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Rick Rule

Rush to phase out fossil fuels could trigger financial instability

Policy-makers are making a concerted effort to steer the financial sector away from supporting fossil fuel producers, creating opportunities for new lenders but some worry about the impact on the global economy. 

David E Rutter

Crypto must get to grips with its high-risk culture

Following a year of price drops, job losses and bankruptcies, many in the crypto industry were hoping for a calm end to 2022. But then came the spectacular FTX fallout and a flurry of criminal fraud charges against its former chief executive, Sam Bankman-Fried, making corporate culture a hot topic once again.

FSB wants to strengthen liquidity management tools for open-ended funds

There has been no measurable reduction in the degree of structural liquidity mismatches in open-ended funds (OEFs) in the past five years, despite a meaningful implementation of new liquidity measures, the Financial Stability Board (FSB) said.

FSB says RFRs must be anchored in robust markets

With the London interbank offer rate (Libor) being steadily abandoned by the financial system, the Financial Stability Board (FSB) said it is important that the replacement overnight risk-free rates (RFRs) be underpinned by robust and liquid markets.

G20 GET

FSB concerned about CCP and insurer resolution risks

Urgent work is needed to plug holes in global financial regulatory frameworks to stave off a potential crisis emanating from a failing international systemic clearing house or insurer, the Financial Stability Board (FSB) warned.

IOSCO appoints CNMV’s Buenaventura to head up its Sustainable Finance Task Force

On December 5, the International Organization of Securities Commissions (IOSCO) said it had appointed Rodrigo Buenaventura, chair of Spain’s Securities Market Commission (CNMV), to head up its Sustainable Finance Task Force.

BIS

Basel Committee finds Basel III has boosted resilience of previously weak banks

In its third evaluation report on the global crisis financial reforms, the Basel Committee on Banking Supervision said bank resilience has increased with even greater strides seen from firms most impacted by the reforms helping to reduce systemic risk. 

James Alexander, UKSIF

Global taxonomies battle risks undermining green finance

Dozens of countries have embarked on developing their own sustainable taxonomies. Many use the ground-breaking, if flawed, EU taxonomy as a template. What degree of interoperability will emerge from these varying standards and how does the US, an outlier, fit in?

Silke Bernard, Linklaters

Firms should prepare for tightening ESG standards

Around the world we are seeing nations and new networks ramping up their efforts to meet their climate goals and transition to a green economy. But the road ahead is far from smooth, and a number of real challenges can be seen on the horizon. We examine some of the key ESG headwinds we face and discuss their impact on global climate action, financing and the geopolitical landscape.

GET crypto

Basel Committee brings clarity to crypto, but bankers disappointed

Banks now have a much clearer view over how they can interact with crypto-assets following the Basel Committee on Banking Supervision rolling out its final crypto standards. Though it reduces regulatory uncertainties, banks were largely disappointed.