GlobalRSS

DTI registry goes live amid soaring institutional interest in digital assets

The registry for digital token identifiers (DTIs) run by ETrading Software went live on July 1 and is designed to identify digital tokens based on the the International Organization for Standardization (ISO) new standard for digital assets. 

UK inks financial services partnership with Singapore to help maintain City’s dominance

On June 30, the UK and Singapore announced a new partnership to facilitate dialogue and co-operation on financial services as the former seeks to forge new relationships following Brexit. 

BCBS

BIS lauds CBDCs while dismissing cryptocurrencies and stablecoins

Central bank digital currencies (CBDCs) preserve the core functions of money in the digital era, said the Bank for International Settlements (BIS) in a report on June 23, dismissing cryptocurrencies as “speculative” and stablecoins as an “appendage”.

Blake Goud

Taxonomies clash threatens to fragment green finance

Impressive momentum has built up behind the effort by the world’s financial regulators to create coherent classifications to define what economic activities should truly count as sustainable, but this could also be setting the scene for fragmentation. 

Tetsuo Otashiro

CCPs urge global co-ordination on Basel III reforms

A Covid-19-related delay to rolling out Basel III has clearing houses worried about horrendous capital charges for their foreign clearing clients. They are urging banking regulators to provide a reprieve. 

Basel framework was not fully tested by Covid-19 pandemic

Though global banks withstood the Covid-19 pandemic, the reformed prudential framework was not fully tested, the Basel Committee on Banking Supervision said on July 6 as most institutions maintained significant capital headroom above their regulatory minimum requirements.

Digitisation to foster radical new bank business models and growing range of risks

Digitisation, which has been accelerated by the Covid-19 pandemic, will foster radically new business models, more speed, complexity and interconnectedness for banks necessitating greater vigilance to a growing range of risks. 

Sydney Harbour

Australia trade deal paves way for UK to join CPTPP

On June 14, the UK signed a trade deal in principle with Australia, which is supportive for financial services, and paves the way for the UK to enter the Progressive Agreement for Trans-Pacific Partnership (CPTPP), an important trading bloc, which the UK wants to join. 

Bank of England

UK regulators urge liquidity providers to switch to SOFR from July 26

Liquidity providers are being encouraged by the Bank of England and the Financial Conduct Authority (FCA) to switch from the London interbank offered rates (Libor) to the Secured Overnight Financing Rate (SOFR) for dollar interest rate swaps from July 26. 

Chris Whalen

Basel Committee proposals could crimp bank involvement in crypto

The Basel Committee proposals on the prudential treatment of crypto-assets are controversial to some participants while others believe they pave the way towards mainstream adoption.