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Bank of England asks banks to resist pressure over shifting euro clearing

The Bank of England has urged banks to resist EU pressure to shift euro clearing into the bloc, saying it could fragment markets and undermine financial stability. 

US regulators working on climate change guidance for banks

Large US banks should soon receive regulatory guidance on managing climate risk, said acting comptroller of the currency Michael Hsu on September 15. 

Bank involvement in digital assets could impact their credit ratings

Digital assets, such as cryptocurrencies, are set to become embedded into the US financial landscape, according to Fitch Ratings, which warned of compliance, operational, fraud and security risks for banks involved in the sector with potential implications for their credit ratings. 

FINMA highlights syndicated loans as Libor transition laggards

Though Switzerland’s transition away from the London interbank offered rates (Libor) is largely on track, the Swiss Financial Market Supervisory Authority (FINMA) is concerned that some sectors, such as syndicated loans, are still lagging. 

SEC whistleblower programme hits $1bn in awards

Following a total $114m pay-out to two informants, the US Securities and Exchange Commission’s (SEC) whistleblower programme has hit a milestone, having paid out $1bn in awards. 

Andrew Bailey

CBDCs could become stablecoin killers

The Bank of England may have to create a central bank digital currency (CBDC) or face its powers being undermined by sterling-backed stablecoins – a dilemma many central banks may have to confront. 

Swiss exchange

Swiss exchange gets go ahead to trade digital tokens

The SIX Digital Exchange (SDX) has been given the green light to operate a stock exchange and central securities depository (CSD) for digital assets by the the Swiss Financial Market Supervisory Authority (FINMA). 

Shipping containers

UK banks wrapped over the knuckles on trade finance

UK regulators sent a strongly worded letter to bank chiefs to improve their practices around trade finance following a string of criminal actions leading to hundreds of millions of pounds in losses for individual firms. 

Gary Gensler 2021

SEC warns Coinbase over proposed yield product

The US Securities and Exchange Commission has threatened to sue crypto exchange Coinbase if it launches its planned lending product

FDIC announces tech sprint to analyse resilience of US banks

On August 16, enrolment for a tech sprint, likely to last two to three weeks, was announced by the Federal Deposit Insurance Corporation (FDIC) to figure how resilient the banking sector is to major disruptions.