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GRC 2021 predictions: digitising in a hybrid world

Governance, risk and compliance (GRC) teams started 2020 with a clear picture of what they were going to focus on this year, but the onset of Covid-19 pandemic threw up new GRC challenges, such as around bank staff having to work from home. By Henry Umney, SVP Commercial at Mitratech.

Benoit Coeure

CBDC experiment paves way for market infrastructure revolution

The infrastructure of financial markets came a step closer to being revolutionised following an experiment involving the Bank for International Settlements (BIS) and the Swiss National Bank (SNB) using central bank digital currencies (CBDCs) for settling transactions. By Justin Pugsley

Randall Quarles

US dollar Libor extended to 2023

The administrator of the US dollar London interbank offered rate (Libor) will keep the main tenors of the critical interest rate benchmark going until June 30, 2023 to give users more time to move to alternative rates. By Justin Pugsley 

FSB warns of potentially disruptive climate change impact on financial stability

In a report, the Financial Stability Board (FSB) warned that climate change could lead to sharp falls in asset prices, increase uncertainty and trigger amplification mechanisms and negative cross-border effects. 

FSB calls on G20 to address shadow bank risks following March volatility

Following market turmoil in March, the Financial Stability Board (FSB) has called for vulnerabilities in non-bank financial intermediation (NBFI) to be addressed. 

FSB warns G20 that risks to financial stability remain elevated

In a report to the G20, the Financial Stability Board (FSB) warned that risks to financial stability resulting from emergency measures to contain the Covid-19 pandemic remain elevated.

FSB publishes final guidance on CCP resolution

The Financial Stability Board (FSB) has published its final guidance on the resolution of central counterparty clearing houses (CCP) and the treatment of their equity and lays out five steps for assessing the financial resources of a clearer. 

FSB says global regulatory reforms placed banks in strong position

The financial reforms initiated following the 2007-9 global financial crisis placed banks in a strong position to cope with the economic fallout from the Covid-19 pandemic, the Financial Stability Board (FSB) said in its assessment of the regulatory reforms. 

FSB highlights risks around service providers to banks

The Financial Stability Board (FSB) has released a discussion paper on bank outsourcing and third party relationships to facilitate a debate on current regulatory and supervisory approaches to the issue.

CFTC and Consob sign MoU to co-operate on cross-border supervision

Markets regulators in the US and Italy have signed a memorandum of understanding (MoU) to co-operate and exchange information regarding the oversight and supervision of regulated firms that operate in both countries.