Latest articles from Justin Pugsley

Andre Craig

Will Canada remain unique in its FRTB data pooling approach?

Banks pooling their data to gain lower capital requirements for exposures in their trading books seems like a no brainer, but so far only Canada is doing it on an industry-wide basis. By Justin Pugsley 

European Commission HQ

European banks face stigma abroad if EU does not faithfully implement Basel III

For the EU to faithfully implement the remaining Basel III rules is not only a matter of meeting an international commitment, but is important so that the bloc’s banks are not stigmatised abroad. Nonetheless, it could see some adaptations to European bank business models. 

DTI registry goes live amid soaring institutional interest in digital assets

The registry for digital token identifiers (DTIs) run by ETrading Software went live on July 1 and is designed to identify digital tokens based on the the International Organization for Standardization (ISO) new standard for digital assets. 

UK inks financial services partnership with Singapore to help maintain City’s dominance

On June 30, the UK and Singapore announced a new partnership to facilitate dialogue and co-operation on financial services as the former seeks to forge new relationships following Brexit. 

BCBS

BIS lauds CBDCs while dismissing cryptocurrencies and stablecoins

Central bank digital currencies (CBDCs) preserve the core functions of money in the digital era, said the Bank for International Settlements (BIS) in a report on June 23, dismissing cryptocurrencies as “speculative” and stablecoins as an “appendage”.

FDIC to exempt some information from bank resolution plans

Some insured depository institutions (IDIs) are being exempted from certain content requirements for resolution planning, the Federal Deposit Insurance Corporation (FDIC) said in a statement on June 25.

CFTC clarifies the use of internal models for calculating initial margin

Certain swap dealers using internal models to calculate minimum capital requirements do not need to register them with the Commodity Futures Trading Commission’s (CFTC), the agency said in an advisory note.

Philipp Pieper

Will MiCA support the EU’s crypto revolution?

The EU sees crypto with a mixture of trepidation and optimism, but still has a unique chance to transform the bloc into a world leader in the technology depending on how it regulates it. 

Rishi Sunak

UK looks to rest of world with dim prospect of winning EU equivalence

At the annual Mansion House speech delivered on July 1, finance minister Rishi Sunak said the UK can now operate differently and better as it has greater freedom to pivot away from the EU and to deepen relationships with other nations.

US banks show their mettle during stress tests

The 23 largest banks in the US passed the latest stress tests with flying colours and could stomach nearly $500bn in losses without breaching regulatory capital levels suggesting they have weathered the Covid-19 pandemic well.