The Industrial and Commercial Bank of China (ICBC) reports that it has joined the tri-party repo service of Clearstream, a Deutsche Börse Group post-trade services provider, and the firm wants this first step to be the start of a greater repo market in China. “ICBC is the first Chinese financial institution to do so, enabling… Read More >>
Chinese Bank’s Brokerage Settles DOJ & SEC Cases
The Securities and Exchange Commission (SEC) reports that Industrial and Commercial Bank of China Financial Services LLC (ICBCFS), a New York-based, wholly owned subsidiary of Industrial and Commercial Bank of China Ltd., will pay more than $42 million to settle charges that it improperly administered “pre-released” American Depositary Receipts (ADRs). Separately, ICBCFS has pled guilty… Read More >>
