Banks lobby against Basel Committee’s proposed capital treatment of crypto-assets

Banks are lobbying the Basel Committee on Banking Supervision to raise caps on unbacked crypto-assets, such as bitcoin, to 5% from 1% of bank Tier 1 capital, a clear indication of the industry’s interest in the sector. 

IOSCO appoints head of Belgium’s securities regulator as its new chair

Jean-Paul Servais, chair of Belgium's Financial Services and Markets Authority, has been appointed as the new chair of the International Organization of Securities Commissions (IOSCO), replacing Ashley Alder.

FSB consults on cyber incident reporting

Growing geopolitical risks and interconnectedness within the financial system is exposing the industry to greater risks of disruptive cyber events, the Financial Stability Board (FSB) warned on October 17 as it set out proposals to tackle reporting on the issue.

Traditional risk management approaches can contain digital asset risks

Proven risk management and regulatory approaches can do the job of overseeing digital assets meaning there is little need to invent new processes, said EY in a report published on September 30.

DSB welcomes EU move to make UPIs law

According to the EU’s Official Journal, the use of the Unique Product Identifier (UPI) is to be embedded into the bloc’s law – a move welcomed by the Derivatives Service Bureau (DSB). 

Oversight body calls for ‘quick as possible’ Basel III implementation

The oversight body of the Basel Committee on Banking Supervision expects jurisdictions to implement all aspects of the Basel framework consistently and as quickly as possible in the face of resurgent inflation and deteriorating economic and financial conditions across much of the globe.

Gilbert Verdian

CBDCs could bring big benefits provided they are designed properly

Central bank digital currencies could improve the payments infrastructure and provide more opportunities for financial inclusion, but if adopted they must be properly configured and implemented.

New ‘controls library’ launched so banks can benchmark operational risk practices

A controls library for operational risk has been launched by the Operational Riskdata eXchange (ORX) and consulting firm Mckinsey & Co and is designed to support the understanding and benchmarking of risk controls within banks.

CPMI-IOSCO highlights challenges around new clearing models

Though clearing transactions for indirect participants is a key objective of the G20, there are nonetheless challenges around risk management processes related to new access models. 

GET cargo ship

Digital currencies inject new possibilities into cross-border payments

There are good reasons for most countries to improve cross-border payment efficiencies, however that desire is complicated by technical and legal issues. But new forms of digital money potentially open up some interesting new channels.