stablecoins

Some stablecoins could be labelled as systemically important

Global standard-setters are taking their first steps towards herding stablecoins into the regulatory ambit as their importance continues to grow worldwide, raising concerns about financial stability. 

larry list

Archegos opens a Pandora’s box of regulatory consequences

The Archegos saga may have come to light more than six months ago, but its consequences from a regulatory perspective will be unravelling for years to come. 

wfh

FCA warns firms over ‘work from home’ risks

Financial firms with staff working from home in regulated functions need to ensure this does not lead to damage to clients, market integrity, reduced competition or foster criminal activity, the Financial Conduct Authority said in a guidance notice on October 11.

kukies

Transformed Bafin two-thirds of way through its reforms

Following the bruising Wirecard scandal, around two-thirds of the 40 measures to reform Germany’s Federal Financial Supervisory Authority (BaFin) have been carried out with the remainder close to implementation. Around 100 employees have worked on the project for seven months.

ticker tape

European Commission rejects idea of delayed consolidated tape

The EU needs a near real-time consolidated tape (CT) according to senior European Commission officials in rejection of having one with a 15 minute delay as proposed by a trade association representing exchanges.

October 14, 2021

The month of September marks the changing of the seasons in the UK from summer to autumn and this year it has witnessed both a political reshuffle at the top of UK government and a change of leadership at the Information Commissioner’s Office. By Rupert Brown, chief technology officer at Evidology Systems

closed

Bad insolvency regimes keep Europe’s zombie firms alive

Propping up zombie firms beyond the point of viability is often blamed on the banks that continue to support them. However, inefficient resolution regimes might be the real cause. 

rq

Concerns linger over US dollar Libor transition

A recent survey found that most financial institutions should have negligible US dollar London interbank offered rate (Libor) exposures by the end of this year. Nevertheless, pockets of concern remain despite continued warnings from regulators. 

city

FCA takes ‘use it or lose it’ approach to regulatory permissions

Under proposed new powers, the UK’s Financial Conduct Authority could quickly revoke or alter certain regulated firms’ permissions, potentially making it harder to launch new products. 

Mark Carney

COP26: Mark Carney outlines next steps for financial regulators’ role in climate change fight

In an interview with Global Risk Regulator ahead of the United Nations Climate Change Conference COP26, Mark Carney, former central banker and UN special envoy on climate change and finance, discusses the urgent regulatory steps needed.

Imam Hoque

BIS warns supervisors to wake up to AI risks

Global standard-setters are brainstorming international standards to oversee the use of artificial intelligence in finance, a growing disruptive trend that poses serious ethical dilemmas like algorithmic bias which disadvantages minorities. Some AI experts say guidance is long overdue. 

Sam Theodore-Scope Ratings

Eurozone banks potentially overstating their capital strength

There is some evidence to suggest that eurozone banks are watering down Basel Committee rules, to mask weaknesses leaving some commentators fretting that many of them are under-capitalised.  

What impact will central bank digital currencies have on the financial system?