Moody's Investors Service is considering downgrading the junior tranches of a peer-to-peer loan securitisation because of concerns about a build-up of delinquencies in the sector, Bloomberg reports. The bonds under review are supported by loans originated by Prosper Marketplace, the second biggest P2P lender in the US. There have been 40 P2P loan securitisations in the US and one of them, backed by loans originated by Circle Back Lending, recently hit a "cumulative loss trigger". China's central bank has drafted rules for a tax on foreign-exchange transactions that would help curb currency speculation, according to Bloomberg, referencing "people with knowledge of the matter." The initial rate of the so-called Tobin tax may be kept at zero to allow authorities time to refine the rules, Bloomberg's sources revealed. The tax is not designed to disrupt hedging and other foreign-exchange transactions undertaken by companies, although a Tobin tax would complicate plans by China to create an international reserve currency and could undermine its leadership's pledge to increase the role of market forces in the world's second-largest economy. Almost 300 institutional investors in Volkswagen, including the US pension fund Calpers, have filed a multi-billion euro suit against the carmaker for what they see as breaches of its capital markets duty in the emissions scandal, Reuters reports, citing TISAB, the law firm running the case. The lawsuit, for damages of almost €3.3 billion, was filed at a regional court in Germany earlier this week. TISAB has also filed a motion for so-called model claims, a German legal procedure which - in the absence of US style class-action lawsuits - uses court rulings won by individual investors as templates to set damages for others that are equally affected. Royal Bank of Scotland is axing 448 UK roles in its investment banking arm - mainly back-office and middle-office positions - as it shrinks the division, the FT revealed on Tuesday. RBS, still majority owned by the UK taxpayers, has slashed almost 1,400 jobs in the past four weeks as part of a major drive to cut costs and restructure the lossmaking bank. RBS is also planning to transfer millions of pounds of pension-related costs on to employees, according to people familiar with the situation. RBS is setting up 300 similar - but lower cost - roles in India.