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Lael Brainard

Fed’s Brainard calls for regulators to set expectations over AI use

Regulators must provide appropriate expectations and adjust them as the use of artificial intelligence (AI) in financial services and the understanding of its potential risks evolves, said US Federal Reserve governor Lael Brainard, adding that there is likely to be a public consultation on the issue from the federal agencies.

DSB consults on UPI fee model

The Derivatives Service Bureau (DSB) has launched a first consultation on the principles governing its fee model for its upcoming Unique Product Identifier (UPI) service

CFTC approves NFA’s swap dealer capital model

The National Futures Association’s (NFA’s) swap dealer capital model has been deemed comparable with the Commodity Futures Trading Commission’s (CFTC) own swap dealer capital model requirements and review programme.

ORX driving collaboration among financial firms to fight cyber risk

The Operational Riskdata Exchange Association (ORX) is attempting to foster greater understanding and collaboration among financial firms to safeguard against the growing array of cyber threats.

Bank of England

Bank of England speech revives UK negative interest rate speculation

A speech from a Bank of England official has rekindled speculation that the central bank might be seriously considering cutting the UK base rate, currently at 0.1%, into negative territory saying this could provide a significant economic stimulus. 

BLM-ECB 366746987

ECB’s aim of encouraging cross-border eurozone bank mergers faces hurdles

Fitch Ratings sees significant obstacles to the European Central bank’s (ECB) desire for cross-border consolidation in the eurozone banking sector to improve resilience.

SEC braces for change of leadership and approach

Hester Peirce, a Republican commissioner at the Securities and Exchange Commission (SEC) paid tribute to the agency’s former chair, Jay Clayton, an independent, praising his handling of market volatility triggered by the Covid-19 pandemic and his style of leadership. 

IOSCO supports setting up board to promote sustainability in capital markets

Establishing a Sustainability Standards Board (SSB) has won the support of the International Organization of Securities Commissions (IOSCO) to help promote consistency and comparability across capital markets and to reduce the risk of fragmentation around sustainability disclosures.

AMF/AFM propose EU ESG framework

A joint framework proposed by market regulators in France and the Netherlands, aimed at greening the EU economy, could become a core part of the European Commission’s sustainable finance strategy.

AXA warns UK money market funds are at risk from negative rates

The UK’s £47bn ($64bn) money market fund sector could be at risk should the Bank of England pursue negative interest rates, according to AXA Investment Managers.