RegionsRSS

CPMI-IOSCO publishes discussion paper on CCP default auction processes

There are a number of management auctions processes central counterparty clearing houses (CCPs) need to consider when their participants default, according to a paper drafted by two global standard setters. 

BIS innovation hub rolled out to new locations in Europe and North America

The innovation hub run by the Bank for International Settlements (BIS) is to be extended to four new locations over the next two years, the organisation has said in a statement. 

Damian Carolan

Spot FX once again faces prospect of EU regulation

Regulating the spot FX market is back on the table in the EU, raising concerns in the industry that the European Commission might be seriously considering going ahead with this proposal.

US Fereral Reserve

US Fed stress tests criticised for being confusing and inadequate

In recent years, stress tests by the US Federal Reserve have been relatively incident free, but this year’s exercise has run into sharp criticism in some quarters including from a former Fed member 

Kay Swinburne

Can the EU finally make CMU a reality?

Will Brexit and the Covid-19 pandemic prove to be a catalyst to revive efforts to establish a capital markets union in the EU, or will it be the final nail in the coffin for this beleaguered project? 

UK looking to Swiss deal to reinforce outcomes-based approach for global financial services

On June 30, the UK and Switzerland committed to an ambitious bilateral deal on financial services, which the former hopes will help reinforce an outcomes-based approach towards bilateral financial services agreements. 

German EU presidency to focus on economic recovery and a stable financial architecture

On July 1, Germany took over the EU’s six-month rotating presidency with the ambitious aim of spurring the recovery of the bloc’s economy from the Covid-19 pandemic, settling the EU’s budget, driving a sustainable and stable financial architecture and a digital and sustainable economy.

FSB notes some delays in switching away from Libor due to Covid-19

The transition by firms to alternative interest rate benchmarks from the London interbank offered rate (Libor) is likely to have been temporarily disrupted by the Covid-19 pandemic, the Financial Stability Board (FSB) said in a statement. 

David Strachan

ECB dials up pressure on banks to manage climate and environmental risks

The Covid-19 pandemic has done little to dull the appetite of EU regulators to drive climate change policies, as proven by the ECB’s guide on the matter. Given the scope of work needed to meet the ECB’s expectations, banks are advised to starting acting now.

Josh Galper

Covid-19 serves as catalyst for US deregulation of financial services

The economically devastating impact of the Covid-19 pandemic seems to have acted as a catalyst for US regulators to loosen prudential rules further and faster ahead of the presidential election in November.