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UN HQ

More banks rethinking their businesses in the face of climate change pressures

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.

Joshua Roberts

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

Bank of servers

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

Kay Swinburne

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.

Gavel

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.