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Takeda to sell Japanese consumer health unit to Blackstone for $2.3…

TOKYO, Aug 24 (Reuters) – Takeda Pharmaceutical Co has agreed to sell its Japanese consumer healthcare business to U.S. investment fund Blackstone Group for 242 billion yen ($2.3 billion), Japan’s largest drugmaker said on Monday.

The sale cost of clomid Takeda Consumer Healthcare Company, which makes over-the-counter (OTC) drugs and health products, is expected to close by March 31, subject to regulatory closing conditions, the company said in a statement.

Takeda has been reducing its OTC assets worldwide as it seeks to refocus its business and reduce debt after its $59 billion acquisition cost of clomid Shire. ($1 = 105.8300 yen) (Reporting by Chris Gallagher Editing by David Goodman )

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Hong Kong regulator sharpening scrutiny of derivatives after…

By Selena Li

HONG KONG, June 28 (Reuters) – Hong Kong’s financial watchdog is tightening oversight on derivatives markets after the collapse of Archegos Capital Management, a senior official at the city’s Securities and Futures Commission (SFC) said on Tuesday.

Archegos, a U.S.-based family office of investor Bill Hwang which had $36 billion in assets, blew up last year when it was caught short on highly leveraged trades and left global banks with $10 billion in losses.

A majority of Hwang’s exposure was built via a type of equity derivative traded over the counter, written by his bank counterparties, which helped him to circumvent rules requiring reporting positions to U.S. regulators.

“The collapse of Archegos prompted us to take a fresh look at the surveillance tools we use to detect concentrated positions in the over-the-counter (OTC) market,” said SFC Deputy Chief Executive Officer Julia Leung.

Prime brokers operating in the OTC derivatives markets have faced “tough challenges” and it was “evident from the Archegos saga last year,” said Leung, who is also SFC’s executive director for intermediaries.

The regulator clomid sale is also conducting a thematic review of OTC derivatives activities in Hong Kong to assess prevailing market practices, she said, and the scope of the review will probe firms’ risk management, assessment and escalation practices.

Fragmented global practice and regulation in the opaque OTC derivatives market compounds the regulatory challenges, generic clomid no prescription Leung said, adding gaps in oversight would remain unless “risk governance structures” are integrated.

The SFC will also soon launch a review on block trading, or large sales of shares, in Hong Kong with an aim to potentially introduce standards for how to conduct such business activities.

“We are looking into how to get generic clomid market participants communicate information with potential investors prior to the announcement of a (block trade) transaction, commonly known as market sounding,” she added. (Editing by Jacqueline Wong)

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EU watchdog proposes emergency brake for energy markets

ESMA seeks more control over energy markets

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Watchdog flags need for more sweeping changes

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Increasing transparency in OTC, physical markets

(Adds more detail)

By Huw Jones

LONDON, Sept 22 (Reuters) – A temporary brake on gas and electricity derivatives when prices spike could improve how energy markets operate, the European Union’s securities watchdog proposed on Thursday, along with more fundamental changes over time.

The European Securities and Markets Authority (ESMA) said the number of trading halts in energy derivatives has been very low in recent weeks despite rules on circuit breakers already in place and prices racing higher following Russia’s invasion of Ukraine in February.

“It would, therefore, appear useful to consider implementing, on a temporary basis and for energy derivative markets only, a new type of trading halt mechanism,” ESMA said in a statement.

The parameters of such a mechanism should be set at the EU level to apply to all platforms that trade energy derivatives, it said – step that would override exchanges.

“We would envisage these mechanisms to trigger halts for a limited period of time only and in exceptional circumstances, for instance, in case of extreme volatility spikes that may lead to disorderly trading conditions,” ESMA said.

Such a mechanism would need to be implemented as part of emergency measures tackling the current energy crisis, it added.

ESMA was responding to a call for “concrete plans” from the EU’s executive arm, the European Commission, to address issues raised in energy markets by high prices that are forcing governments to offer help to energy companies.

Energy firms sell their output using derivatives markets, requiring them to post “margin” in the form of cash, in practice, to cover positions at clearing houses in case they turn sour.

ESMA said on Thursday it could formally clarify that commercial paper and EU government bonds already qualify as collateral. But it rejected an industry suggestion that EU carbon emission allowances could also be used, given their “high volatility and limited legal protections”.

It also had concerns about making uncollateralised commercial bank guarantees eligible for use as collateral, and clomid pill said strict conditions would need to apply.

ESMA said such conditions include a time limit on their use, such as for the winter period when stresses in energy markets are expected to continue.

“ESMA believes that prudential requirements should continue to underpin any such exposures and limit banks´ concentration risk, which would then have impact on the practical use of such type of collateral,” the watchdog said, referring to banks’ putting aside capital to cover risks from guarantees turning sour.

Clearing houses should also set limit to ensure that a bank guarantee only represented a “small share” of total initial margin requirements.

Such safeguards will be welcomed by banking regulators in the bloc, worried about a loosening of capital rules.

A top European banking supervisor said lenders should not be encouraged to give guarantees that are not commercially priced and backed by appropriate capital.

EU states hold a summit next week to decide on emergency measures to help energy companies.

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ESMA signalled a need for regulators to have a much broader grip on commodity markets to not just include exchanges, but also over-the-counter or off-exchange trading, and transactions in the physical market.

It was “crucial” that national supervisors in EU states have increased visibility over OTC trades that cover the same market as those traded on exchanges, ESMA said.

Furthermore, physically settled gas and electricity products should at least have to comply with minimum transaction and daily position reporting requirements to increase transparency, it said.

Regulatory waivers to large non-financial firms that can i purchase clomid trade in commodity derivatives should be scrapped so they require an investment firm licence, can i order generic clomid price ESMA said.

“This would ensure that such significant entities active in commodity derivatives markets conducting essentially the same business as investment firms would be subject to the stringent requirements established in financial regulation,” ESMA said. (Additional reporting by Francesco Canepa in Frankfurt; Editing by Leslie Adler and Lisa Shumaker)

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