The US-based central bank backed currency settlements service CLS has warned that the risk of settlement failures in the $6.6tn a day foreign exchange market are at their highest level ever due to the rapid growth and changing composition of the world’s biggest market.
Global
US-China tensions threaten further fragmentation of global financial system
Financial institutions are treading a wary path as US-China tensions escalate with the prospect of the global financial system being split between the two superpowers.
Covid-19 could see proliferation of financial transaction taxes to fill budget shortfalls
Momentum behind introducing FTTs has been revived by the hugely damaging economic effects of the Covid-19 pandemic leaving financial institutions worried
FSB cybersecurity guidance dashes hopes for single global approach
The FSB’s cybersecurity guidance leans considerably on the work of US regulators, meaning that it differs from the EU approach, which makes it harder for a genuine global standard to evolve.
BIS appoints Tara Rice to head CPMI secretariat
Tara Rice has been appointed as head of the secretariat for the Committee on Payments and Market Infrastructures (CPMI) by the Bank for International Settlements (BIS).
Basel Committee members endorse temporary relaxation of capital buffers
Members of the Basel Committee on Banking Supervision have reaffirmed their commitment to implementing the Basel III standards while recognising that banks will need sufficient time to restore their capital buffers depending on the severity of the economic downturn.
Gaps remain on resolution planning in too-big-to-fail reforms, FSB warns
Though global systemically important banks are now much more resilient than they were a decade ago, improvements are still needed for the winding down of failing institutions, warned the Financial Stability Board (FSB) in a report.
Basel Committee proposes change to capital rules for NPL securitisations
The treatment for securitisations of non-performing loans (NPLs) is to receive a technical amendment from the Basel Committee on Banking Supervision, which is the result of work carried out before the Covid-19 pandemic struck.
CPMI-IOSCO publishes discussion paper on CCP default auction processes
There are a number of management auctions processes central counterparty clearing houses (CCPs) need to consider when their participants default, according to a paper drafted by two global standard setters.
BIS innovation hub rolled out to new locations in Europe and North America
The innovation hub run by the Bank for International Settlements (BIS) is to be extended to four new locations over the next two years, the organisation has said in a statement.
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