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Daily Dispatches: Taiwan issues new rules for mainland banks

Taiwan’s financial supervisory body issued regulations Tuesday on mainland banks’ operations on the island, two months after China and Taiwan signed a memorandum of understanding on financial cooperation. (China.org.cn)

Nomura has for the first time appointed a foreigner to its executive management board in a shake-up aimed at building the Japanese group’s credentials as a global investment bank. Jasjit “Jesse” Bhattal, 53, will become president and chief operating officer of the group’s new “wholesale” banking unit, including investment banking, equities trading and other non-retail activities. (Financial Times)

More jobs were created in the last quarter of last year, as Singapore’s economy rebounded and companies ramped up hiring. The 37,500 openings in the fourth quarter were more than double the preceding quarter’s 14,000, according to a Ministry of Manpower labour-market report. (Asia One)

Macquarie has appointed Eric Schimpf as the new head of Macquarie Private Wealth, replacing Peter Coleman who left last year. Schimpf joins Macquarie from Merrill Lynch, where he held the role of regional managing director for the Private Banking and Investment Group. In the role he was responsible for Merryll Lynch’s ultra-high-net-worth clients in the southeastern part of the United States. (Money Management)

UBS, Deutsche Bank, JP Morgan Chase and Depfa Bank are to stand trial in Milan for the alleged fraudulent sale of derivatives on a 1.68 billion euro ($2.5bn) bond, the Italian prosecutor says. “The banks are going to trial,” Alfredo Robledo, the prosecutor bringing the case against the banks, told Dow Jones Newswires in a telephone interview. (The Australian)

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