FSB lays out governance arrangements for UPIs for reporting OTC derivatives transactions

The Financial Stability Board (FSB) said in a report that the Legal Entity Identifier Regulatory Oversight Committee (LEI ROC) is best positioned to become the international governance body for the Unique Product Identifier (UPI) and Unique Transaction Identifier (UTI) and some other critical elements.

FSB sees limited further progress on implementing OTC derivatives reforms

Between the end of November 2018 and the end of September 2019, further progress has been limited on implementing reforms for the over-the-counter (OTC) derivatives market, the Financial Stability Board (FSB) said. 

FSB warns G20 of emerging regulatory risks

Though the mission of reforming the global financial system is nearly complete, there is still a lot of work to be done, such as around resilience, stability and sustainability, the Financial Stability Board (FSB) said. 

Standard setters establish critical data elements for reporting OTC derivatives transactions

Global standard setters have set out the key criteria, functions and bodies for the governance arrangements for a set of critical data elements for over-the-counter (OTC) derivative transactions reported to trade repositories excluding the Unique Transaction Identifier (UTI) and the Unique Product Identifier (UPI).

FSB/IMF call for continued political support to close data gaps

Substantial progress has been made in addressing the data that is needed to monitor global financial risks, but high level political support is needed to tackle remaining challenges, the Financial Stability Board (FSB) and International Monetary Fund (IMF) said in a report. 

Alexandra Foster

Open banking impact may force regulators to reconsider prudential measures

Not only will open banking shake-up the financial services industry, but it could also unleash financial stability issues, which are attracting the attention of prudential regulators

Financial firms call for CCPs to have more ‘skin in the game’

Nine large financial firms are calling on supervisors to force central counterparty clearing houses (CCPs) to carry more capital and to have clearer resolution plans as they fear they still pose a systemic risk.  

Borrowing in euros and yen outpaces US dollar credit advances

Borrowings in US dollars by non-banks grew at a slower pace in the year ending June 2019 compared with euros and Japanese yen, the Bank for International Settlements (BIS) said. 

ISDA consultation reveals industry splits over managing fallbacks

Most market participants are not keen to continue referencing covered interbank offered rates (Ibors) in existing or new derivatives contracts, but were split on how to manage fallbacks. 

Basel Committee lines up busy schedule for November

At its meeting on October 30-31, the Basel Committee on Banking Supervision agreed to hold consultations on the credit valuation adjustment risk framework, disclosure requirements and guidelines to enhance co-operation between prudential regulatory authorities.