In a surprise development, J Christopher Giancarlo chair of the the US Commodity Futures Trading Commission (CFTC) might be in the running to take over at the Bank of England.
Regulatory Relations
BIS establishing innovation hubs
Three innovation hubs have been given the go-ahead by the Bank for International Settlements (BIS) and are aimed at helping central banks to better understand and to collaborate around developments in fintech.
China to further open up foreign ownership of financial firms
China premier Li Keqiang said the country is to scrap all limits on the foreign ownership of Chinese financial firms in 2020, a year earlier than originally flagged.
BIS calls for regulatory co-operation to manage big tech’s push into finance
Harvesting the benefits while containing the risks associated with big tech’s entry into financial services needs a comprehensive approach drawing on financial regulation, competition policy and data privacy rules, the Bank for International Settlements (BIS) said in its annual report.
FSB reports concerns to G20 over debt levels and implementation of reforms
In a letter dated June 25 to G20 leaders, the Financial Stability Board (FSB) said it remains vigilant over the emergence of new risks, wants to harness the benefits of innovation, complete agreed global reforms, promote an integrated financial system and strengthen the body’s accountability.
Christine Lagarde nominated as ECB president
Former French finance minister and head of the IMF has been nominated by the European Council to replace Mario Draghi as president of the European Central Bank.
Congress slams EU attitude over derivatives supervision
Congressmen in the House of Representatives agriculture committee hit out EU plans to toughen derivatives supervision labelling it as retribution during a hearing held on June 26.
FDIC creating new unit dedicated to large complex banks
The Federal Deposit Insurance Corporation (FDIC) said it wants to centralise the supervision and resolution activities of large complex financial institutions into a new division called the Division of Complex Institution Supervision and Resolution (CISR).
UK limited on how far it could change its regulatory regime post-Brexit
There has been much speculation as to how far the UK’s regulatory regime might change post-Brexit. However, any changes will be constrained by international factors, not least its future relationship with the EU
US-UK working group trumpets greater cooperation
The US-UK Financial Regulatory Working Group met for the second time in Washington on May 23, where deeper cooperation and more work on financial innovation was discussed.
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