on October 11, 2027.<\/span><\/span><span class=\"EOP SCXW244157030 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span class=\"TextRun MacChromeBold SCXW215298180 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW215298180 BCX0\"><b><span data-contrast=\"auto\">In more detail:<\/span><\/b> <\/span><\/span><span class=\"TextRun SCXW215298180 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW215298180 BCX0\">The report includes several key recommendations and actions necessary for a successful transition:<\/span><\/span><span class=\"EOP SCXW215298180 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\">T+1 Code of Conduct (UK-TCC): Defines the scope, timetable, and expected behaviors for market participants to meet their T+1 obligations, including twelve critical actions across four business areas.<\/span><\/li>\n<li><span data-contrast=\"auto\">Scope of Changes: Recommends amendments to the UK Central Securities Depositories Regulation (CSDR) to facilitate the transition to T+1, including setting the first day of UK cash securities trading for T+1 settlement on October 11, 2027.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Settlement Processes: All allocation and confirmation processing must be completed electronically using recognized industry standards by the end of 2026, with settlement instruction submissions to the CSD completed by 5:59 AM UK time on T+1.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Financial Market Infrastructures (FMIs): FMIs and their third-party providers must review and update their systems and processes to ensure there are no barriers to T+1, including the CREST modernization project.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Static Data and Securities Financing Transactions (SFTs): Market participants must implement core principles and templates for sharing standard settlement instructions (SSIs) and automate stock lending recalls.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Corporate Actions and Foreign Exchange (FX): Actions to improve corporate actions processing and reduce FX settlement risk, including reviewing and updating dividend processing and claims policies.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span class=\"TextRun MacChromeBold SCXW215298180 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW215298180 BCX0\"><b><span data-contrast=\"auto\">Main lesson:<\/span><\/b><\/span><\/span> The report emphasizes the importance of automation, compliance, and timely action to ensure a successful transition to T+1. It highlights the need for collaboration among market participants, FMIs, and public authorities.<\/p>\n<p><span class=\"TextRun MacChromeBold SCXW215298180 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW215298180 BCX0\"><b><span data-contrast=\"auto\">Significance:<\/span><\/b><\/span><\/span> The report provides a detailed timeline for market participants, FMIs, and the AST to follow from 2025 to 2027, ensuring a seamless implementation of T+1 settlement.<\/p>\n<p><span class=\"TextRun MacChromeBold SCXW215298180 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW215298180 BCX0\"><b><span data-contrast=\"auto\">Looking ahead: <\/span><\/b><\/span><\/span>The UK Government welcomes the report and will set out its response shortly.<\/p>\n<h2>Additional firms charged in SEC off-channel communications sweep<\/h2>\n<p><span data-contrast=\"auto\">The U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) <\/span><a href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2025-6\"><span data-contrast=\"none\">announced<\/span><\/a><span data-contrast=\"auto\"> charges against nine investment advisers and three broker-dealers for failing to preserve electronic communications records. The firms acknowledged the violations and agreed to pay combined penalties of more than $63 million.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">In more detail: <\/span><\/b><span data-contrast=\"auto\">Each of the SEC&#8217;s investigations found the use of unapproved (or &#8220;off-channel&#8221;) communication methods by staff at multiple levels of authority, which led to a failure to preserve records required to be maintained under federal securities laws. Each firm was also charged with failing to reasonably supervise their personnel with a view to preventing these violations.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Context:<\/span><\/b><span data-contrast=\"auto\"> The charges are part of an expansive enforcement sweep of registrants&#8217; communications and record keeping practices, from which the SEC has collected billions of dollars in penalties. It is unclear whether this enforcement sweep will continue under Acting Chairman Mark Uyeda.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2>Saudi Exchange launches fixed income market-making framework<\/h2>\n<p><span data-contrast=\"auto\">The Saudi Exchange has <\/span><a href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/news-details\/!ut\/p\/z1\/vZLLcoIwFIZfxS66ZHK4w5LeUAeriKBkwwSILRUCYlr6-I3aRXW8dLpoVufP_Cfn8gVhtECYkY_ihfCiZqQUOsZGojsGKH0Lxu7Mk8GPTM-K_JkMAw1FCCNc1hkpKYop26omK3IU61SxTdOwJarpmaTZhiZZqmVLWUrlNJVTW8uXW3fGeMNfUcxJTrr3MqHsFjZE-pa7uGmLjG4IywuWUxHtLhnt9kFF2hXle5nxH1LqyTrICih6r2pXPYrmh8NYI9cA_9nxx4qpgxsBwpdnPcqHYKKD_zQZqR5MwQXjd_lw5jhX6wdiv7F4wzxrckSRj4J2KGR1Wwl-wXbF8_tR4oePU5H7Z1J9QMNr_YnPUryt19gRVGvG6SdHi3_Big87Gzu2KcAM79yB56iWYR4bTpA_NJxAuzNcYNdUlaVWUhguum7Wr5IHbxkMCufmC91j2r8!\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/?locale=en\"><span data-contrast=\"none\">introduced<\/span><\/a><span data-contrast=\"auto\"> a Fixed Income Market Making Framework to enhance liquidity in the secondary market and improve price formation efficiency.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Summary: <\/span><\/b><span data-contrast=\"auto\">The framework is designed to stimulate activity in the secondary fixed-income market, following the successful introduction of market makers in equities and derivatives in 2023, and is aimed to enhance liquidity, increase transaction frequency, and attract both domestic and international investors. Under the Market Making Regulations, participants must be Saudi Exchange members and can act as principals or agents on behalf of clients.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Next steps: <\/span><\/b><span data-contrast=\"auto\">The Saudi Exchange will publicly disclose a list of market makers and the securities they cover on its website and will offer incentives to participants who meet their obligations.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2>Korean FSC introduces WGBI inclusion to promote global investment in KTBS<\/h2>\n<p><span data-contrast=\"auto\">The Korean Financial Services Commission (FSC) <\/span><a href=\"https:\/\/www.fsc.go.kr\/eng\/pr010101\/83920?srchCtgry=&amp;curPage=&amp;srchKey=&amp;srchText=&amp;srchBeginDt=&amp;srchEndDt=\"><span data-contrast=\"none\">introduced<\/span><\/a><span data-contrast=\"auto\"> omnibus trading accounts and promotes the Global Operating Model to enhance foreign investors&#8217; convenience and access to Korea Treasury Bonds (KTBs).<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">In summary: <\/span><\/b><span data-contrast=\"auto\">The FSC and relevant organizations have proposed revisions to the enforcement decree and supervisory rules of the Financial Investment Services and Capital Markets Act (FSCMA) to introduce a consolidated trading scheme for KTBs. This follows the government&#8217;s plan to revamp the KTB and Monetary Stabilization Bonds (MSBs) Investment Framework announced in December 2024 after Korea&#8217;s inclusion in the World Government Bond Index (WGBI).<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">What this means for foreign investors:<\/span><\/b><span data-contrast=\"auto\"> Following the implementation of omnibus accounts for KTB settlements in June 2024, both domestic and foreign banks are preparing to adopt the global operating model to attract foreign investors to the KTB markets.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">The introduction of omnibus trading accounts will enable foreign financial investment business providers to consolidate their clients&#8217; orders in KTB transactions, improving the efficiency of ordering and settling KTB transactions.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Foreign investors will have the ability to place trading orders via omnibus trading accounts opened with securities firms and banks and settle the transactions through omnibus settlement accounts at Korea Securities Depository (KSD).<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><b><span data-contrast=\"auto\">Expected regulatory changes: <\/span><\/b><span data-contrast=\"auto\">To facilitate the implementation of the model, the FSC and associated organizations plan to offer official interpretations and suggest regulatory amendments to address legal ambiguities.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"13\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">The FSC makes it clear through authoritative interpretation that foreign banks are allowed to sell KTBs that they do not own and then buy them later from domestic banks for the purpose of meeting the demand of foreign investors.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"13\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">The FSC plans to revise the enforcement decree of the FSCMA to allow foreign banks to buy KTBs from foreign investors and sell them to domestic banks before the settlement of the purchased KTBs.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"13\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">It is also made clear through authoritative interpretation that domestic banks, who act as dealers, are allowed to sell KTBs that they do not own and then buy them back later in the KTB market to meet foreign investor demand.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><b><span data-contrast=\"auto\">What&#8217;s next:<\/span><\/b><span data-contrast=\"auto\"> The FSC plans to complete actions requiring authoritative interpretations and proceed with revisions to the Regulation on Financial Investment Business and the Enforcement Decree of the Capital Markets Act as soon as possible. The government will work closely with relevant organizations and the financial industry to support the advancement of capital markets and maximize the positive effects of Korea&#8217;s inclusion in the WGBI.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6aa830d8d9bc7'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>View the additional regulatory briefs from this month:<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/february-global-regulatory-brief-risk-capital-and-financial-stability\/\">Risk, capital and financial stability<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/february-global-regulatory-brief-green-finance\/\">Green finance<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/february-global-regulatory-brief-digital-finance\/\">Digital finance<\/a><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.bloomberg.com\/professional\/global-regulatory-brief\/\">Sign up<\/a> to receive these updates in your inbox first.<\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6aa830d8dba0d'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>How we can help<\/h2>\n<p>Bloomberg\u2019s Public Policy and Regulatory team brings you insight and analysis on policy developments to help navigate the complex and fast changing global regulatory landscape. To discuss regulatory solutions, <a href=\"https:\/\/www.bloomberg.com\/professional\/regulatory-insights\/#contactus\">please get in touch with our specialists<\/a> or <a href=\"https:\/\/www.bloomberg.com\/professional\/regulatory-insights\/\">read more insights<\/a> from our Regulatory team.<\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6aa830d8dd616]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6aa830d8dd616'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for 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markets.<\/p>\n","protected":false},"author":1935,"featured_media":85030,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"486","footnotes":""},"categories":[453,486,469],"tags":[500,526],"series":[],"class_list":["post-108362","post","type-post","status-publish","format-standard","hentry","category-markets","category-regulation","category-risk","tag-credit-risk","tag-fixed-income","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>February Global Regulatory Brief: Trading and markets | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Regulatory authorities continue to advance initiatives to improve the efficiency and sophistication of global securities markets.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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