Latest articles from Justin Pugsley

Rick Rule

Rush to phase out fossil fuels could trigger financial instability

Policy-makers are making a concerted effort to steer the financial sector away from supporting fossil fuel producers, creating opportunities for new lenders but some worry about the impact on the global economy. 

Sassan Danesh

DSB to detail UPI work timelines in March

The Derivatives Service Bureau's unique product identifier aims to help regulators track potential systemic risks within the OTC derivatives market. 

GET digital supply chain

Banks probe deeper into their supply chains to keep regulators onside

Discussions around operational risk are rippling further down bank supply chains due to regulators taking more interest in resilience as digitisation gains momentum. However, there are concerns that not enough attention is being paid to future proofing risk management.   

US lenders increasingly concerned about regulatory compliance

The pace, scope and volume of regulation and complying with it were revealed to be among the top concerns for US lenders, according to the latest regulatory and risk management survey by information services firm, Wolters Kluwer.

Wary supervisors warn banks over crypto risks

Frauds, scams, legal uncertainties, inaccurate disclosures, contagion risk and extreme volatility are all reasons for banks to be very careful about dabbling in crypto-asset markets, the three federal banking agencies warned in a joint statement.

FSB wants to strengthen liquidity management tools for open-ended funds

There has been no measurable reduction in the degree of structural liquidity mismatches in open-ended funds (OEFs) in the past five years, despite a meaningful implementation of new liquidity measures, the Financial Stability Board (FSB) said.

FSB says RFRs must be anchored in robust markets

With the London interbank offer rate (Libor) being steadily abandoned by the financial system, the Financial Stability Board (FSB) said it is important that the replacement overnight risk-free rates (RFRs) be underpinned by robust and liquid markets.

G20 GET

FSB concerned about CCP and insurer resolution risks

Urgent work is needed to plug holes in global financial regulatory frameworks to stave off a potential crisis emanating from a failing international systemic clearing house or insurer, the Financial Stability Board (FSB) warned.

IOSCO appoints CNMV’s Buenaventura to head up its Sustainable Finance Task Force

On December 5, the International Organization of Securities Commissions (IOSCO) said it had appointed Rodrigo Buenaventura, chair of Spain’s Securities Market Commission (CNMV), to head up its Sustainable Finance Task Force.

BIS

Basel Committee finds Basel III has boosted resilience of previously weak banks

In its third evaluation report on the global crisis financial reforms, the Basel Committee on Banking Supervision said bank resilience has increased with even greater strides seen from firms most impacted by the reforms helping to reduce systemic risk.