The clamour to address climate change is forcing banks to rethink their lending policies and to ponder new ways of assessing risk as they face growing pressure from regulators to go green. By Victor Smart.
Global
Libor may yet have life beyond 2021
The industry has done a great deal of work towards shifting financial instruments from referencing Libor towards using alternative rates. But such is the scale of the task, many industry sources doubt that the transition will be complete by the end of 2021
The cloud’s systemic implications worry financial regulators
The big cloud firms are rapidly emerging as key infrastructure providers to banks raising questions over whether they should be supervised similarly to clearing houses, for example
Resolving Brexit could help tackle global regulatory fragmentation
Resolving Brexit could be the big breakthrough, which heals regulatory fragmentation, according to one former MEP. The problem is that the Brexit process will drag on for years and remain deeply fractious.
IOSCO proposes trading venues synchronise their clocks to UTC
Trading venues and their participants should synchronise the clocks they use for time stamping reportable events with coordinated universal time (UTC), according to a proposal by the Board of the International Organization of Securities Commissions (IOSCO).
ISDA initial margin offering upgraded
New custody documentation has been added to the International Swaps and Derivatives Association (ISDA) Create’s initial margin (IM) offering, allowing users to complete all documentation required for regulatory IM on a single platform.
Transitioning away from Libor is littered with legal pitfalls
The end of Libor is a big challenge for market participants, but not anticipating some of the logistical issues involved in transitioning to alternative rates could result in a raft of costly legal actions
Fed’s Quarles calls for more certainty in cross-border regulation
The decade since the 2007-9 global financial crisis has demonstrated that expectations matter when it comes to regulating cross border finance, said Randal Quarles, vice chair of the US Federal Reserve Board and chair of the Financial Stability Board (FSB).
New green bond fund launched for central banks by BIS
Central banks will be able to invest in an open-end green bond fund launched by the Bank for International Settlements (BIS).
BIS worries about booming CLO market masking risks
The state of the securitisation market shares some characteristics with the conditions that prevailed in the run-up to the 2007-9 global financial crisis (GFC), the Bank for International Settlements (BIS) warned.
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